Peru consolidates position as world's 2nd biggest copper producer

This is an automated translation of the original release published in Spanish.

Ministry of Energy and Mines (Minem) release.

In November 2023, national mining production has experienced significant year-on-year growth in 8 metals, mainly copper, consolidating Peru as the world's second biggest producer of the red metal, providing a significant positive boost to our economy and the mining industry.

This was stated in the Mining Statistical Bulletin (BEM) of the Mining Promotion Directorate of the Ministry of Energy and Mines (MINEM), which, in November 2023, registered 253,582 Fine Metric Tons (FMT) of copper, representing growth of 10.9% compared with what was reported in the same month of the previous (228,659 FMT), due to the good performance of Anglo American Quellaveco S.A., Minera Antamina S.A. and Minera Antapaccay S.A.

Likewise, in cumulative production from January to November, copper reached 2,499,635 FMT, reflecting an increase of 14.0% compared to the same period of the previous year (2,193,352 FMT). Minera Cerro Verde S.A.A. ranked first as the main producer of this metal with 17.3%, followed by Compañía Minera Antamina S.A. and Southern Perú Copper Corporation with 15.8% and 13.6%, respectively.

Meanwhile, national gold production amounted to 9,377,633 fine grams in November, registering an increase of 9.7% compared to the same month in 2022 (8,544,894 fine grams). While the cumulative production reached 90,349,724 fine grams, 2.1% more than in the same period of the previous year (88,452,500 fine grams).

At the company level, Minera Yanacocha S.R.L. ranked first with 9.0% participation, followed by Compañía Minera Poderosa S.A. and Consorcio Minero Horizonte S.R.L. with 8.4% and 6.3%, respectively. La Libertad led the ranking with a contribution of 33.1%; followed by Arequipa with 22.1% and Cajamarca with 19.8%.

Regarding national zinc production, it reached 115,646 FMT, an increase of 1.2% compared to the same month of the previous year (114,235 FMT). This is due to higher production rates from Minera Shouxin Perú S.A., Nexa Resources Perú S.A.A. (+25.3%) and Minera Chinalco Perú S.A. (+34.1%). Meanwhile, cumulative production as of November was 1,318,979 FMT, a growth of 5.8% compared to the same period in 2022 (1,246,732 FMT).

Zinc production as of November was led by Minera Antamina S.A. with 35.8%, followed by Volcan Compañía Minera S.A.A. (11.7%) and Nexa Resources Perú S.A.A. (5.8%). Áncash held first place with 39.7%, followed by Junín and Pasco with 18.4% and 12.8% contributions, respectively.

Meanwhile, silver production in November registered 262,338 fine kilograms, an expansion of 6.9% in reference to November of the previous year (245,480 fine kilograms). However, the cumulative production (2,752,128 fine kg) showed a slight decrease of 1.9% in relation to what was reported in the same period of 2022 (2,805,430 fine kg).

Regarding lead production, in November it reported 23,354 FMT, an increase of 9.0% compared to the same month of 2022 (21,417 FMT). This is due to higher production levels from Volcan Compañía Minera S.A.A, Minera Bateas S.A.C. and Nexa Resources Perú S.A.A. Likewise, the cumulative production to November registered 247,157 FMT, an increase of 6.3% compared with what was registered in the same period of the previous year (232 445 FMT).

Regarding iron production, it registered 1,151,044 FMT in November, an increase of 8.5% compared to November of the previous year (1,060,828 FMT), as a consequence of a higher level of production by Shougang Hierro Perú S.A.A. Cumulative production reached 12,960,276 FMT with a positive variation of 13.4% compared to what was recorded in the similar period of the previous year (11,432,311 FMT).

Finally, regarding molybdenum production, November production was 3,257 FMT, showing a growth of 19.5% in relation to what was achieved in November 2022 (2,726 FMT), thanks to the contribution of Anglo American Quellaveco S.A. In the cumulative figure to November, it registered 30,469 FMT, evidencing an expansion of 6.1% in relation to the same months of 2022 (28,723 FMT).