Peru’s copper production experienced a strong boost in August 2024, climbing 10.7% year-on-year to reach 246,570 metric tonnes (t). This increase was driven by remarkable performance from mining giants like Minera Chinalco and MMG Las Bambas, as reported by the Ministry of Energy and Mines.
Highlights of August Copper Growth
- Minera Chinalco led the charge with a massive 132% increase, producing 20,000t in August.
- MMG Las Bambas recorded a robust 27.3% growth, delivering 32,850t during the month.
These gains offset earlier challenges faced by Peru's mining sector, helping the country maintain its position as a global copper powerhouse.
Year-to-Date Production Slips
Despite the August recovery, overall copper production for the January-August period slipped by 0.7%, totaling 1.76 million tonnes, reflecting operational constraints earlier in the year.
Trends in Other Metals
- Zinc production fell sharply by 16% year-on-year, reaching 113,490t in August.
- Molybdenum output, on the other hand, soared by 42.4%, reaching 3,625t, showcasing steady demand in industrial markets.
Outlook for Peru’s Mining Sector
The strong performance in August highlights the resilience of Peru’s mining sector amidst fluctuating global demand. With key mines ramping up production, the country appears poised for a potential rebound in the final quarter of 2024.
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