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Cusco is losing more than SGD 2.5 million due to the suspension of production at the Antapakkai mine.

The mine provides 70% of the municipal budget of the province of Espinar. | Font: Andean

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Mining company Antapaccay announced a temporary suspension of operations on January 21 following reports of attacks on its facilities, but how important is the mine to the economy?

According to the company, for each day of downtime, the region Cusco this would have been a loss of over S$2.5 million in canons and royalties.

Only in the province of Espinar, where the company operates, SGD 540,000 per day is not going to the municipal budget due to this suspension.

In addition, the mine warns that it will affect employment due to Positions which they generate directly and with suppliers.

“It is estimated that S$640,000 is not coming from local service contracts and there is limited scope for further job creation in the province. There are 1,946 workers in Antapakkai State and 2,164 contractors are currently paralyzed,” the statement said.

In total, taking into account direct and indirect employment, it is estimated that about 20,000 people in the province are cutting their incomes due to involuntary employment created by the company.

“Several local companies are running out of liquidity to take on financial expenses such as loans or payroll,” they add.

It is worth noting that this mining company generates 8% copper which is exported by Peru, the second largest producer of this metal in the world.

Source: RPP

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