Peru Forecasts Modest Copper Output Growth Amid Global Trade Shifts
Peru’s copper production is expected to rise by 2% to 4% in 2025, reaching between 2.79 million and 2.85 million metric tons, up from 2.74 million tons in 2024, according to Julia Torreblanca, president of the National Society of Mining, Oil and Energy (SNMPE).
Speaking to Reuters during the CESCO and CRU copper conferences in Chile, Torreblanca noted that the Peruvian government is working to streamline the permitting process to enable miners to ramp up production more efficiently.
Peru, once the world’s second-largest copper producer, was overtaken by the Democratic Republic of Congo in 2023 and now ranks third globally.
Torreblanca also addressed potential trade risks, particularly the 10% tariffs previously imposed by former U.S. President Donald Trump. Should such tariffs return or expand to copper under a future administration, Peru may explore alternative export markets.
“If our product or prices are negatively impacted, we will need to evaluate other economies where we can sell without harming our industry,” she said.
Her views aligned with comments from Chilean Mining Minister Aurora Williams, who noted that lower-tariff countries may become more attractive trade partners if the U.S. enacts copper tariffs.
Torreblanca concluded: “If China is taxed heavily and I have to choose, I’d rather sell to countries like Chile or Peru where the tariff impact is less severe.”
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