Peru's Las Bambas optimistic about rejoining global top 10

Peru’s Las Bambas, controlled by China’s MMG, is expected to rejoin the world’s top 10 copper mines next year.

In Q3, Las Bambas, in Apurímac region, produced 90,595t – the highest quarterly figure since 2021 – and 216,793t in January to September. The development and contribution of the new Chalcobamba pit is expected to continue during this quarter, allowing the mine to produce close to 320,000t in the full year. In 2017 the mine produced 450,000t but has since been impacted by social protests.

“The mine will continue to increase its production capacity in 4Q24. During this period, Las Bambas is expected to reach annualized copper production [run rate] of over 400,000t. This will allow it to reenter the top 10 of the world's leading [copper] mines, a milestone that we will work hard to achieve,” said Cao Liang, CEO of MMG, in a results conference call.

MMG owns 62.5% of operator Minera Las Bambas, Guoxin International Investment Corporation 22.5% and Citic Metal Company 15%.

According to Liang, this year's production has been uninterrupted and the Chalcobamba pit – currently undergoing optimization – has provided sustained output, making MMG confident of reaching 320,000t in 2024. Under this assumption, the mine will have to produce more than 100,000t this quarter.

“Mining at the Chalcobamba pit has entered the early operation phase of the mine plan, with increased ore supply, and mining at Ferrobamba pit has shifted to an area with higher ore grades,” MMG says in its Q3 results report.

2025

MMG expects Las Bambas to produce between 350,000t and 400,000t of copper in 2025 and the figure is likely to be closer to the upper end of the range.

“Chalcobamba will contribute between 40% and 50% of production … in 1Q25 we’ll probably have a slower pace due to the rainy season but we’ll have better production in the second half of the year. We’re confident we’ll be able to reach the top of the range,” Ivo Zhao, MMG’s general manager for the Americas, told the call.

If the objective is met, Las Bambas would become one of the 10 largest copper mines in the world in 2025. Peru’s Cerro Verde and Antamina mines both produced more than 400,000t of copper in 2023 and are on track to do the same this year.