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Peru's copper production is expected to increase slightly
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Release time：2025-06-05
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Copper production in Peru is rising, with an expected output of 2.8 million tons in 2025.
According to Reuters, Peru, the world's third-largest copper producer, is projected to slightly increase its copper output to 2.8 million tons by 2025, with mining investment expected to reach at least US\$4.8 billion (PEN 17.4 billion). These projections, along with growing concerns about illegal gold mining, were highlighted by the country's Minister of Mines and Energy, Jorge Montenegro, at a press conference on Tuesday. He stated that mining is a pillar industry for the country, attracting a total investment of US\$4.96 billion in 2024.
Following the recent murder of 13 miners in the gold-rich Pataz region of northern Peru, the Peruvian government has intensified its crackdown on illegal gold mining. Montenegro stated that despite the army and police destroying illegal mines and tunnels, the region remains dangerous, with high gold prices fueling illegal activities. Following the incident, President Dina Boluarte announced a 30-day suspension of mining in the area in early May. The government also plans to establish military bases and implement curfews to combat violence associated with illegal mining. The victims were employees of a local company called R&R, which had a contract with the gold mining company Poderosa. Reports suggest that the crackdown in Pataz appears to be pushing illegal gold mining into new areas, including the Cordillera del Cóndor mountain range on the border with Ecuador.
Peru's gold exports are projected to reach US\$15.5 billion in 2024, up from US\$11 billion the previous year. Notably, based on industry data and figures from the country's financial regulator, illegal sources are believed to account for around 40% of these exports. Montenegro also noted an increase in informal and illegal copper mining in southern regions such as Apurímac and Arequipa, although this represents a very small fraction of the country's total copper production. Apurímac is home to the top-tier Las Bambas copper mine operated by MMG, while Teck Resources, in partnership with Mitsubishi Materials, is developing the Zafranal copper project in Arequipa. Despite conflicts with large mining companies, artisanal copper mining has become a significant source of income for many in Peru's Andean region. Montenegro reported that formal mining operations produced 660,000 tons of copper in the first quarter of 2025, a near 4% increase compared to the same period last year. Investment in the mining sector exceeded US\$1 billion from January to March this year, and further funding is expected for mine expansions, exploration, and new equipment.
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