Peru Copper Production to Decline in 2024 from 2.74 Million Tons

The Peruvian mining ministry announced on Friday that copper production in 2024 will be 2,736,150 tons, a 0.7% decrease from 2023. This was the first time the copper giant had declined after four years of steady recovery following the pandemic.

According to industry sources, Peru's output of copper would be stable in 2024 and 2025 at around 2.8 millions tonnes due to declining ore grade and the lack of new projects.

In 2023, the Democratic Republic of the Congo surpassed Peru to become the second largest copper producer worldwide. Congo has not yet reported its full-year copper production figures for 2024.

According to a report by the Mining Ministry, Peru's production increased 2.9% in December compared to last year, reaching 262,000 tons.

Some of the largest mines in the country saw their production fall throughout the year.

Cerro Verde mine, the largest mine in Peru, owned by Freeport McMoRan, saw a 3.7% drop in production. The company predicted that lower ore grade would have an impact on 2024 sales volume.

Antamina's production fell by 0.3%, under the control of Glencore and BHP.

Anglo American reported an even bigger decline, of 4% at Quellaveco. Glencore's Antapaccay saw a 15.7% drop in production.

Southern Copper's Minera Las Bambas and MMG Minera Las Bambas, on the other hand, saw production rise by 11% and 6.4%.

(source: Reuters)