Copper production in Peru fell by 11.7% year-on-year in June, totaling 213,578 metric tons, according to the country’s energy and mines ministry. For the first half of 2024, Peru produced 1.29 million tons of copper, a decrease of 2.1% compared to the same period last year.
As the world’s third-largest copper producer, Peru recently lost its No. 2 position to the Democratic Republic of Congo. The ministry projects that this year’s copper output will reach 3.00 million tons, an increase from 2.76 million tons in 2023.
The government is actively seeking to revitalize the mining sector, which was adversely affected by anti-government protests in early 2023, leading to a technical recession. A significant development is the anticipated startup of the Tia Maria copper project, owned by Grupo Mexico’s Southern Copper, which is now expected to begin production in 2027 after facing over a decade of delays due to local opposition.