Peru, the world’s third-largest copper producer, reported virtually flat copper output in February compared to the same month in 2023, according to data released Wednesday by the Ministry of Energy and Mines.
Production for the month reached 216,955 metric tons—an increase of just 0.01% year-on-year.
Despite the overall stagnation, output from the Las Bambas mine—owned by China’s MMG Ltd—rose sharply by 58.4%, even as copper concentrate transport was disrupted for two days during the month, the ministry noted.
In 2023, Peru produced a total of 2.74 million metric tons of copper, marking a slight decline from the previous year. This was the first annual decrease after four consecutive years of growth.
Copper production is expected to rebound in 2024, with growth projected between 2% and 4%, according to Julia Torreblanca, president of Peru’s National Society of Mining, Petroleum and Energy, in an interview with Reuters last week.
Peru slipped to third place in global copper production last year, overtaken by the Democratic Republic of Congo. Chile remains the world’s leading producer.
