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Peru is targeting an ambitious increase in copper production, aiming to reach 4 million tons annually, driven by the expansion of its principal Cerro Verde mine and the development of other significant projects. Peruvian Minister of Energy and Mines, Rómulo Mucho, highlighted these plans as part of the country's strategy to bolster its position as a leading copper producer.
"The Ministry of Energy and Mines promotes sustainable mining projects in the country because mining is the main support of our economy," he said at the annual meeting. "This activity generates large resources so that infrastructure and electrification projects, among others, can be carried out to improve the quality of life of Peruvians."
The Cerro Verde mine expansion, a $600 million project, is a key component of this plan. Located in the Arequipa region, Cerro Verde is responsible for nearly 19% of Peru's copper output and 34% of its molybdenum. The expansion will increase the average milling rate to 420,000 metric tons of ore per day from 2026 through 2044, significantly boosting production capacity. The mine is jointly owned by Freeport-McMoRan (NYSE:FCX), Sumitomo Metal Mining (OTCPK: SMMYY), and Compañía de Minas Buenaventura (NYSE:BVN).
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Furthermore, Peru is advancing several other major projects. These include Newmont's Conga and Galeno, Rio Tinto and First Quantum Minerals‘ La Granja, and Southern Copper's Michiquillay. These initiatives are expected to elevate Peru’s annual copper production, bringing it closer to Chile's output levels.
Mucho also announced the approval of modified environmental impact assessments for key gold projects, such as the Tantahuatay project operated by Compañía Minera Coimolache and the Pucamarca project by Minsur. These approvals reflect Peru's broader commitment to supporting sustainable mining ventures that can contribute to economic growth and infrastructure development.
China's presence in Peru is also notable, particularly through its involvement in the Las Bambas project. MMG Ltd. is working to bring Las Bambas to its full production capacity, aiming for 400,000 tons per year while facing challenges from community protests.
Despite recent setbacks in the mining sector, such as BHP's failed bid to acquire Anglo American, copper remains in the spotlight due to its critical role in the global transition to renewable energy.
The failed acquisition, which prevented BHP from gaining control of around 15% of the global copper supply, is the second failed copper-oriented acquisition in the last 12 months. In April 2023, Teck Resources rejected Glencore's $23 billion bid, showing producers’ reluctance to accept buyout bids.
This situation highlights the copper market's current undersupply, reinforcing the importance of increasing production to meet rising demand.
Also read: Copper Industry Sees Surge in Demand and Prices
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