Peru’s Copper Output Surges 10.7% in August Amid Strong Growth from Key Miners

Minera Chinalco

Peru’s copper production saw a significant rise in August 2024, driven by robust output from leading mining companies like Minera Chinalco and MMG Las Bambas, according to the Ministry of Energy and Mines. However, year-to-date production remains slightly below 2023 levels, highlighting mixed trends in the sector.

August Copper Production Soars

The country’s copper output reached 246,570 metric tonnes (t) in August, a 10.7% increase from 222,800t in the same month last year.

•  Minera Chinalco led the growth with a 132% surge in output, producing 20,000t in August.
•  MMG Las Bambas recorded a 27.3% increase, achieving 32,850t during the same period.

Year-to-Date Decline

Despite the August surge, Peru’s copper production for January to August fell slightly by 0.7%, totaling 1.76 million tonnes (mn t) compared to the same period in 2023.

Mixed Performance in Other Metals

•  Zinc output in August declined by 16% year-on-year to 113,490t.
•  Molybdenum production surged by 42.4%, reaching 3,625t, reflecting strong demand and operational improvements in this sector.

Market Outlook

The rise in Peru’s August copper production underscores the resilience of major mining operations amidst fluctuating global demand. However, challenges persist in maintaining year-to-date growth due to operational and logistical constraints.