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 7.5% year-over-year in August, official data showed on Friday, as output of the red metal totaled about 223,000 metric tons for the month.
The August data landed below the previous month’s output, according to the Andean country’s ministry of energy and mines.
Peru is the world’s second-largest copper producer, and output spiked nearly 18% in July to reach some 230,000 tons.
In a statement, the ministry credited the August rise to “good performance” from miners Freeport-McMoRan and Cerro Verde.
Between January and August, copper output in Peru rose 18% compared to the previous year, reaching a total of 1.77 million tons. Copper production was impacted early in the year due to social unrest causing work stoppages at some mines.
The country has doubled down on efforts to increase production after a report said Congo could overtake it as the second-largest producer in the coming years. Peru hopes to end the year with copper production of 2.8 million tons.
The ministry said that production of gold, zinc, lead, iron and tin also rose in August, while silver and molybdenum output fell.
(By Marco Aquino and Valentine Hilaire; Editing by Alexander Villegas and David Alire Garcia)
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