Peru’s copper production reached a record high in 2023, with the Quellaveco mine’s operation contributing significantly to this surge. The national copper production in November 2023 alone was 253,582 fine metric tons (TMF), showing a 10% increase compared to the same month in 2022. From January to November 2023, the cumulative production of 2’499,635 million metric tons exceeded the entire 2022 production, marking a 14.0% year-over-year increase.
The remarkable increase in production was driven by a 306.5% surge at Quellaveco, producing 286,267 MTF compared to 2022’s 70,660 MTF. Other mines, including Cerro Verde and Southern Peru, also showed significant growth, while Antamina experienced a slight decline.
Parallel to copper, gold production in Peru also increased. November 2023 saw 9.3 million fine grams of gold produced, a 9.7% increase compared to November 2022. The eleven-month period in 2023 resulted in a 2.1% rise in gold production, with Minera Yanacocha emerging as the top producer.
Contrasting the production growth, mining investments in Peru saw a downturn. November 2023 witnessed investments of US$454 million, a 3.1% decrease from the previous year. The January to November period accumulated investments of US$4,046 million, marking a 12.4% contraction from the previous year. This decline is a departure from the optimistic projections of the Minister of Energy and Mines, Oscar Vera, who had anticipated investments reaching US$7,100 million in 2023.
Investments in beneficiation plants and infrastructure decreased significantly, while spending on exploration showed minimal growth. With US$387 million allocated, exploration investment only increased by 1.6% in the first eleven months of 2023. The reduction in mining units dedicated to exploration poses concerns for the future of the mining industry. 
