Peru’s copper production is expected to increase by 17pc to 2.5mn mt this year, from 2.1mn mt produced in 2020, according to Jaime Gálvez, the country’s Minister of Energy and Mines.
Gálvez said on Mar 9 that production will increase after Mina Justa expansion project begins operations between April and May. The project, owned by Marcobre, will produce 181,000mt of fine copper per year. The Toromocho copper project is also expected to start production in May, capable of producing 75,000mt fines of copper annually, Gálvez added.
The South American country is expected to produce 3mn mt of copper per year in 2023 and production will be maintained at that level until 2025. Peru’s mining industry will invest $5.2bn and $6bn to develop several mining projects in 2021 and 2022, respectively.
Mining is one of the most important economic activities in Peru, which represents about 9pc of GDP and 60pc of the country’s exports.