Peru’s copper production experienced a notable decline in November, primarily attributed to a significant drop in output from the Antamina mine, as reported by the nation’s energy and mines ministry.
Key Highlights:
Production Figures:
National copper output fell by 4.6% in November compared to the same month last year, totaling 241,883 metric tons.
Cumulatively, copper output from January to November reached 2.47 million tons, reflecting a slight decrease of 1.1% compared to the same period in 2023.
Antamina Mine Impact:
The decline in overall production was significantly influenced by a 31% drop in output from the Antamina mine, which is operated jointly by Glencore, BHP, Teck, and Mitsubishi.
Future Outlook:
Despite the recent downturn, industry experts anticipate that copper production in Peru, the world’s third-largest copper producer, will stabilize at around 2.8 million tons in 2024 and 2025.
However, production growth is expected to face challenges due to aging mines impacting ore grades and a lack of new mining projects coming into operation.