According to the newest numbers of the Peruvian Ministry of Energy and Mining, 2.15 million metric tons of fine copper were mined in Peru between January and November 2016. This represents an increase of 42% compared to the same period of 2015 making Peru the second largest copper producer in the world after Chile and ahead of China.
This growth is mainly based on new and expanded megaprojects such as Cerro Verde in Arequipa, which accounts for 22% of the national production, Las Bambas in Apurimac, Toromocho in Junin, Antamina in Ancash and Constancia in Cusco.
In its weekly bulletin Comex, the Peruvian Foreign Trade Association, expects that after two years of declining prices, copper will perform much better in 2017 from which Peru of course will benefit even more with an increased production. While in most of 2016 the price of a metric ton of fine copper was less than US$ 5000, today it reaches already US$ 5500 per metric ton at the London Metal Exchange.
The upwards trend of the copper price will continue due to an increased demand mainly from China, the largest copper importer in the world that already now claims about 45% of the global copper production.