Market Research Report
Peru Copper Mining to 2024 - Updated with Impact of COVID-19
|Published by||GlobalData||Product code||936772|
|Published||Content info||39 Pages
Delivery time: 1-2 business days
|Peru Copper Mining to 2024 - Updated with Impact of COVID-19|
|Published: March 31, 2021||Content info: 39 Pages||
GlobalData's "Peru Copper Mining to 2024 - Updated with Impact of COVID-19" comprehensively covers Peru's reserves of copper, historic and forecast trends in the country's copper production and the key active, exploration and development copper mines. The report also analyses factors affecting the country's demand for copper and profiles the major copper producers.
In 2020, Peru witnessed the highest fall in its history of producing copper, owing mainly to the COVID-19 pandemic, which created an unprecedented challenge for the Peruvian mining industry, affecting workers, the government and companies, as well as local communities. Peru's copper production is estimated to have declined by 13% to 2,137.6kt in 2020. Key operating mines that had to face temporary suspension, in line with the national and provincial COVID-19 restrictions, included the Antamina mine, which was inactive during April and May 2020, leading to a 23.6% year-on-year (y-o-y) decline in production during the first nine months of 2020.
This was followed by Freeport's Cerro Verde mine, which was idle for nearly three weeks between March and April 2020, before progressing with an average production capacity of 90% during the third quarter of that year. In 2021, the country's copper production is forecast to bounce back by 10.4%, to reach 2.4 million tonnes (Mt), and then reach 3.1Mt by 2024 - a CAGR of 9.2% over the forecast period (2021-2024). The country's output will be largely supported by production from the existing portfolio of operating mines including, Cerro Verde, Las Bambas, Toromocho, Antapaccay, and Constancia, as these stride towards getting back to pre-COVID-19 production levels.