According to SMM, the Peruvian government has acknowledged for the first time the existence of large-scale informal copper ore mining, and warned that high prices could lead to an increase in such activities in the near future. Energy and Mines Minister Jorge Montero told foreign media in Lima on Tuesday that the government remains vigilant about large-scale informal copper ore mining, particularly in the area where the mining rights belong to the Las Bambas copper mine operated by China's Minmetals Resources. "This is the largest informal copper ore mining activity we have discovered so far," Montero said. "It is worth noting that we already have large-scale copper ore mining operations in that area.

On June 3 (Tuesday), the Peruvian government acknowledged for the first time the existence of large-scale informal copper mining, and warned that high prices could lead to an increase in such activities in the near future. Jorge Montero, the Minister of Energy and Mines, told foreign media in Lima on Tuesday that the Peruvian government remained vigilant about large-scale informal copper mining, particularly in the area where mining rights belong to the Las Bambas copper mine operated by China's MMG Ltd. "This is the largest informal copper mining operation we have discovered so far," Montero said. "It is alarming that we already have large-scale copper mining operations in that area." The informal mine, named Apu Chunta, is operated by the indigenous community of the Pamputa tribe. Its annual production is estimated at 30,000 mt, worth approximately $300 million at current prices. Although Pamputa owns the land, Las Bambas holds the rights to mine copper. The mining company also plans to build an open-pit mine in the area in the 2030s, for which it must purchase land from the community. Informal mining activities and conflicts between mineral resource owners and concession holders have become a critical issue in Peru's mining industry, and the government is striving to find a balanced solution. Peru's rich mineral deposits have attracted thousands of small-scale miners, who mainly operate on land without mining rights. Informal operators have encroached on exploration projects operated by Southern Copper Corp. and First Quantum Minerals Ltd. The minister also mentioned that Teck Resources Ltd.'s Zafranal project had been affected. To be sure, informal copper production remains negligible compared to formal production. (Wenhua Comprehensive)

[SMM Analysis:April China's Copper Concentrate Imports: Unexpected Yet Reasonable ] In April 2025, China's imports of copper concentrates reached a record 2.9244 million tons, up 22.16% month-on-month, 24.55% year-on-year, and 7.46% year-on-year cumulatively. It is not difficult to observe that from the end of 2024 to the first half of 2025, many copper smelters in China commenced operations, releasing rough smelting capacity. The surge in copper concentrate imports driven by the sharp increase in demand was reasonable, but such a high import volume was still unexpected. Let's specifically analyze the main sources of this high-level copper concentrate imports.

[SMM Analysis: China's Copper Concentrates Imports in April: Unexpected Yet Reasonable] In April 2025, China's copper concentrates imports reached a record high of 2.9244 million mt, up 22.16% MoM, up 24.55% YoY, and up 7.46% on a cumulative YoY basis. It is not difficult to observe that from year-end 2024 to H1 2025, many copper smelters in China commenced operations, releasing smelting capacity. The surge in copper concentrates imports, driven by a significant increase in demand for copper concentrates, was reasonable. However, the unexpectedly high import value of copper concentrates came as a surprise. We attribute the high volume of copper concentrates imports to the following factors.

According to a report on the BNAmericas website, Peru's copper production in Q1 was 666,455 mt, up 3.88% from 641,543 mt in the same period last year. The growth was mainly driven by medium-sized copper producers, such as Las Bambas and Anglo American, which are set to become top local producers.

According to BNAmericas, Peru's copper production reached 666,455 mt in Q1, a 3.88% increase from 641,543 mt in the same period last year. The growth was mainly driven by mid-sized copper companies, such as Las Bambas and Anglo American, which are set to become the top local producers. According to the Ministry of Energy and Mines, Peru's copper production in March was 229,850 mt, compared to 220,000 mt in January and 217,000 mt in February. The Moquegua region is home to Anglo American's Quellaveco and Southern Copper. Southern Copper Corporation, a subsidiary of Grupo México, remained the largest copper producer, with an output of 105,094 mt, accounting for 15.8% of the country's total production. The company operates the Toquepala and Cuajone copper mines, as well as the Ilo smelter. However, another major copper mine, Cerro Verde, owned by Freeport-McMoRan, saw its Q1 production decline by 7% to 100,147 mt. The Antamina copper mine produced 97,774 mt in Q1, a 7.6% decrease. The mine's shareholders are BHP (33.75%), Glencore (33.75%), Teck (22.50%), and Mitsubishi (10%). The Las Bambas copper mine, owned by MMG (a subsidiary of China Minmetals), produced 95,733 mt, a 70.9% increase, while Anglo American's production rose by 11.1% to 79,950 mt. Las Bambas contributed an additional 39,700 mt in Q1; otherwise, Peru's copper production would have declined. Chalco's copper production was 54,803 mt, a 36.5% increase. Minsur's Marcobre copper mine produced 34,599 mt, a 16.7% increase.