Andina

Peru has potential to export over 5 million tons of copper a year

Cobre

Cobre

11:23 | Lima, Apr. 3.

Peru relies on great potential to export over 5 million fine tons of copper a year and become the world's largest copper-producing country, Peruvian Institute of Mining Engineers Chairman Victor Gobitz affirmed Tuesday.

It must be noted Chile currently stands as the world's largest copper producer with 5.2 million fine tons per year, whereas the Inca country ranks second with 2.5 million tons. 

"However, if you look at Peru's new mining project portfolio worth US$60 billion, 65% (of the total) is copper," Gobitz told Andina news Agency.

"We have Michiquillay, Galeno, Conga, La Granja, Tia Maria, Mina Justa, Las Chancas, among others (mining projects). The copper portfolio is quite large, and Peru has the potential to equalize Chile," he underlined.

Gobitz also explained that —besides mining potential— the country relies on other strengths that Chile does not have, such as low energy costs and competitive workforce.

Copper price

On the other hand, Gobitz projected copper price will remain above US$3 per pound since the demand will remain strong for a long term.

(END) RGP/RGP/JAA/MVB

Published: 4/3/2018
Most read