Peru copper output rose in January

Peru's national copper output reached 219,650t in January, up 6.9% year-on-year, with especially MMG's Minera Las Bambas exceeding expectations.

Grupo México-owned Southern Copper was the top producer with 35,523t, up from 34,557t, followed by Cerro Verde's 34,493t, up from 32,970t in January 2024.

Antamina, last year's second player, produced 30,645t, down from 31,193t, and Anglo-American's Quellaveco 25,120t, up from 20,465t, according to a report from the energy and mines ministry. 

Minera Las Bambas reported 32,188t, up from 17,706t. The company's board expects to maintain that pace throughout 2025. 

In its 2024 report, MMG said that Las Bambas has capacity to produce up to 400,000t/y of copper, or around 33,000t per month on average.

MMG also announced that US$550-600mn of the US$1.2-1.3bn in projected 2025 capex will be allocated to Las Bambas to finance the expansion of a tailings storage facility, infrastructure for the Ferrobamba pit and work on the new Chalcobamba pit, among others.

National output is estimated to reach 3Mt this year, buoyed by sustaining and growth investments of US$5.5bn. In January, US$368mn was disbursed, compared to US$292mn a year ago.