Peru’s Energy and Mines Minister Jorge Montero expects mining investment in the world’s third-largest copper producer to reach $4.8 billion this year, and output of the red metal to be 2.8 million metric tons, he said on Tuesday.
Peru in 2024 produced about 2.7 million tons of copper, lightly less than the prior year.
Speaking at a press conference, Montero also noted a concerning increase of informal and illegal mining in two key copper production areas, referring to the Apurimac and Arequipa regions of southern Peru.
Top copper mine Las Bambas, controlled by China’s MMG, is located in Apruimac, while Canadian miner Teck is developing the Zafranal copper project in Arequipa in partnership with Mitsubishi Materials.
The rise of artisanal copper mining has created a much-needed income for impoverished Andean Peruvians, despite bringing them into conflict with major miners.
Peru’s north, meanwhile, has been grappling with an increase of illegal gold mining activity, including the recent killing of 13 mine workers.
(By Marco Aquino and Daina Beth Solomon; Editing by Sarah Morland and Natalia Siniawski)
