China's economic growth to boost copper production in Peru

10:11 | Lima, Jul. 15.

China's economic growth in last months, despite the coronavirus pandemic, will boost copper production in Peru, Buenaventura CEO Victor Gobitz affirmed.

"Clearly, copper is in increasing demand at this time due to China's growth and the current crisis in Chile, which is the main copper producer," he explained.

The copper price per pound averaged US$2.82 in the beginning of 2020, it then fell to US$2.10 on March 23, and now the price exceeds US$2.93, driven by higher demand, according to international statistics.

"In the case of gold, it (its higher price) is explained by the volatility and uncertainty that the world faces today," he said.

It must be noted that the gold price per ounce averaged US$1.528 in the beginning of this year, and now it is US$1.813.

Production recovery

Gobitz reported that Peruvian mining companies' camps have been affected differently by the containment measures aimed at fighting the pandemic, but their production levels are showing a gradual recovery with the health protocols.

"We are going to see a recovery in copper and gold production this year, but we have to be careful in order to have a healthy industry," he added.


Published: 7/15/2020
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