Peru's Copper Production Forecast Falls Short of 3 Million Tonne Target Amid Economic Slowdown

Published: Aug 21, 2024 09:29

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According to SMM, Victor Gobitz, head of the Peruvian Mining and Energy Association (SNMPE), stated that Peru is expected to produce 2.7 million to 2.8 million tonnes of copper this year, falling short of the government's target of 3 million tonnes. Peru is the third-largest copper producer globally. Copper is widely used in automobiles and construction, particularly in electrical wiring, due to its conductivity. Gobitz provided this production estimate during a break at an economic forum in the capital Lima. He is also the CEO of Antamina, Peru's second-largest copper mine.

Antamina is controlled by Glencore, BHP Billiton, Teck, and Mitsubishi. Official data shows that the country's copper production totaled 1.29 million tonnes in the first half of 2024, a decrease of approximately 2% compared to the same period in 2023. Last year, Peru's copper mines produced 2.76 million tonnes of copper. This decline in copper production in Peru has contributed to the recent economic slowdown, with the local economy growing by more than 5% in both April and May but only around 0.2% in June.

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