Glencore's Peru mine says won't proceed with Coroccohuayco project in near-term

FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, September 30, 2015. REUTERS/Arnd Wiegmann/File Photo

LIMA (Reuters) - Glencore’s Antapaccay copper mine in Peru said on Thursday that it does not plan to execute this year or next its Coroccohuayco project that has caused nearby residents to protest and block the road used to transport its copper.

Residents are protesting the mine’s environmental impacts on the area over several decades of operation, as well as opposing the Coroccohuayco project, which would require an investment of $590 million to extract copper and gold.

Residents in Peru’s Espinar province, where Antappacay is located, have blocked the road since Wednesday. Flavio Huanque, one of the leaders behind the blockade, told Reuters on Wednesday night that the blockade would continue indefinitely.

Antappacay, Peru’s sixth largest copper mine, said it was having a meeting with residents on Thursday.

MMG Ltd’s Las Bambas copper mine, the country’s fourth largest, is also affected by the road block.

Atappacay said in a statement that they support having a consultation process before deciding to build Coroccohuayco.

“The project is still in the design and viability studies phase, and its development will depend on the results of those analyses,” Antapaccay said in its statement.

Espinar residents were also protesting against the government, which they say has not been receptive to their demands.

Reporting by Marco Aquino; Editing by Marguerita Choy