Peru’s mining industry made significant strides in 2024, with a 3% production increase from January to August and an impressive 8.9% growth in August alone. The Central Reserve Bank of Peru (BCRP) shared these positive figures, highlighting a notable 11.7% increase in copper production fueled by enhanced mineral processing and higher ore grades.
Various factors contributed to this upward trend, including maintenance work by 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. Molybdenum production also rose by 4.2%, while lead and silver extraction saw significant jumps of 10.1% and 30% respectively.
Energy and Mines Minister Rómulo Mucho emphasized the importance of investor confidence and predicted further production growth in 2025. The resurgence in Peru’s mining sector not only bodes well for the country’s economy but also underscores its potential for future development and investment.
With clear rules and strong communication, Peru is poised to attract more investment and propel its mining sector forward, playing a pivotal role in the nation’s economic progress.