Peru's copper production surge 7.5% y-o-y in Aug'23 amid improved mine performance

Copper production in Peru showed a 7.4% y-o-y increase in August 2023 as compared against the corresponding period last year (CPLY), with official data reporting an output of approximately 223,178 tonnes (t) for the month. The production increased amid improved performance at Sociedad Minera Cerro Verde, Freeport-McMoRan, Southern Peru Copper Corporation and Marcobre S.A.C, respectively, according to the Ministry of Energy and Mines in Peru.

In addition, Anglo American's new Quellaveco mine continued to contribute to the overall increase in copper production in Peru.

While this represents a significant y-o-y increase in production, there was a slight m-o-m decline of 3% in August 2023, with production totaling 229,728 tonnes (t) compared to July 2023.

Copper production in the country has been on an upward trajectory, with an 17.5% growth in output from January-August 2023 compared to the previous year. Over this period, Peru's copper production reached a total of 1.76 million tonnes (mnt). However, early in the year, social unrest led to work stoppages at some mines, impacting copper production.

Peru is currently doubling its efforts to boost production as there is a possibility that the Democratic Republic of Congo could overtake it as the second-largest copper producer in the coming years. Peru's objective is to conclude the year with copper production reaching 2.8 mnt, according to market sources.

In addition to copper, the ministry reported increased production in gold, zinc, lead, iron, and tin for August. However, silver and molybdenum output experienced declines.