Peru's Copper Production Decline: Mining Giants Face Setbacks

Peru's copper production decreased by 1.2% in September compared to last year, totaling 232,423 metric tons. The decline was driven by reduced output from leading miners Cerro Verde and Antamina. The annual forecast for 2024 has been adjusted down to 2.8 million tons from an initial 3 million.

Peru, a significant player in the global copper market, witnessed a downturn in its copper output, recording a 1.2% decrease in September from the same month last year. This decline brings the total production to 232,423 metric tons, as revealed by data from the nation's ministry of energy and mines.

The drop is attributed to reduced operations at two of the country's major copper miners, Cerro Verde and Antamina, which saw outputs decrease by 11% and 6.7%, respectively. These mining giants are crucial to Peru's copper industry, with Cerro Verde being controlled by Freeport-McMoRan and Antamina co-managed by Glencore and BHP.

Consequently, the Peruvian government has revised its 2024 copper production expectations downward, now anticipating 2.8 million tons, from the initially projected 3 million tons. The cumulative output from January to September also reflected a slight decrease of 0.6% year-on-year.