Peru's Copper Production Dips Amidst Global Industry Shifts

Peru's copper output declined by 0.7% in 2024, its first drop after years of recovery post-pandemic. This decrease, attributed to declining ore grades and few new projects, allowed the Democratic Republic of the Congo to surpass Peru as the second largest global copper producer in 2023.

Copper output in Peru witnessed a decline of 0.7% in 2024, delivering the first reduction in production since the recovery phase following the pandemic. The Mining Ministry of Peru released data reflecting a total production of 2,736,150 metric tons for the year, contrasting earlier forecasts predicting a steady production trend similar to 2023's 2.8 million tonnes.

Industry insights pointed to challenges such as diminishing ore grades and an absence of new mining projects, contributing to the declining output. Notably, this decline in Peru's copper production facilitated the Democratic Republic of the Congo's rise past Peru into second place among the world’s top copper producers.

Meanwhile, in December, Peru managed a marginal production increase of 2.9% from the previous year, aided by its large-scale operations. However, several major mines reported production deficits. Cerro Verde mine saw a 3.7% drop, Antamina a 0.3% decline, and Quellaveco a 4% decrease, whereas Southern Copper and MMG's Minera Las Bambas enjoyed production surges.