Peru will boost copper production

Cerro Verde expansion

The Peruvian Minister of Energy and Mines, Rómulo Mucho, has announced the approval of the technical report for the $600-million expansion of the Cerro Verde copper mine.

Located in Arequipa, Cerro Verde is a powerhouse, producing almost 19% of Peru’s copper and 34% of its molybdenum. It boasts one of the world’s largest concentrating facilities, with an impressive average milling rate of over 400,000 metric tons of ore per day. The operation is majority-owned by Freeport-McMoRan with significant shares held by SMM Cerro Verde Netherlands (a Sumitomo Metal Mining subsidiary), Compañia de Minas Buenaventura, and other shareholders.

Expectations

By 2026, Cerro Verde aims to reach a mill production rate of 420,000 metric tons of ore per day, maintaining this level through 2044, with mining expected to continue until 2052 when current reserves will be depleted.

4 million tons?

Minister Mucho highlighted that this expansion, alongside projects like Panoro Minerals’ -Cotabambas, Regulus Resources’ – Antakori, Newmont’s – Conga and Galeno, Rio Tinto and First Quantum Minerals’ – La Granja, and Southern Copper’s – Michiquillay, will position Peru to produce four million tonnes of copper annually, approaching Chile’s production levels. minister Mucho has stated: „By developing four or five copper projects we could reach (a production of) four million tons and we would be on the heels of Chile”. Moreover he has added that taken under account all perspective projects: „Peru is a very attractive country, as it has a new discovery of lithium and copper production continues to increase”.