Peru's Copper Production Reaches New Heights Amid Global Demand

In August, Peru's copper production surged by 10.7% from the previous year, marking the highest monthly output of 2023, as reported by the energy and mines ministry. This increase follows five consecutive months of decline, attributed to improvements at major mines like Antamina, Cerro Verde, and Southern Peru Copper.

In a significant development, Peru saw a notable 10.7% increase in copper production this August compared to the same month last year. This marks the highest monthly output recorded in 2023, as stated by the country's energy and mines ministry on Wednesday.

The nation's production rebound follows a dismal five-month period of consecutively lower year-on-year outputs, with 246,568 metric tons produced in August alone. However, total production from January to August remains slightly lower by 0.7% compared to the same period in 2023, totaling 1.76 million metric tons.

Peru, which ranks as the world's third-largest producer of copper, benefited from increased output at key mines. Glencore's Antamina mine led the surge with a 26.5% year-on-year increase, while Cerro Verde and Southern Peru Copper upped their production by 5.2% and 11.2% respectively. The government predicts a total production of 2.8 million tons for the year.

(With inputs from agencies.)