Peru's Copper Production in 2024 Decreases to 2.74 Million mt

According to foreign media reports on February 14, Peru's Ministry of Mines stated on Friday that the country's copper production in 2024 decreased by 0.7% to 2,736,150 mt.

This marks the first annual decline in copper output after four consecutive years of rebound.

Previously, market participants had expected Peru's copper production in 2024 to remain largely flat at around 2.8 million mt, mainly due to declining ore grades and a lack of new projects.

Peru's copper production in December increased by 2.9% YoY to 262,000 mt.

However, in 2024, output from some of the country's major copper mines declined, including a 3.7% decrease in copper production at Freeport-McMoRan's Cerro Verde mine, a 0.3% decrease at the Antamina mine, a 4% decrease at the Quellaveco mine, and a significant 15.7% decrease at the Antapaccay mine.

On the other hand, output from Southern Copper Corporation and the Minera Las Bambas mine increased by 11% and 6.4%, respectively.