That’s Peru. Where authorities said this week they see copper production taking a quantum leap over the next few years.
Those numbers were released by Peru’s Center for Competitiveness and Development of San Martín de Porres University, and the Institute of Mining Engineers of Peru. These groups estimate that a full 18 new copper projects are set to start production across Peru by 2021.
Here’s the breakdown:
2018 – Pukaqaqa and Magistral (Minera Milpo), and the enlargement of Toquepala (Southern Copper)
2019 – Quellaveco (Anglo American), Huánuco (Volcan), and the enlargement of Toromocho (Chinalco)
2020 – Calatos and Cotabambas
2021 – Quechua, Galeno, Río Blanco, La Granja, Los Chancas, Zafranal and Michiquillay
Based on these developments, the study authors are projecting a huge jump in Peru’s overall copper production. They expect national output to hit 4.8 million tonnes per year by 2021 — more than double the 2.3 million tonnes Peru put out last year.
That kind of growth would cement Peru as the world’s fastest-growing copper mining nation, with output here already having increased 77 percent since 2012.
In fact, the growth projected above might allow Peru to challenge Chile for top spot in the copper world. The Peruvian target of 4.8 million tonnes of yearly production is not far below Chile’s 2016 output of 5.5 million tonnes — which itself was down 5 percent from Chile’s 2015 level, as the industry struggles to keep up with cost escalation and labor difficulties.
We’ll see if Peru can actually meet its aggressive schedule. Watch for new mine openings next year, and for continuing numbers on production and exports — to see who will come out on top during the coming years.
Here’s to the path forward.
By Dave Forest
