China smelter group agrees to lower Q1 copper charges
The charges tend to fall when ore supply declines and rise when more concentrate is available.
Copper production in Peru rose 2.5% year-on-year in September, the Andean country’s energy and mines ministry said on Friday, as the world’s second-largest copper producing nationhit a monthly output of 235,178 metric tons.
The increase was driven by higher output from the Quellaveco mine, controlled by Anglo American, which came online last year, and the Las Bambas mine controlled by Chinese firm MMG, the ministry statement said.
Copper is a major input for industrial activity worldwide, with demand for it in recent years seeing an extended upswing.
Between January and September, Peru’s output of the coveted red metal rose 16% compared to the previous year, reaching a total of two million tons.
Copper production was impacted early in the year due to social unrest causing work stoppages at some mines.
The head of Peru’s mining guild said 2023 output is expected to reach from 2.6-2.7 million tons, and some 2.7-2.8 million tons next year.
The ministry said production of gold, zinc and iron also rose in September, while silver output fell.
(By Marco Aquino; Editing by Sarah Morland)
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