Peru’s Copper Output Declines in October Amid Lower Mine Production

Peru’s copper production fell by 1.4% in October compared to the same month last year, with total output reaching 236,797 metric tons, according to official data from the Energy and Mining Ministry. The decline is attributed to reduced output from two of the nation’s largest mines: Cerro Verde, controlled by Freeport-McMoRan, and Antamina, operated jointly by Glencore and BHP. Production at these mines fell by 6.6% and 22.2%, respectively.

As the world’s third-largest supplier of copper, Peru plays a vital role in the global industrial metals market. Despite the October decline, national copper production for the first 10 months of the year reached 2.23 million tons, down 0.7% compared to the same period in the previous year.

Looking ahead, the Peruvian government projects a slight increase in copper production for 2024, forecasting total output to reach 2.8 million tons, up from 2.76 million tons mined in 2023.