Peru's National Society of Mining, Oil and Energy (SNMPE) predicts the copper output in the country to increase by 2% - 4% this year, to 2.79 - 2.85 million tonnes, compared to 2.74 million tonnes last year.
The head of the association Julia Torreblanca said in an interview to Reuters that the government was working to streamline the permitting process so that miners could ramp up production quicker.
Torreblanca added that Peru was looking to mitigate the impact of 10% tariffs imposed by US president Donald Trump, and could seek other markets besides the US if his administration were to put a tariff on copper.
"If our product or sales prices are going to be impacted, we will have to evaluate if there are other economies where we can sell our product without harming ourselves," she said.
"If China is being taxed so highly ... If you have to decide who to buy from, I would buy from Chile or Peru."
In 2023, Peru lost its title as the world’s second largest copper producer to the Democratic Republic of the Congo (DRC). Chile continues to hold its position as the leading producer of the red metal.
This decline in Peruvian copper output has been attributed to a decrease in mining investment due to bureaucratic hurdles, political unrest, and demonstrations.
Theodor Lisovoy, Managing Editor, Rough&Polished
