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Peru copper output flat in March, but up 3.5% in first three months of 2024
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Peru copper output flat in March, but up 3.5% in first three months of 2024
May 13, 2024 4:34 PM

LIMA, May 13 (Reuters) - Peru's copper production came

in essentially flat for March at about 219,000 metric tons,

government data showed on Monday, with output of the key

industrial metal from January totaling some 641,000 metric tons.

Copper output during the first three months of this year is

up 3.5% compared to the same period last year, according to the

data from Peru's energy and mining ministry.

March production edged down 0.1% compared to the same month

in 2023, the ministry's data showed.

Peru is one of the world top copper miners, with revenue

from sales of the red metal prized for its ability to conduct

electricity providing crucial support for the South American

country's economy.

Among the country's top miners, Grupo Mexico's

subsidiary Southern Copper ( SCCO ) saw its January-to-March

output rise nearly 20%, while production from commodity giant

Glencore's ( GLCNF ) Minera Antamina unit increased about 13%

during the three months.

March production of gold, zinc, iron, tin and molybdenum

were all up in the month, but silver and lead dipped.

Energy and Mines Minister Romulo Mucho has said he expects

copper production to reach 3.0 million tons this year, which if

achieved would mark nearly 9% growth compared to last year's

national output of the metal.

For years, Peru was the world's second largest copper miner

behind Chile, but its No. 2 position was taken last year by the

Democratic Republic of the Congo in Africa in terms of

production. Even so, Peru remains No. 2 globally in terms of

copper exports, according to official data.

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