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.

On April 26 (Saturday), despite facing the impact of tariff policy uncertainty, Southern Copper expects its copper sales to remain robust as demand sources shift from the construction sector to the energy and technology sectors. Raul Jacob, CFO of Southern Copper, stated, "We hold a positive outlook for the copper market. We anticipate a shift in demand from infrastructure to new energy technologies and artificial intelligence." "Solar power generation requires more copper than traditional carbon-based power generation. Additionally, the development of AI also demands significant amounts of copper, as well as materials like zinc and silver. We predict that prices will be well-supported in the coming years." Jacob noted that while trade uncertainties may have short-term impacts, they are unlikely to persist in the long run. Southern Copper produced 242,004 mt of copper in Q1 2025, up from 240,679 mt in the same period last year. The company's quarterly report indicates that production at the Toquepala mine in the Tacna region of Peru increased by 11.6%, offsetting the decline in output from other open-pit mines. Although the US has suspended the implementation of a 25% copper tariff, the mining company may still divert products destined for the US market to other markets if necessary. Jacob stated that this move would help mitigate the impact of external shocks. "We prefer to wait until this situation is resolved. As I mentioned, we are pleased to see that the US has recognized the important role of copper as a zero-tariff imported material, and we hope this will be the case in the long term." Jacob declined to comment on the possibility of price reductions or contract cancellations, stating that the sales department is responsible for handling such matters. Southern Copper has invested heavily in the Tia Maria project in the Arequipa region. Construction of roads and platforms for accessing the project is 61% complete. The updated capital expenditure for this year is $200 million, $980 million for 2026, and $46 million for 2027. "We are not concerned about the construction work; we believe the project is progressing smoothly. We are considering some financing, but the market must become more stable." He added that there is high social acceptance of the project, with almost no opposition within the affected areas. The Tia Maria project is expected to produce 120,000 mt of copper annually.

According to foreign media reports on February 14, Peru's Ministry of Mines stated on Friday that the country's copper production in 2024 decreased by 0.7% to 2,736,150 mt. This marks the first annual decline in copper output after four consecutive years of rebound. Previously, market participants had expected Peru's copper production in 2024 to remain roughly flat at around 2.8 million mt, mainly due to declining ore grades and a lack of new projects (Webstock Inc.).