LIMA, Aug 20 (Reuters) - Peru will likely produce

between 2.7 million and 2.8 million metric tons of copper this

year, the head of a major mining group told Reuters on Tuesday,

with estimated output falling below the government's 3 million

ton goal.

The copper production forecast was provided by Victor

Gobitz, head of the SNMPE mining, oil and energy association.

Peru is the world's No. 3 producer of the key industrial

metal, used widely in vehicles and construction, especially for

electrical wiring due to its ability to conduct current.

Gobitz, who provided the output estimate on the sidelines of

an economic forum in the capital Lima, is also the top executive

at Peru's Antamina project, the country's second-biggest

producer of the red metal.

Antamina is controlled by Glencore ( GLCNF ), BHP,

Teck and Mitsubishi ( MSBHF ).

Copper production during the first half of 2024 totaled 1.29

million tons, according to official data, coming in about 2%

lower than during the same period in 2023.

Last year, Peru's mines produced 2.76 million tones of

copper.

The Andean country's slide in copper output has factored

into a recent economic slowdown, as the local economy only grew

by about 0.2% in June after expanding by more than 5% in both

April and May.

Peru's mining and oil sectors dipped by about 7.5% in June -

their poorest performance since early 2021, hurt by the

scheduled two-week stoppage of the Toromocho copper mine

operated by Chinalco, according to government data.

In order to maintain copper production levels, mine

investments of between $2.5 billion and $3.0 billion are needed,

noted Gobitz.

The executive added that at Antamina, where output this year

is seen steady at around 435,000 tons, investment over the first

half of 2024 totaled some $250 million. He said the year-end

investment figure for the project is seen at $700 million.

Peru's government has approved an environmental study for

Antamina aimed at maintaining production from 2028 through 2036

fueled by an expected investment of $2 billion.