Peru’s copper mine production could reach 3M in 2024, following a 12.7% growth to 2.755kt in 2023, according to the country’s new energy and mining minister, Romulo Mucho.  

Peru, the world’s second largest copper producer, has seen output grow since 2020, driven by expansions and new projects, with more in the pipeline.

In mid-February, copper-zinc miner Antamina was finally granted its environmental permit for its phase two expansion. This expansion will increase the mine area by 25% and deepen the open pit by 150 metres, allowing the extraction of 173kt of ore per day. Meanwhile, Chinalco’s Toromocho phase two expansion is scheduled to begin commissioning in July 2024, raising the ore throughput from 140,000 to 170,000 tonnes per day.

A particular focus lies on MMG’s Las Bambas mine, which produced 302kt in 2023. The company is looking to develop the mine’s Chalcobamba pit project. However, the new mine site is presently occupied by members of local indigenous communities who are objecting to the expansion, which could potentially raise annual output to 400kt. The minister commented, “The development of Chalcobamba is important, and the ministry of energy and mines is intervening strongly in the company’s negotiations with the communities.” If the dispute is resolved, work could begin in August 2024, although MMG has maintained its production guidance of 380-420kt for 2024.

The potential for Peruvian mine production growth could have been even greater were it not for a revised mining plan at Anglo American’s Quellaveco copper-molybdenum mine. The operation produced 319kt in 2023, up from 102kt in 2022, its first year of commercial operation. However, a geotechnical fault discovered in late-2023 necessitated a transition to mining lower-grade ores while further stripping work is undertaken before the higher-grade ore can be accessed in 2027. As a result, Anglo American has cut its output guidance by 15% to 300-330kt for 2024, little different to its production last year.

Although the general outlook for Peruvian copper mine production is encouraging, unforeseen interruptions to mining activities are always possible. Disruptions may arise from strikes, protests, blockades, adverse weather conditions, power and water shortages and a whole host of other factors.