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.
Peru’s March copper production leapt 20.4% from a year earlier to reach 219,275 tonnes, the country’s energy and mining ministry said on Tuesday, as large mines resume their operations following stoppages caused by several social protests.
The world’s no. 2 copper producing country saw its first quarter copper output rise 11.2% from the same period of 2022, the ministry said in a statement, landing at 615,514 tonnes.
Major mines such as China’s MMG Ltd’s Las Bambas and Glencore’s Antapaccay recorded sharp drops in February production due to a blockade of a key highway amid anti-government protests.
Nevertheless, Southern Copper saw its production rise nearly 80% year-on-year in March, while Antapaccay’s rose 65% and Cerro Verde’s production grew 7.3%, the statement said.
Anglo American’s Quellaveco, which began production halfway through last year, posted a March output of 22,153 tonnes, it added.
The Andean country faced several protests throughout 2022, and a political and social crisis triggered by the Dec. 7 ouster of former president Pedro Castillo.
(By Marco Aquino and Carolina Pulice; Editing by Anthony Esposito and Sarah Morland)
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