Peru’s copper production for 2024 is projected to range between 2.7 million and 2.8 million metric tons, falling short of the government’s goal of 3 million tons, according to Victor Gobitz, head of the SNMPE mining, oil, and energy association.
Peru, the world’s third-largest copper producer, has seen a slight decline in output, with 1.29 million tons produced in the first half of 2024—about 2% lower than the same period in 2023. Last year, the country’s mines produced 2.76 million tons of copper.
The slowdown in copper production has contributed to a broader economic deceleration in Peru, with the economy growing by only 0.2% in June 2024, compared to over 5% growth in April and May.
The mining and oil sectors experienced a 7.5% decline in June, their worst performance since early 2021, partly due to a scheduled two-week halt at the Toromocho copper mine operated by Chinalco.
Gobitz, who also serves as the top executive at the Antamina project—Peru’s second-largest copper producer—highlighted the need for mine investments of $2.5 billion to $3.0 billion to sustain production levels.
Antamina’s output is expected to remain steady at around 435,000 tons for 2024, with investments totaling $250 million in the first half of the year and an anticipated $700 million by year-end.
Additionally, Peru’s government has approved an environmental study for Antamina to maintain production from 2028 through 2036, supported by an expected $2 billion investment.
