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Copper production in Peru up 17.7% in July, ministry says

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(Kitco News) - According to the Ministry of Energy and Mines of Peru (MINEM), copper production in Peru, the world’s second largest copper producing country, amounted to 229,728 tonnes in July 2023, up 17.7% compared to July 2022 (195,234 tonnes).

MINEM said that higher copper production in Peru in July was achieved primarily due to the improved performance at Marcobre (+65.4%) and Sociedad Minera Cerro Verde, which achieved a production increase of 12.5% while maintaining its monthly production level above 36,000 tonnes of copper so far this year.

Similarly, Minera Las Bambas and Compañía Minera Antapaccay registered a monthly increase in production in July of 0.4% and 19.8%, respectively.

In addition, Anglo American’s new Quellaveco mine produced 30,669 tonnes of copper in July 2023 compared to zero tonnes in July 2022.

At the company level, Sociedad Minera Cerro Verde sits first with an 18.0% share in total Peru’s copper output, followed by Compañía Minera Antamina S.A. (15.5%) and Southern Perú Copper Corporation (13.1%).

MINEM added that at the regional level, Arequipa is first with an 18.2% share in the country’s total copper production, followed by Moquegua (16.3%) and Áncash (15.8%).

In January-July 2023, Peru produced 1,548,005 tonnes of copper, which is an increase of 19.8% compared to January-July 2022 (1,291,890 tonnes).

The ministry also noted that Anglo American’s new Quellaveco copper mine began commercial production in September 2022. In January-July 2023, the mine produced 168,450 tonnes of copper (January-July 2022: zero production).

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