Copper Production Declines in Peru as Antamina Mine Output Drops
Peru, the world’s third-largest copper producer, reported a decline in copper output for November, primarily due to reduced production at the Antamina mine.
According to the Ministry of Energy and Mines, national copper production fell 4.6% year-over-year in November, reaching 241,883 metric tons.
Cumulative output for 2024 through November stood at 2.47 million tons, representing a 1.1% decline compared to the same period in 2023.
The drop in November’s output was significantly impacted by a 31% decrease in production from the Antamina mine. The mine, jointly operated by Glencore, BHP, Teck, and Mitsubishi, is a key contributor to Peru’s copper output and one of the country’s most important mining operations.
Industry experts forecast Peru’s copper production to remain stable in 2024 and 2025 at approximately 2.8 million tons annually. However, growth is expected to face challenges, including declining ore grades in aging mines and a lack of new mining projects entering production.
Copper, a critical driver of Peru’s economy, continues to experience pressures from operational challenges at major mines like Antamina.
While production levels are expected to stabilize, long-term growth may hinge on overcoming resource depletion and fostering new mining investments.
