Peru, the world’s third-largest copper producer, is projected to fall short of its government target of 3 million metric tons of copper production this year, with estimates now at about 2.8 million tons, according to Deputy Mining Minister Henry Luna.
Luna noted that while some mining companies might increase their production estimates due to a new government regulation allowing a 10% capacity increase for copper processing plants, the overall projection remains at 2.8 million tons for the year.
Official data indicates that copper production through July has declined by 2.3% compared to the same period last year, with total output reaching 1.51 million metric tons. Key mines such as Cerro Verde, Las Bambas, and Toromocho have reported significant declines in production, contributing to the overall decrease. In July alone, copper production was 222,389 tons, reflecting a 3.2% drop from the previous year, with Quellaveco, owned by Anglo American, experiencing nearly a 25% decline.
After losing its position as the second-largest copper producer to the Democratic Republic of the Congo last year, Peru’s government initially aimed for a 9% increase in production this year. However, industry experts, including the SNMPE mining association, now anticipate that copper production will not meet this target.