Peru’s copper sector is set for significant growth as Energy and Mining Minister Romulo Mucho projects copper production to surge to 3 million metric tons this year, following a robust output of 2.76 million tons in 2023. In a recent news conference, Minister Mucho outlined the country’s ambitious targets, emphasizing the pivotal role of the mining industry in Peru’s economic landscape. Notably, efforts are underway to collaborate with Chinese miner MMG to address community concerns surrounding the Chalcobamba project at the Las Bambas mine, with plans to enhance production to approximately 400,000 tons of copper annually in southern Peru.
Peru, a key player in global copper production as the world’s second-largest copper producer, has witnessed a resurgence in mining activity since 2023 following disruptions caused by protests. Notably, the mining and hydrocarbons sector in Peru experienced a notable 4% growth in January compared to the previous year, underscoring the sector’s resilience and potential for expansion.
The Las Bambas mine, a significant copper asset in Peru, has faced challenges from indigenous communities seeking improved benefits from mining activities. Ongoing negotiations with local stakeholders are critical to advancing the Chalcobamba project and ensuring sustainable operations at the mine. Despite past confrontations and strikes by workers demanding better conditions, efforts are underway to address grievances and foster a conducive environment for mining operations.
With mining representing a substantial portion of Peru’s total exports, Minister Mucho highlighted the sector’s pivotal role in driving economic growth and attracting investments. The country’s mining investment portfolio has expanded to $54.56 billion for this year, reflecting a positive outlook and a testament to Peru’s commitment to fostering a conducive investment climate.
Addressing challenges such as illegal mining remains a priority for the government, with initiatives aimed at formalizing operations and enhancing safety standards in the sector. The implementation of new legislation and measures to regulate informal mining activities underscores Peru’s dedication to promoting responsible mining practices and ensuring the well-being of workers and communities involved in the industry.