Currently, the country has 60 mining concessions located in different regions, such as Moquegua, Arequipa and Áncash. Thus, strategic initiatives such as Los Chancas, Michiquillay and Aunt Maríatogether with the expansion of the Ilo foundry, they seek to strengthen the presence of Peru in the international market, according to the Digital Bio Bio.
In that sense, according to Arce, this panorama would be inserted into the context of the global energy transition, which would have increased the demand for strategic resources, used in the manufacture of electric vehicles, solar panels and others. So, Two countries in South America They are positioned as key actors in the production of this essential mineral for clean energy.
What is reference with the term ‘new oil’?
According to the journalist Jordan Arce, Cobre, known as the ‘New oil’has experienced an increase in its demand due to its ability to conduct electricity. This metal has become essential for the manufacture of electric vehicles, which require greater amounts of copper than conventional cars, as well as for the production of solar panels, wind turbines and intelligent electrical networks.
This boom has mainly benefited two nations, which together concentrate 40% of world copper production. A report of International Monetary Fund (IMF) it provides that the global copper demand will increase by more than one 66% between 2020 and 2040so it reaches 39.1 million tons compared to the current 23.5 million and reflects the growing need for mineral in energy sustainability processes and global changes in consumption.
South America: What countries stand out as producers of ‘new oil’?
Chili It remains the world’s leading producer of copper, with a projection that aims to reach 27.3% of global production by 2034, according to the Chilean Copper Commission (Cochilco). The country is expected to achieve an average annual growth of 0.5% and that its production reaches 6.07 million metric tons for 2027promoted by the expansion of existing operations and new investments in the sector.
In South Americait is expected that up to 60% of the world copper production will come from the region, especially with the incorporation of new producers such as Ecuador and Argentina, which are developing key projects in this sector, according to Zetti Gavelán, vice president of the Institute of Engineers of Engineers of Mines of Peru (IIMP).
On the other hand, Peruthe second largest copper producer has experienced significant growth. In August 2024, the country reached a production of 246,568 fine metric tons, which represented an interannual increase of 10.7%.
Copper: What is the country that mostly consumes it?
According to Bloomberg, China is the main copper consumer and also stands out for being one of the largest metal warehouses. In March 2024, global copper reserves reached a maximum of 491,000 metric tonslevel not reached in three years, being a large part of this material stored in Chinese inventories.
What is copper?
He copper is a transition metalred-orange, widely used in various industries for its exceptional conductive properties of electricity and heat. With the Cu symbol and atomic number 29, it is one of the oldest metals known to humanity.
Since ancient times, copper has been used in the manufacture of tools and weapons, and currently remains fundamental in sectors such as the electrical and electronic industry, consolidating itself as a valuable resource throughout history.
Source: Larepublica
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
