Peru’s August Copper Output Jumps 11% After Five-Month Decline

SEATTLE (Scrap Monster):  Peru’s copper production rose by 10.7% in August compared to a year earlier, reaching the highest level of any month this year, the Andean nation’s energy and mines ministry said on Wednesday, though accumulated output remained below 2023 levels.

The monthly increase follows five months of consecutively lower year-on-year output.

August’s production landed at 246,568 metric tons, bringing the accumulated output from January through August to 1.76 million metric tons, 0.7% less than in the same period in 2023, the ministry said.

Peru, the world’s third largest copper producer, produced more in August largely thanks to Glencore’s Antamina, which produced 26.5% more of the red metal year-on-year.

Cerro Verde meanwhile lifted its production by 5.2% and Southern Peru Copper produced 11.2% more than a year earlier, according to ministry data.

“It is important to highlight that the optimal production levels at Antamina – thanks to improved copper grades – and a good performance at Southern Peru Copper, have offset a negative scenario,” the ministry said in a statement.

Peru’s government expects its production of copper, a key national industry, to total some 2.8 million tons this year.

 Courtesy: www.mining.com