Amid the debate on the imposition of copper tariffs by the Donald Trump administration in the United States, scheduled for dates near February 18, Commodity Summaries 2025 Mineral Reportpublished on January 31 by the US Geological Survey (USGS), revealed that the Democratic Republic of the Congo exceeded for the second consecutive year of Peru in the production of this metal.
“Mining in the Congo operates with high informality and lower environmental standards, which explains its ascent to the second world place,” said Erick García, former general director of Minem Hydrocarbons, to the Republic.
Peru would have produced 2,600,000 fine metric tons (TMF) of copper in 2024, while the Congo exceeded it with 3,300,000 TMF, 27% more. The Ministry of Energy and Mines (Minem) still pending the publication of its December 2024 report.
Main cause
Both García and Carlos Gálvez, former president of the National Mining, Petroleum and Energy Society (SNMPE), agree that the main reason for this setback is the delay in the execution of strategic initiatives. Among the projects arrested or with limited advances are Conga (Cajamarca), Aunt María (Arequipa), Zafranal (Arequipa), La Granja (Cajamarca), Galen (Cajamarca), Yanacocha Sulfuros (Cajamarca), Michiquillay (Cajamarca), Río Blanco ( Piura) and Las Bambas (Apurímac), which together would have contributed up to a million and a half tons of copper.
“Politicians are the great responsible,” said Gálvez.
To recover land, it is essential to boost investments and solve the social conflicts that have delayed various projects. According to Garcia, one of the initiatives that could facilitate this process is the implementation of a single permissions window, in which a single evaluation replaces the multiple procedures before different entities.
New competitor: Argentina
While Peru faces bureaucratic obstacles and social conflicts, Argentina announced investments in five projects for more than US $ 47,000 million between 2026 and 2040, estimated a CRU study, an international mining consultant.
These would be the Pachón and Mara (by Minera Agua Rica-Alumba), by Glencore; The blue, from Mc Ewen; Josemaría, from Lundin Mining and BHP; and taca taca, of First Quantum Minerals.
“Capitals are heading towards countries that offer them greater facilities,” Gálvez warned.
Finally, with respect to the possibility that Trump imposes tariffs on copper, the expert ruled out this measure, arguing that the US depends on the mineral and that large US companies operate mines outside the country.
Keys
- Peru: from January to November, copper exports represented 50% of mining products sold abroad.
- Global: The top 5 of copper producers for 2024 is made up of Chile (5.3 billion TMF), Congo (3.3 billion), Peru (2.6 billion), China (1,800) and the US (1,100 million).
Source: Larepublica
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