Peru's copper production grows by 30% y-o-y in Apr'23 on active mining operations

Peru, world's second-largest copper producer after Chile, recorded a remarkable 30% y-o-y increase in output at 221,999 tonnes (t) in April 2023 compared to 170,168 t in April 2022. However, on a m-o-m basis, production rose by a marginal 1% compared to 219,275 t in March. Notably, Peru accounts for 11% of global production.

The surge in copper production in April 2023 was mainly driven by active operations by major mining companies. Southern Peru Copper Corporation witnessed a remarkable increase of 70.1%, followed by Minera Las Bambas S.A. with a rise of 58.9%, and Sociedad Minera Cerro Verde S.A.A. with a 3.1% increase, as reported by the Ministry of Energy and Mines of Peru (MINEM).

Production rises by 15% y-o-y in Jan-Apr'23

Cumulative copper production in the first four months (January-April) of 2023 in Peru stood at 832,229 t, a substantial 15% growth compared to the same period in the previous year (723,917 t). This notable increase can be attributed to the robust performance seen in April.

According to the International Copper Study Group (ICSG), the increase in the nation's mine production in the January-April 2023 period was driven by the implementation of new projects.

Anglo American's Quellaveco copper mine commenced commercial production in September 2022. From January to April 2023, the mine yielded 82,196 t of copper out of 300,000 t capacity.