Copper price renewed investor interest in Peru

16th May 2024 Copper price renewed investor interest in Peru

Great attraction

Peru’s mining industry, once dented by years of political unrest, is experiencing a resurgence fueled by robust copper prices and optimistic projections for further growth. According to Rómulo Mucho Peru’s mining minister, copper’s recent price surge to two-year peaks, nearing record highs ($10,845), is attracting renewed investor interest. He has stated that “The price of copper is a great attraction.”

Goldman Sachs recently raised its year-end price target for copper (from $10,000  to $12,000), citing the metal’s increasing scarcity and the anticipation of a larger deficit, especially in light of its crucial role in electrification efforts. This trend is alleviating the cautious stance of mining companies operating in Peru, the world’s second-largest copper exporter.

New projects?

Mucho noted that he has engaged with executives from prominent mining companies like Newmont Corporation, Teck Resources Limited, Hudbay Minerals Inc., and Grupo Antofagasta Minerals, who have expressed keen interest in both new ventures and existing operations. He emphasized that most CEOs are eager to explore potential projects and opportunities for involvement in Peru’s thriving mining sector. Mucho has stated: “Most of the CEOs I talked to asked what projects there are and how they can get involved”.

Peru’s mining future

Despite past challenges stemming from political instability, Mucho remains optimistic about Peru’s mining future, attributing recent progress to regained confidence within the industry. Peru aims to produce approximately 3 million tons of copper this year, with Mucho reaffirming this target while acknowledging the importance of resolving issues at Las Bambas, a crucial copper mine owned by China’s MMG Limited, to achieve production goals.

As Peru continues to attract investment and foster partnerships with leading mining companies, the country’s mining sector is poised for sustainable growth and prosperity.

27th World Mining Congress

Furthermore, WMC authorities would like to invite everyone to the 27th World Mining Congress will be organized in 2026 in Peru

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The 27th World Mining Congress will be organized in 2026 in Peru.

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