Peru Eyes Major Copper Output Surge Backed by Massive Mining Investments

SEATTLE (Scrap Monster): Peru is poised for a major expansion of its copper sector as a new wave of large-scale mining projects advances, according to the Central Reserve Bank of Peru. The central bank said national copper production, which exceeded 2.75 million metric tons in 2024, could more than double in the coming years if planned investments proceed.

Output could increase by an additional 3.2 million metric tons, lifting total production close to 6 million tons, supported by an estimated USD 47 billion in capital spending, largely focused on major mining developments, Peru21 reported.

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Rising global demand for copper, driven by the energy transition, electrification of transport, and renewable infrastructure buildout, underpins the positive outlook.

Key projects with significant production potential include Yanacocha Sulfuros, La Granja, Michiquillay, and Tía María, which could reinforce Peru’s standing among the world’s top copper producers. Peru currently ranks third globally, behind Chile and the Democratic Republic of the Congo, and aims to reclaim second place.

The central bank said that, if the projects move ahead, the incremental copper production would be equivalent to roughly 6.5% of gross domestic product over the operating life of the mines.