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Peru: Copper production to increase 30% by 2021

Cobre

Cobre

15:15 | Lima, Jan. 5.

Peru’s copper output will expand 30% by 2021 due to new production units, whose construction will start in 2018, Deputy Mines Minister Ricardo Labo projected.

These mining projects entail an investment worth over US$10 billion.

Likewise, Labo estimated copper production will reach 2.53 million fine metric tons (FMT) in 2018, driven by better performance at mining companies. 

According to Energy and Mines Ministry’s statistics, Peru's copper output stood at 2,353,856 FMT in 2016, a significant increase compared to the figure registered in 2008 (1,267,867 FMT). 

"Last year, Peru produced some 2.3 million fine metric tons of copper, and we expect to reach 2.53 million tons this year," Labo expressed.

Additionally, he noted this increase was explained by greater dynamism at mining firms, as well as the maximum production capacity at Las Bambas.

Price

The government official also pointed out there are "structural changes" on the global metal market, which show copper price will remain on the upward trend.

It must be noted copper —whose price stood at US$1.94 per pound in early 2016— currently costs US$3.25 on the 

(END) MDV/MDV/JAA/MVB

Published: 1/5/2018
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