Peru's Copper Output Declines for the First Time in Five Years

Peru's copper production decreased by 0.7% in 2024 to 2,736,150 metric tons, following a steady recovery from the pandemic. Despite forecasts for stable output, declining ore grades and lack of new projects contributed to the drop. The Democratic Republic of the Congo surpassed Peru as the second-largest copper producer in 2023.

Peru's mining ministry announced a 0.7% reduction in copper output for 2024, measuring at 2,736,150 metric tons. This marks the first decline for the copper powerhouse after a four-year recovery period post-pandemic.

Experts in the industry had anticipated stable copper production levels, estimating figures of around 2.8 million tonnes for both 2024 and 2025. However, the drop is attributed to declining ore grades and the absence of new mining projects.

Adding to the competitive landscape, the Democratic Republic of the Congo surpassed Peru as the world's second-largest copper producer in 2023.