Peru's copper production rises 35% y-o-y in May'23

Peru, the world's second-largest copper producer, recorded a significant surge in production in May'23. The country witnessed a remarkable increase of around 35% on-year in copper production in May, thanks to the strong performance of the mining sector.

Copper production in May reached 234,781 tonnes (t), increasing by 6% m-o-m compared to April's 221,999 t. Production volumes surged 35% from 174,258 t in May 2022.

Increased production in Peru's copper sector is attributed to higher output from key mining companies including Cerro Verde, Antamina, and Southern Copper, as per Peruvian ministry sources. The increase in production is critical to maintaining Peru's position as one of the world's top copper producers.

In response to a report indicating that the Democratic Republic of Congo could potentially challenge Peru's standing, the country has intensified its efforts to boost production and remain competitive against Chile, the leading copper producer.

Peru's copper production is expected to continue growing as the country strives to maintain its position as a top producer. With focus on ramping up mining operations and increasing production significantly, Peru aims to solidify its standing as a leading player in the global copper market and successfully meet growing demand.