Copper output in Peru, the world’s third producer of the metal, is expected to fall short of the government’s goal of 3 million tons and amount to 2.7 - 2.8 million tons, according to Victor Gobitz, head of the SNMPE mining, oil and energy association, cited by Reuters.
Gobitz, who provided the output estimate on the sidelines of an economic forum in the capital Lima, is also the top executive at Peru's Antamina project, the country's second-biggest copper producer.
Copper production in Peru amounted to 1.29 million tons in the first half of 2024, 2% lower than in the same period of the previous year. In 2023, country's mines produced 2.76 million tons of copper.
In order to maintain copper production levels, it requires investments of $2.5 - $3.0 billion, Gobitz noted. The decline in mining investment in Peru has been attributed to bureaucratic hurdles, recent political unrest, and demonstrations.
In March, Peru's minister of energy and mines Rómulo Mucho expressed optimism about the future of copper production, projecting an increase to 3 million tons by 2024.
Major mining firms, such as Freeport-McMoRan, MMG Ltd, BHP, Glencore, Teck Resources, Mitsubishi, and Southern Copper of Grupo México, have established their presence in Peru's Andes.
Theodor Lisovoy, Managing Editor, Rough&Polished
