Peru's Mineral Exports Jump 15.4% to $31.1 Billion

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Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)

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Summary

Peru's mineral exports reached US$31.1 billion in the first seven months of the year, with gold and copper leading, driven by mineral price increases.

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Mineral Exports Soar

Peruvian exports of minerals reached US$31.1 billion during the first seven months of this year, a 15.4% jump from the same period last year, according to a report by Peru's. ministry of energy and mines. In July only, mineral exports reached US$4.5 billion, an 8.9% increase from 2024 levels.

Copper exports in the first seven months of the year totaled US$14.1 billion, an 8% increase compared to 2024. It was followed by gold, with US$11.5 billion, a 41.1% increase.

The higher export value is the result of stronger shipments from the South American country and higher mineral prices.

Copper Leads the Way

From January through July, copper prices rose from about US$4 per pound to nearly US$5.50 per pound. In late July, the price dropped when U.S. President Donald Trump excluded copper ores, concentrate, and cathodes from U.S. tariffs.

Since then, prices have climbed close to US$5 per pound due to growing demand, supply concerns and tensions between the U.S. and China. Copper output setbacks, such as a fatal accident at Codelco's (Santiago, Chile) El Teniente mine in Chile, and operational issues at Teck Resources Limited (Vancouver, British Columbia) Quebrada Blanca mine in Chile and Anglo American's Collahuasi mine, also in Chile, have cut market supply.

Meanwhile, demand for copper is being driven by the transition to cleaner technologies and energy expansion. At the same time, the recent easing of tensions between Trump and Chinese President Xi Jinping has calmed markets.

China was the largest recipient of Peruvian copper, accounting for 74.1% of the shipments, followed by Japan with 7.3% and Spain with 3.2%.

Despite Chinese dominance, India recently reported on its efforts to become a larger player in the copper industry by diversifying supply, expanding local infrastructure and investing in copper-producing countries.

Between January and August, Peru has produced 1.8 million tons of copper, 2.6% more than in the same period last year.

Everything that Shines is Gold

For gold, geopolitical tensions, weakness in the U.S. dollar and strong demand have driven its price higher for two years, with expectations that it could reach US$5,000 per ounce. For Peru, a key gold producer, the surge has also fueled illegal mining activities and violence across the country, spilling over to politics.

Between January and August, Peru has produced 69.98 million grams of gold, just 1.4% below last year. India is the main destination for Peru's gold, accounting for 21.7% of the shipments, followed by the United Arab Emirates with 20.7% and Canada with 19.8%.

Key Takeaways

• Peruvian exports of minerals have reached US$31.1 billion between January and July.
• China was the largest recipient of Peruvian copper.
• Between January and August, Peru has produced 69.98 million grams of gold

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