Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Copper production in Peru was down 11.7% year-on-year in June, the Andean country’s energy and mines ministry said on Monday, landing at 213,578 metric tons.
Over the first six months of 2021, the country produced 1.29 million tons, the ministry added, down 2.1% from the same period last year.
Peru is the world’s third-largest copper producer, after recently losing its No. 2 title to Democratic Republic of Congo.
The ministry said it expects this year’s output to hit 3.00 million tons, up from 2.76 million last year.
Authorities have been looking to boost the key mining sector, which was hit by anti-government protests at the start of last year, when Peru entered a technical recession.
It hopes to benefit from the start up of Tia Maria, a major copper project from Grupo Mexico-owned Southern Copper that is now expected to kick off production in 2027 after development was stalled for more than a decade due to opposition from local communities.
(By Marco Aquino; Editing by Kylie Madry)
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