Peru's Copper Production Fell 1.1% in The First 11 Months Of 2024
Feb 05, 2025
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Peru's copper production fell 1.1% in the first 11 months of 2024
According to the BNAmericas website, the Peruvian Ministry of Energy and Mines (Minem) data show that in November 2024, Peru's copper production was 241,900 tons, and the cumulative production in the first 11 months was 2.47 million tons, down 1.1% year-on-year, and it is difficult to achieve the annual output of 2.8-2.9 million tons of copper.
To reach the 2023 level of 2.76 million tons, in December, Peru's copper production needs to reach 287,000 tons. To meet the 2024 production target, at least 327,000 tonnes of production will be required in December. However, from the point of view of the production of each month in 2024, except for the growth of February and August, the other months are declining.
In November, with the exception of Minera Las Bambas, production at other major mines fell, but in the first 11 months, several mines increased production.
Cerro Verde, controlled by US group Freeport McMoRan, produced 410,000 tonnes in the first 11 months, down from 432,200 tonnes in the same period a year earlier. Among them, production in November was 35,200 tons, down 1.7 percent year-on-year. Still, the mine is Peru's largest copper mine, accounting for 16.6 percent of the country's output.
Antamina, Peru's second largest copper mine, produced 398,100 tonnes in the first 11 months, up 1.1%.
Southern Copper, the third-largest copper miner, produced 379,600 tonnes, up 12.1 per cent from a year earlier.
Bambas copper mine produced 290,800 tons in the first 11 months, up 5.5% from the same period last year. Among them, the output in November was 37,700 tons, an increase of 39.6%.
Quellaveco, the fifth largest copper mine, produced 274,600 tonnes in the first 11 months, down 4.4 per cent from a year earlier. Among them, production in November was 30,600 tons, down 16.4% year-on-year. The mine accounts for 11.1% of the country's total production.
Peru is the world's second largest copper producer.
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