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Peru copper output this year forecast below expectations, deputy minister says
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Peru copper output this year forecast below expectations, deputy minister says
Sep 11, 2024 2:19 PM

LIMA, Sept 11 (Reuters) -

Copper production in Peru, the world's No. 3 producer of the

key industrial metal, will likely fall short of a government

goal of 3 million metric tons this year, a top mining official

said on Wednesday.

Output is currently on track to reach about 2.8 million

tons this year, said deputy mining minister Henry Luna.

However, he noted that some miners may increase their

production estimates under a new government norm allowing copper

processing plants to increase their capacity by 10%.

"At the end of the year (production) goes up, but what's

projected for the year is 2.8 million tons in Peru," Luna told

reporters at a mining industry conference.

According to official data, copper production this year

through July fell 2.3% compared to the same period a year

before.

Output in the period was 1.51 million metric tons, due to

declines of 5.7% at Cerro Verde, 11.3% at Las Bambas and 17.1%

at Toromocho, according to a government report.

In July alone, Peru produced 222,389 tons of copper, a 3.2%

drop from the year before. During the month, production dropped

nearly 25% at Quellaveco, owned by Anglo American.

After years as the world's second-largest copper miner after

Chile, Peru last year lost its position to the Democratic

Republic of the Congo.

The government's production goal for this year was initially

3 million tons, which would mark a 9% increase over last year.

The SNMPE mining, oil and energy association last month said it

expected copper miners to fall short of that target.

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