Peru’s Copper Output Declines for First Time in Four Years
Peru’s copper production in 2024 totaled 2,736,150 metric tons, marking a 0.7% decline from 2023, according to the country’s mining ministry. This drop ends four consecutive years of post-pandemic recovery.
Industry analysts had anticipated stable production of around 2.8 million metric tons for both 2024 and 2025, citing declining ore grades and a lack of new projects.
The Democratic Republic of the Congo surpassed Peru as the world’s second-largest copper producer in 2023, though Congo has yet to release its full-year figures for 2024.
Despite the overall decline, Peru’s copper production in December 2024 rose 2.9% year-on-year, reaching over 262,000 metric tons, the Mining Ministry reported. However, output varied significantly across the country’s largest mines:
- Cerro Verde (Freeport-McMoRan) – Production dropped 3.7%, in line with company forecasts of lower ore grades impacting 2024 sales.
- Antamina (Glencore & BHP) – Output edged down 0.3%.
- Quellaveco (Anglo American) – Production declined by 4%.
- Antapaccay (Glencore) – Output saw the sharpest drop, plunging 15.7%.
Conversely, some operations posted gains:
- Southern Copper – Production increased by 11%.
- Minera Las Bambas (MMG) – Output rose by 6.4%.
The outlook for Peru’s copper sector remains uncertain, with no major new projects on the horizon and challenges from ore grade depletion affecting production forecasts.
