Peru is the world’s No. 3 producer of the key industrial metal, used widely in vehicles and construction, especially for electrical wiring due to its ability to conduct current
Mining companies operating in Peru will likely produce between 2.7 million and 2.8 million metric tons of copper this year, the head of a major mining group said on Tuesday, with the forecasted output coming in under the government’s 3 million ton goal.
The copper production forecast was provided to Reuters by Victor Gobitz, head of the SNMPE mining, oil and energy association. . Gobitz, who provided the output estimate on the sidelines of an economic forum in the capital Lima, is also the top executive at Peru’s Antamina project, the country’s second-biggest producers of the red metal.
Copper production during the first half of 2024 totalled 1.29 million tons, according to official data, coming in about 2% less than during the same period in 2023.The Andean country’s slide in copper output has factored into a recent economic slowdown, as the country’s economy only grew by about 0.2% in June after expanding by more than 5% in both April and May.
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