Swapping aluminum for copper will maintain China’s resources, group says
China depends on overseas imports for 60% of its aluminum resources as opposed to 70% of its copper resources.
Copper production in Peru rose 21.8% in June compared to the same month last year, the country’s ministry of energy and mines said on Tuesday.
Production hit 241,801 metric tons in the month, the ministry said in a statement, with output in the first six months of the year up 17.6% thanks in part to June’s boost.
The ministry added that production of zinc, lead and iron was also up in the month.
Copper output was hit earlier this year after nationwide protests, but mining conglomerate Grupo Mexico has been upbeat about production prospects, saying in an earnings call last month it expects tensions to ease.
The government said in April it expects total copper production for 2023 to reach 2.8 million tons.
Peru has doubled down on efforts to amp up production following a May report that the Democratic Republic of Congo could nab its spot as the world’s No. 2 copper producer in the next few years.
(By Brendan O’Boyle and Isabel Woodford; Editing by Mark Porter and Sarah Morland)
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