Peru Closes 2023 with Solid Metallic Mining Output, Copper Up

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Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Despite political unrest, Peru ended 2023 with a strong mining output, with several commodities registering higher production volumes. Peru also is working to speed up the permitting process and attract investments.

Peru ended the year with a higher output of copper, gold, zinc, lead, iron and molybdenum, when compared with the volumes seen in 2022. Only tin and silver scored lower production when compared with 2022.

Last year, Peru produced 2.76 million metric tons of copper, about 12.7% more than in 2022. This represents a record for the South American nation, which was partly spurred on by stable production at Las Bambas and Anglo American's (London, England) Quevalleco mine.

With these numbers, Peru remained the world's second-largest copper producer behind Congo, which has registered higher outputs in recent years.

The stronger output for copper was replicated in other commodities such as iron, which had a production 8.8% higher year-over-year, and zinc, with 7.2% more volumes. Lead, molybdenum and gold also scored higher output volumes year-over-year, with 6.9%, 6% and 2.8%, respectively.

These volumes followed political uncertainty and social unrest across Peru in 2023. In December 2022, former president Pedro Castillo was arrested, ushering in the administration of Dina Boluarte. Castillo's detention led to major protests in December and January 2023, which impacted mining operations in the country's south.

Political stability has been a major point of concern for Peru, which has had six presidents since 2016. The new administration has been betting heavily on the mining sector for economic development; last year, it implemented the Ventanilla Unica program, a digital platform used to centralize and digitize mining permits through the Ministry of Mines.

Throughout 2023, Peru saw US$521 million of investment across 70 exploration projects, indicating growing interest in the mining sector. Additionally, Peru has 46 projects in its portfolio worth US$53.1 billion, mostly focused on copper extraction.

Peru's production of silver and tin dropped in 2023 by 1.3% and 7.1%, respectively.

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