As La República reported last January, with an annualized average price of US$3.85 per pound in the London Metal Exchange (LME)the Democratic Republic of Congo (RDC) recorded a production of almost 3.3 million metric tons (MT) of copper in 2023. In this way, it displaced Peru — which began the year with a 20% drop — from the second ranking as a global supplier of this metal, responsible for 34.7% of traditional local shipments.
According to official data from the Central Bank of the Congothe African nation’s copper production last year amounted to no less than 3 million 282,500 MT, compared to the 2.75 million MT recorded by the Ministry of Energy and Mines (Minem). Chile remains in first place, with a production that exceeds 5.2 million MT (its lowest level in two decades).
The year did not start in the best way for Peru either. The March Mining Statistical Bulletin (BEM) reveals that production of the red metal in our country in January plummeted -19.5% compared to December, although its year-on-year drop of -1.2% still maintains it at levels of the same month from 2023.
According to the BEM, the fall was due to lower levels in Las Bambas (-17%) and Cerro Verde (-13.4%), which together account for 25% of national copper production.
Record shipments in 2023
However, the price factor boosted the copper market in 2023. The value of Peruvian exports amounted to US$23,345 million, the largest in its history. In total, 2 million 952,200 tons were exported. China (73%) remains unchanged as the first destination.
In the opinion of Roque Benavides, dean of the Lima Departmental Council of the College of Engineers of Peruthe Congolese supply of copper is still far from weighing down that of Peru, since it does not have better trade routes.
Finally, Minem is confident that the real estate recovery in China and the moderation of rates in the US will allow prices to rise; But if new projects are not delayed, the horizon is uncertain.
Unlock. Peru would be among the least attractive countries for mining exploration and investment in the world, according to a study by IIMP-Macroconsult.
Exploration to export more copper
Although without new projects, the investment portfolio seems to start on a better footing than 2023 and in just one month it went from 27 to 31 copper projects in Peru, among which the Ferrobamba Tajo stands out for US$1,753 million, a brownfield (expansion ).
The Institute of Mining Engineers of Peru (IIMP) highlights that La Zanja, in Cajamarca, occupies 22% of the mining exploration portfolio with its US$114 million.
The National Society of Mining, Petroleum and Energy (SNMPE) expects that this year copper production in Peru will be close to 3 million MT.
Data
11.6% increased the exports mining companies of all types in 2023, with revenues of almost US$42,539 million.
Spending on mining exploration in Peru decreased by 3% between 2017 and 2023, according to the IIMP. In the world it fell 61%.
Source: Larepublica
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