PERUMIN 38 Chairman: Peru's Copper Production Can Increase to 5 Million Tons per Year

en.Wedoany.com Reported - On September 22, Víctor Gobitz, Chairman of PERUMIN 38, stated that Peru's copper production has the potential to increase from the current approximately 2.5 million tons per year to 5 million tons per year, with the increment mainly coming from new copper mine projects and expansions of existing mines. Peru currently has a copper mine project investment portfolio exceeding US$60 billion, and the two major copper mine clusters in the north and south each have the potential to add 1 million to 1.5 million tons per year of copper production.

The northern copper mine cluster is mainly concentrated in Cajamarca and surrounding areas, including projects such as Michiquillay, El Galeno, Conga, La Granja, and Cañariaco. Under the development scenario proposed by Gobitz, copper production in this region could reach 1 million to 1.5 million tons per year. Concentrated mine development also requires the simultaneous deployment of port, energy, road, and communications infrastructure, with Eten Port in the Lambayeque Region and Bayóvar Port in the Piura Region listed as potential shipping outlets for copper products from the north.

The southern cluster covers major copper-producing regions such as Arequipa, Moquegua, Apurímac, and Cusco, including projects such as Tía María, Los Chancas, Trapiche, the Cerro Colorado expansion, and Antilla, with potential additional copper production also reaching 1 million to 1.5 million tons per year. The south already has mining logistics infrastructure such as Matarani Port, and subsequent mine expansions will require simultaneous increases in energy, transportation, and industrial support capacity.

In addition to new projects, Peru's large operating copper mines are forming another round of capital expenditure. Mining areas including Las Bambas, Toromocho, Antamina, Cerro Verde, and Coroccohuayco all have investment plans for expansion, production increases, or mine life extension. Gobitz estimates that existing mine expansion and life extension projects alone could generate approximately US$5 billion to US$6 billion in investment annually.

Peru's Ministry of Energy and Mines has also recently been advancing approvals for some copper mine projects. On September 17, Minister Guillermo Shinno stated that the government is accelerating the development of projects such as El Galeno, Michiquillay, and La Granja, and is preparing to further adjust the mining permitting process. From January to August this year, Peru approved 150 mining-related permits, corresponding to more than US$3.067 billion in new mining investment, involving projects such as Zafranal, Antapaccay, Constancia, and Carachugo.

Gobitz proposed that the development of the northern and southern copper mine clusters requires coordinated planning of mine, port, road, power, and communications projects over a period of approximately 20 years, with the sequence of infrastructure investment arranged according to the development progress of each mine.