Peru’s mining industry has shown remarkable progress in 2024, with a 3% increase in production from January to August. This growth trend continued into August, with an impressive 8.9% year-on-year rise. The Central Reserve Bank of Peru (BCRP) shared these positive figures based on data from the Ministry of Energy and Mines.
Copper production stood out with an 11.7% increase in August, attributed to improved mineral processing and higher ore grades. Several key factors contributed to this upswing, including maintenance work by major companies like Chinalco and Las Bambas, increased mineral extraction by Antamina and Antapaccay, and higher copper grades at Cerro Verde and Southern’s Toquepala mine.
Other minerals also saw growth, with molybdenum production rising by 4.2%, lead by 10.1%, and silver by 30%. The Energy and Mines Minister, Rómulo Mucho, highlighted the importance of investor confidence and expressed optimism for future growth in 2025.
This resurgence in Peru’s mining sector not only bodes well for the economy but also demonstrates its resilience and potential for future development. With increased investor interest, Peru is poised to further strengthen its position in the global mining market.