Business Extra for Spain and the UK

Copper project BRITISH-AUSTRALIAN mining company Rio and First Quantum Minerals are joining forces to develop the La Granja copper project in Peru.

Located at high altitude in Cajamara, La Granja has one of the world’s largest undeveloped copper deposits.

Canadian First Quantum paid $105 million (€96.6 million) for a 55 per cent stake and will invest approximately $546 million (€500.1 million) to fund capital and operational costs.

As majority owner, First Quantum will operate the La Granja project with initial work focused on completing the feasibility study.

Picture that THE Spanish government is spending €942 million on insuring 84 works by Picasso to be shown at the Reina Sofia Art Museum. The “Picasso 1906. La Gran Transformación” exhibition will be held between November 14 until March 4 2024, commemorating the 50th anniversary of the Spanish-born artist’s death. 

Bad record INDITEX and Mango amongst other clothing giants no longer outsource work to Myanmar owing to the country’s bad human rights and labour record.  Despite the big firms’ exit, Spain imported €702.8 million of Myanmar garments last year, a 50 per cent increase on 2021, the Institute of Foreign Trade (ICEX) announced.

Strike risk IF workers at the Wheatstone and Gorgon liquefied natural gas (LNG) in Western Australia strike as threatened over pay and conditions on September 7, this could eventually push up global prices.  The Chevron plants, which employ approximately 500 workers, produce more than 5 per cent of the world’s LNG.

Checkmate THE UK government confirmed that post-Brexit checks on food, plant and animal produce reaching Britain had been postponed for the fifth time and would not begin until the end of January 2024.  After contacts with industry, the government said it was giving businesses more time to adapt to the new rules.

Falling sales BRAZILIAN beauty company Natura & Co is contemplating selling The Body Shop after the cosmetics and skin care chain experienced another quarter of disappointing sales. The board of Natura, which also owns Avon, recently announced that it was “exploring strategic alternatives” for The Body Shop.