According to BNAmericas, 2022 is not the best year for copper production in Peru. The suspension of mining companies caused by social protests has affected mining. However, since this year, there have been positive signals in the mining industry, mainly from Department of Arequipa, which has stabilized the country's position as the second largest copper producer in the world.
Copper mining enterprises have overcome the difficulties they faced at the end of last year and the beginning of this year, and production has returned to normal levels.
In April of this year, Peru's national copper production was 222000 tons, an increase of 30.5% from 170200 tons in the same period last year. In the first four months, Peru's copper production accumulated to 837500 tons, an increase of 15.7% from 723900 tons in the same period last year.
In the first four months, the cumulative mining tax revenue was 3.57 billion sors, which is the same as the same period last year.
From the perspective of mines, Las Bambas, Cerro Verde, and Southern Copper have recovered quickly.
Ceroberde ranks first in terms of production, accounting for 18.5% of the country's total; Next is Antamina, accounting for 15.8%; Southern Copper Industry accounts for 14%, Bambas Copper Mine accounts for 10%, and Kravico accounts for 9.8%. Kravico was put into production in September 2022.
The International Monetary Fund has warned Peru that it will lose its position as the world's second largest copper producer.
However, the Peruvian Ministry of Energy and Mines believes that the existing mines have gradually resumed production. In addition, over the next 10 years, the country will have at least 47 projects with a total investment of $53 billion. Among them, 72% of the projects with a total investment of 38.521 billion US dollars are copper mines.
San Gabriel in Department of Moquegua invested 470 million US dollars, and Zafranal in Department of Arequipa invested 1473 million US dollars. The EIA reports of these two projects have been approved.
The Economic Research Office of Scotiabank predicts that Peru's copper production will increase by 11.7% this year.