New mining projects contained in the portfolio must be launched so that Peru holds second place in world copper production next year.
This was stated by Ruben Arratia, director of Base Metals and Precious Metals Research at Wood Mackenzie consulting firm.
Arratia said that if appropriate actions are not taken, the Democratic Republic of the Congo might take the second place away from Peru.
"For this year 2023, there will practically be a tie between the Democratic Republic of the Congo and Peru. Both countries will be producing 2.7 million tons of copper, but next year, in 2024, Congo will begin to slightly surpass Peru," he remarked.
The research director asserted that by 2025 Peru would be producing 2.8 million tons, even with Quellaveco's output, whereas production in Congo would reach 3.2 million tons.
Arratia said that after Quellaveco, practically until 2030, another large mining project is not forecast in Peru. Consequently, the mining canon distributed among mining regions might also decrease.
Within this framework, he indicated politicians must understand that they have to walk in the sense of urgency required by Peru to create jobs and generate investment.
Arratia explained that, in light of the energy transition needed by the world to help reduce emissions that are driving climate change, all countries that can produce copper will be welcome.
"That is a once-in-a-lifetime opportunity. Once this has passed, in about 15 or 20 years, the demand for copper will stabilize. Meanwhile, the demand for copper is quite high, and this is a giant opportunity for countries like Chile, Peru, Ecuador, and Argentina," he told Red de Comunicación Regional (RCR).