Peru Mining Exports Rise in First Quarter 2025

Peru Mining

Strong Growth in Gold, Copper, and Other Metals

Peru’s mining exports increased significantly in the first quarter of 2025, reflecting strong global demand for metals. According to the energy and mines ministry (Minem), gold exports surged 52.4pc, while tin rose 46.5pc, zinc gained 33.8pc, silver expanded 31.2pc, and copper climbed 21.8pc. These metals remain essential for construction, electronics, and renewable energy technologies, supporting their robust global demand.

The value of exported mining products reached $13.7bn during the period, up 27.3pc from last year. Metallic mineral exports represented $13.5bn of the total, a 28.2pc year-on-year increase. Mining exports now account for 66pc of Peru’s overall export value, underscoring the sector’s dominance in the national economy.

Copper Production and Investment Outlook

Copper production in Peru is projected to reach 2.8mn t in 2025, up from 2.7mn t last year. The country’s copper exports primarily go to Italy, China, the US, and Brazil, highlighting its central role in global supply chains. Mining investment surpassed $1.4bn between January and April 2025, representing a 7.3pc increase, with a planned $4.8bn in investment for the full year.

Peru remains the world’s second-largest producer of zinc and molybdenum, the third-largest producer of copper and silver, and the fourth in tin and lead, according to Minem. These rankings confirm the country’s critical role in global mining markets and its growing importance as a reliable supplier for energy transition industries.

The Metalnomist Commentary

Peru’s robust mining export growth reinforces its role as a cornerstone of global metals supply chains. The combination of higher production and increased foreign demand positions Peru strongly, but reliance on global commodity cycles remains a key risk for sustained growth.

Hudbay Peru copper mine faces temporary shutdown amid social unrest

Hudbay Peru copper mine

Hudbay Peru copper mine operations have been temporarily disrupted by nationwide unrest and local protests in the southern mining corridor. The Hudbay Peru copper mine suspended milling at Constancia after road blockades and demonstrations escalated into security risks. As a result, the company has demobilised non-essential staff while using the shutdown to advance planned maintenance work.

Protests disrupt Peru’s southern mining corridor

Peru’s informal miners have intensified protests over stricter permit rules, repeatedly blocking strategic transport routes. These routes are vital for large producers in the southern mining corridor, including the Hudbay Peru copper mine at Constancia. Meanwhile, riots in Lima and demonstrations near the site heightened safety concerns and forced the temporary halt in milling operations.

However, Hudbay is trying to turn the disruption into an operational opportunity. The company plans to use the downtime for preventative maintenance and to pull forward scheduled work originally planned for later in the year. This approach aims to minimise future interruptions once the Hudbay Peru copper mine resumes normal throughput.

Production guidance remains intact despite Constancia halt

Hudbay has stressed that the temporary suspension should not derail its 2025 output targets. The company continues to reaffirm its copper production guidance of 117,000–149,000t for the year, despite the pause at Constancia. As a result, investors and customers are being reassured that the disruption is manageable rather than structural.

Constancia has operated since 2014 and remains one of Peru’s key copper assets. Therefore, any downtime at the Hudbay Peru copper mine is closely watched by global copper markets. Yet the company’s signal that guidance remains unchanged suggests that ore stockpiles, flexible scheduling and maintenance planning are cushioning short-term impacts.

Hudbay is also engaging with government and legal authorities to help resolve the unrest. In the near term, the stability of the southern mining corridor will depend on how quickly authorities can defuse conflict with informal miners. As a result, the risk profile for Peru’s wider copper sector remains elevated, even if Constancia’s immediate production outlook appears secure.

The Metalnomist Commentary

Constancia’s brief halt is another reminder that social licence, not geology, often dictates copper supply risk. If Peru cannot stabilise its permitting and informal mining framework, financing costs for future greenfield projects may rise. For now, Hudbay’s maintained guidance signals resilience, but repeated disruptions could eventually tighten the global copper balance.

Tia Maria copper mine production permit reshapes Peru’s copper future

Southern Peru Copper

The Tia Maria copper mine production permit marks a major turning point for Peru’s copper pipeline. Peru’s energy and mining ministry has cleared Southern Peru Copper to begin production at the long-delayed project. As a result, a stalled $1.8bn investment is now back on track, with first output targeted for 2027.

Political shift unlocks stalled Peruvian copper project

The Tia Maria copper mine production permit is one of the first significant decisions under president Jose Jeri. His new cabinet inherits a project blocked since 2019 by intense community resistance and criticism of its environmental impact study. However, regulators approved an updated study last year after the company dropped plans to use a desalination plant as its main water source.

Meanwhile, the permit comes amid national demonstrations against the new administration, including protests in Arequipa. That context raises the risk that opposition could re-emerge as construction ramps up. Therefore, Southern Peru Copper will need strong community engagement if it wants to avoid renewed roadblocks.

Southern said it expects to restart construction before year-end, targeting 120,000 t/yr of copper output. The Tia Maria copper mine production permit thus adds a sizeable greenfield project to Peru’s medium-term supply outlook. The mine would join Quellaveco — commissioned in 2022 — as the country’s newest large copper operation.

Peru copper supply, community risk and market impact

Peru remains one of the world’s top copper producers, with 1.8mn t output so far this year. However, production fell by 2pc in August versus a year earlier, underlining operational and social headwinds. Southern is currently the country’s second-largest copper producer, at 15pc of national output, narrowly behind Las Bambas.

As a result, successful delivery of Tia Maria would strengthen Peru’s role in meeting future copper demand. The project’s 120,000 t/yr could help offset disruptions elsewhere in the Andean copper belt. Yet social licence remains the key variable, especially in water-stressed regions with strong local opposition.

Global buyers and traders will watch whether project execution proceeds without major conflict. Any renewed escalation around Tia Maria could trigger further delays or even another suspension. Therefore, the project now sits at the intersection of politics, community relations and global copper supply security.

The Metalnomist Commentary

Tia Maria’s approval signals that Lima is willing to push strategic mining projects despite social and political tension. If Southern can stabilise community relations, the project will reinforce Peru’s standing as a core long-term copper supplier. But any misstep could become a cautionary tale on how environmental trust and local consent now define project viability.

Peru Copper Project Resumes Operations After Prolonged Hiatus

On Monday, Southern Copper resumed operations at its Tia Maria copper mine project in Peru after a prolonged hiatus due to opposition from local residents. The Mexico-based company had suspended activities since 2019 due to this opposition. With the resumption of efforts, copper production is expected to start before 2027, according to executive president Oscar Gonzalez.

The resumption of the project has been carefully planned, with Southern Copper consulting with government officials to determine 'the most appropriate time to restart operations at Tia Maria'.

Tia Maria, one of Peru's most controversial mining projects, has faced significant community opposition since 2009, resulting in numerous injuries and the tragic deaths of at least six civilians and one police officer. The project's delay has also disrupted a vital source of copper production for Peru, the world's second largest copper producer.

However, protests have tailed off in recent years.

Speaking at a national mining conference last month, Romulo Mucho Mamani, the minister of mining and energy, said that the revival of the project had made 'spectacular progress' this year. He stressed the urgent need to accelerate Peru's stalled mining projects to boost the country's copper output, a critical mineral for the global energy transition.

Mucho Mamani predicted that Peru's copper production would rise from 2.7 million tonnes a year in 2023 to nearly 3 million tonnes a year by the end of 2024.

Reflecting on past delays, Mucho Mamani said: "If the Conga and Tia Maria projects had not been delayed or stopped in 2011, we would be talking about copper production of no less than 4 million tonnes per year, perhaps even more.

The Tia Maria project, with an estimated total investment of $1.4 billion, is expected to produce 120,000 tonnes of copper per year.

Zijin Mining Set to Acquire La Arena Copper-Gold Mine in Peru

Zijin Mining

Zijin Mining, one of China’s leading diversified metals mining companies, is nearing the completion of its acquisition of the La Arena copper-gold mine in Peru. This strategic move is aimed at bolstering the company’s copper and gold production capabilities, further cementing its position as a global leader in the mining sector.

Key Details of the Acquisition

Zijin Mining will acquire a 100% stake in the La Arena mine from Pan American Silver, a Canada-based mining firm. The transaction has already received approval from both Chinese and Canadian authorities, although final closure remains contingent upon the completion of procedural formalities.

The La Arena mine, located in the La Libertad region of northern Peru, is situated within a rich porphyry copper-molybdenum-gold metallogenic belt. It benefits from excellent logistical connectivity, being approximately 175km from the port of Salaverry and 150km from Trujillo, one of Peru’s largest cities.

Expansion and Production Outlook

Zijin plans to explore a second-phase expansion project at the La Arena mine. Current reserves stand at 2.785 million tonnes of copper (0.334% grade) and 196.5 tonnes of gold (0.236 g/t grade).

• First Phase: Currently producing 3 tonnes/year of gold, with an expected remaining service life of three years.
• Second Phase: Designed to produce 100,000 tonnes/year of copper and 3.8 tonnes/year of gold over a 19-year lifespan, following a three-year construction period. However, Zijin has not yet disclosed the timeline for the project launch.

Zijin’s Broader Growth Strategy

This acquisition aligns with Zijin’s broader strategy to significantly increase its copper output. In January-September 2023, Zijin produced 789,459 tonnes of mined copper, reflecting a 5% year-over-year increase, while refined copper output grew 5.6% to 574,772 tonnes.

Additionally, Zijin is investing heavily in projects in Tibet, including:

• Zhunuo Copper Mine: Expected to begin operations in June 2026, with a production capacity of 76,000 tonnes/year.
• Julong Copper Mine: The second phase is slated for Q1 2026, boosting copper production to 300,000–350,000 tonnes/year from 154,000 tonnes in 2023. A third phase is planned to further expand production to 600,000 tonnes/year.

The company anticipates increasing its copper production by 50% by 2028, reaching a target originally set for 2030. This aggressive timeline underscores Zijin’s ambition to solidify its position in the global copper market.

Peru’s Copper Output Surges 10.7% in August Amid Strong Growth from Key Miners

Minera Chinalco

Peru’s copper production saw a significant rise in August 2024, driven by robust output from leading mining companies like Minera Chinalco and MMG Las Bambas, according to the Ministry of Energy and Mines. However, year-to-date production remains slightly below 2023 levels, highlighting mixed trends in the sector.

August Copper Production Soars

The country’s copper output reached 246,570 metric tonnes (t) in August, a 10.7% increase from 222,800t in the same month last year.

•  Minera Chinalco led the growth with a 132% surge in output, producing 20,000t in August.
•  MMG Las Bambas recorded a 27.3% increase, achieving 32,850t during the same period.

Year-to-Date Decline

Despite the August surge, Peru’s copper production for January to August fell slightly by 0.7%, totaling 1.76 million tonnes (mn t) compared to the same period in 2023.

Mixed Performance in Other Metals

•  Zinc output in August declined by 16% year-on-year to 113,490t.
•  Molybdenum production surged by 42.4%, reaching 3,625t, reflecting strong demand and operational improvements in this sector.

Market Outlook

The rise in Peru’s August copper production underscores the resilience of major mining operations amidst fluctuating global demand. However, challenges persist in maintaining year-to-date growth due to operational and logistical constraints.

Hudbay Constancia copper mine restart restores Peru production outlook

Hudbay Minerals

Hudbay Constancia copper mine restart restores production in Peru’s southern corridor after weeks of protest disruption. The Hudbay Constancia copper mine restart brings the mill back to full throughput and stabilises local operations. As a result, ore processing has resumed and the workforce is returning in stages, reducing immediate supply risk from this key asset. Hudbay now reiterates that 2025 copper output should remain within its guidance range of 117,000–149,000t.

Operational recovery at Constancia

Hudbay Constancia copper mine restart follows a temporary shutdown triggered by local protests and road blockades. The disruptions affected inbound supplies and outbound concentrate logistics, highlighting the vulnerability of Peru’s mining corridor to social unrest. However, full mill utilisation means Hudbay can work through short-term stockpiles and normalise concentrate deliveries. This recovery also reassures contractors and local communities that operations, employment and service contracts will continue.

Meanwhile, the restart reduces near-term risk premiums that traders might have attached to Peruvian copper concentrates. Concentrate buyers depend on predictable shipments from large, established mines like Constancia. Therefore, the quick Hudbay Constancia copper mine restart signals that management and authorities have restored minimum transport security, even if underlying social tensions persist.

Guidance intact and market implications

Hudbay’s ability to maintain its 2025 guidance after the Constancia restart sends an important signal to copper markets. Producers that reaffirm guidance after disruptions help anchor expectations around global mine supply. At the same time, recurring protests in Peru remind investors that social licence and community engagement remain critical for long-life copper assets. If future unrest escalates, similar interruptions could again tighten concentrate availability and raise treatment charge volatility.

For now, the restart suggests Hudbay has enough operational flexibility to absorb a short stoppage without revising its annual production plan. However, downstream smelters and physical traders will likely keep contingency plans in place for alternative concentrates. Market participants will monitor whether logistics remain stable through the next contract cycle and whether community negotiations deliver more durable solutions.

The Metalnomist Commentary

Constancia’s swift restart highlights both the resilience and fragility of Peru’s copper supply chain. Large mines can technically recover quickly, but repeated social disruptions erode confidence and increase the cost of capital for new projects. For copper buyers, the key takeaway is to diversify concentrate sources while recognising that Peru will remain a cornerstone of global supply for the foreseeable future.

Peru political risk: new president vows security crackdown as investment questions grow

Peru's new president Jose Jeri

Peru political risk is rising as Jose Jeri takes power amid crisis. The shift heightens Peru political risk for mining and energy investors. However, Jeri promises stronger institutions while prioritizing a fast security response nationwide.

Security vows meet a fragile economy

Jeri pledged to defend the constitution and restore order immediately. He called gangs and criminal groups Peru’s “main enemies.” Meanwhile, protests and strikes exposed deep frustration over crime and governance. Congress removed Dina Boluarte for “moral incompetency.” Her approval hovered near 4pc before impeachment.

What it means for mining and energy

Security instability threatens project timelines and logistics. Authorities also battle illegal mining and fuel theft. Peru produced 48,000 b/d of crude in July. Natural gas output reached about 1.4 Bcf/d in July. However, investment momentum remains uncertain as policy signals evolve. Peru political risk therefore extends to permits, transport, and community relations.

The cabinet now faces urgent coordination with Perupetro and Petroperu. Boluarte had floated direct crude trade with Petroecuador. Yet the plan lacked detail and regional confirmation. As a result, commercial clarity remains limited for refiners and traders. Investors should map security-sensitive corridors and revise risk pricing.

Market participants must monitor congress dynamics and street sentiment. Jeri’s mandate relies on rapid, visible crime reductions. Supply chains may still face disruptions during enforcement surges. Consequently, contingency routing and inventory buffers look prudent for miners and fuel importers. Peru political risk will hinge on credible security wins.

The Metalnomist Commentary

Security-first politics can stabilize logistics if execution improves quickly. Yet delayed investment decisions are likely until fiscal, policing, and energy policies align. We expect risk premia on Peruvian offtake and transport to stay elevated near term.

Peru's Copper Production Plummets in June Amid Industry-Wide Decline

Peru, one of the world's largest copper producers, saw a significant decline in its copper output in June, marking a nearly 12% drop compared to the same period last year. This downturn is reflective of broader challenges within the country's mining sector, where most companies reported decreased production.

- According to data released by Peru's Ministry of Energy and Mines, copper production fell to 213,580 metric tonnes in June, down from 241,880 tonnes in June 2022. This also represents a 7.7% decrease from May's output, highlighting the continuing downward trend in the nation's copper industry.

- The decline in output was widespread across the sector. Minera Chinalco, one of the major players in Peru, experienced a staggering 60% drop in production, bringing its June output down to approximately 8,210 tonnes. Similarly, Minera Antapaccay, controlled by global mining giant Glencore, saw a 40% reduction, with June output falling to 8,680 tonnes.

- The overall year-to-date copper production in Peru also fell by 2.1%, totaling 1.3 million tonnes by the end of June.

- In addition to copper, Peru's zinc production also suffered a significant hit, falling by 21% year-on-year to 106,650 tonnes in June. However, there was a bright spot in the country's molybdenum production, which saw an increase of around 25% from the previous year, reaching 3,780 tonnes in June.

Peru Backs Saudi Arabia’s Rise as a Global Critical Minerals Hub

Saudi Arabia

US-led strategy to diversify global refining draws international support

Peru has expressed strong support for Saudi Arabia’s growing role in the global critical minerals industry, aligning with US efforts to reduce dependence on China. Speaking at the Munich Security Conference, Peru’s Foreign Minister Elmer Schialer called the US policy a "good strategy" to counter mineral supply monopolies and lower global processing costs.

The US has backed Saudi Arabia's ambitions to build a diversified critical minerals refining and processing hub. This aligns with broader Western goals to create alternatives to China, which currently controls around 90% of global mineral processing capacity.

Saudi Arabia boosts global capacity with Vision 2030 investments

Saudi Arabia’s Vision 2030 aims to reduce the kingdom’s dependence on oil by investing in strategic sectors, including mining and electric vehicles. In January, Riyadh announced a new $100 billion mineral investment plan, with $20 billion already in advanced development stages.

The Ministry of Industry and Mineral Resources also upgraded the estimated value of Saudi Arabia’s unexploited mineral reserves from $1.3 trillion to $2.5 trillion. These reserves include high-demand resources like copper, gold, bauxite, potash, and rare earths—key materials for clean energy and defense technologies.

Global alliances forming amid China’s tightening controls

China has tightened its export restrictions on critical mineral processing technologies, especially following trade tensions with the US. In response, countries like Saudi Arabia are being courted by Western governments to build alternative supply chains.

Peru’s endorsement of Saudi Arabia’s mineral ambitions reflects growing support for a multipolar critical minerals market. Schialer emphasized that having multiple global centers for mineral refining would lower production costs and improve economic resilience.

Saudi Aramco and Ma'aden, the kingdom’s state-controlled mining firm, also launched a joint venture to explore and extract energy transition minerals. These steps position Saudi Arabia as a potential key player in the future of global mineral security.

Peru’s Tia Maria Copper Project Continues to Face Delays

Southern Copper's Tia Maria project in Peru remains delayed despite efforts by the government to push it forward, according to mining and energy minister Romulo Mucho Mamani. "In 2024, we have attempted in every way to get Tia Maria off the ground, but it will take a bit longer," Mamani said, referencing local opposition to the project. 

Tia Maria, with an estimated cost of $1.4 billion and a projected capacity of 120,000 metric tonnes per year, has faced community resistance since 2009. Protests over the years have resulted in deaths and injuries, though their intensity has waned in recent years. 

Mamani noted that getting the project started is "a matter of time" as conditions are already in place. In addition to Tia Maria, the government plans to approve two other mining projects in 2024, including Zafranal and Pampa de Pongo.

Anglo American Reports 3Q Decline in Copper Output but Revises Nickel and PGM Guidance Upwards

Anglo American

Anglo American, the UK-South African mining giant, experienced a 13% year-on-year decline in copper production during the third quarter of 2024, with output falling to 181,000 tons. The decrease was primarily attributed to reduced production at its mines in Chile and Peru.

Copper Production Highlights

• Peru’s Quellaveco Mine: Output fell 21% to 68,700 tons due to lower grades and recoveries. Production is expected to rebound in the fourth quarter.
• Chilean Operations: Output dropped 7% to 112,600 tons, driven by the planned closure of the Los Bronces plant in July, where production fell 20%. However, higher grades at El Soldado boosted output by 16%, partially offsetting the losses.

Total copper production for the year to date reached 575,000 tons, down 4% year-on-year. The company remains on track to meet its full-year production guidance of 730,000-790,000 tons, split between 430,000-460,000 tons from Chile and 300,000-330,000 tons from Peru.

Platinum Group Metals (PGMs) Performance

• PGMs in Concentrate: Production dropped 10% to 922,000 ounces due to lower output at South Africa’s Mogalakwena and Amandelbult mines. Higher production at Zimbabwe’s Unki mine partially offset these declines.
• Refined PGMs: Production rose 22% to 1.11 million ounces, supported by stability in processing operations.

Anglo American revised its full-year refined PGM production guidance upward to 3.7-3.9 million ounces, from the earlier estimate of 3.3-3.7 million ounces.

Nickel Production Trends

Nickel output increased 6% to 9,900 tons during the quarter, driven by operational improvements at the Barro Alto plant in Brazil. Year-to-date nickel production reached 28,900 tons, up 2%.

The company raised its full-year nickel production guidance to 38,000-39,000 tons, up from its earlier range of 36,000-38,000 tons.

Outlook

Anglo American’s diversified portfolio continues to offset challenges in copper production with strong performance in nickel and PGMs. While facing difficulties in its copper operations, the upward revisions in nickel and PGM guidance underscore the company’s adaptability and operational resilience.

MMG copper output 2025 hits seven-year high on Las Bambas surge

MMG

MMG copper output 2025 hit a seven-year high as the Chinese miner leveraged strong performance at Las Bambas in Peru. MMG copper output 2025 reached 506,899t, with growth underpinned by record ore mined, processed and recovered across its global portfolio. As a result, MMG copper output 2025 highlights how Chinese-backed assets are reshaping global copper supply and treatment charge dynamics.

Las Bambas and Khoemacau anchor MMG’s copper growth

Las Bambas drove most of the increase in MMG copper output 2025. The Peruvian mine produced 410,834t of copper in concentrate, up 27pc year on year. Higher ore mining rates, improved plant throughput and stronger recovery combined to lift site performance.

MMG set a 400,000t production target for Las Bambas in 2026, signalling confidence in the mine’s stability. However, community risks and logistics in Peru will remain key watchpoints for traders and smelters. Higher sustained output from Las Bambas will reinforce Peru’s position as a core supplier to Asian and Atlantic copper markets.

Khoemacau in Botswana added new growth momentum to MMG’s profile. The mine delivered 42,120t of copper concentrate in 2025, up 36pc from 2024. MMG plans to expand Khoemacau’s capacity to 130,000 t/yr by 2028, with longer-term potential to reach 200,000 t/yr after further studies.

DRC expansion and tightening treatment charges

MMG’s Kinsevere operation in the Democratic Republic of the Congo contributed to the stronger MMG copper output 2025. Copper cathode production at Kinsevere rose 18pc to 52,791t. An expansion project, which delivered its first cathode in late 2024, should push annual output to 65,000–75,000t in 2026. This reinforces the DRC’s role as a key growth hub for refined copper supply.

Meanwhile, MMG reported a mixed picture in other base metals. Zinc output increased by 6pc to 232,060t, while lead production slipped 5pc to 39,608t. However, the broader copper concentrate market remained the tightest stress point for smelters. Concentrate supply lagged new smelting capacity, pushing treatment and refining charges (TC/RCs) deep into negative territory.

Smelter TC/RC benchmarks turned sharply lower through 2025, reflecting a continued shortage of clean copper concentrate. The Metalnomist smelter purchase index fell from slightly positive levels in early 2025 to significantly negative by year-end. Trader purchase indices weakened even further as competition intensified for spot tonnes. This environment favours well-positioned miners like MMG with scalable, low-cost concentrate streams.

Strategic implications for global copper supply

The step-up in MMG copper output 2025 underscores the influence of Chinese state-linked capital in strategic copper regions. Las Bambas, Khoemacau and Kinsevere together form a diversified platform across Peru, Botswana and the DRC. This geographic spread reduces single-asset risk while deepening China’s indirect exposure to offshore copper units.

For smelters, MMG’s growth slightly eases concentrate tightness but does not fully resolve structural deficit. New Asian and European smelting projects continue to outpace mine supply growth, keeping downward pressure on TC/RCs. As a result, smelters face margin squeeze unless by-product credits or premiums can offset weaker treatment terms.

Downstream, strong MMG copper output 2025 supports long-term energy transition demand. Additional tonnes from Las Bambas and future Khoemacau expansions will feed wiring, renewables, EVs and grid investments. However, the aggressive project pipeline also depends on stable permitting, local community relations and predictable fiscal regimes in host countries.

Focus keyphrases: MMG copper output 2025, Las Bambas copper, Khoemacau Botswana copper, Kinsevere DRC copper, copper concentrate TC/RCs, global copper supply growth

The Metalnomist Commentary

MMG copper output 2025 reinforces the miner’s position as a pivotal supplier into a structurally tight copper concentrate market. While rising volumes from Las Bambas, Khoemacau and Kinsevere are welcome news for smelters and traders, they arrive in a world where new refining capacity still outstrips mine growth. Expect continued pressure on TC/RCs and a premium for diversified, scalable copper producers like MMG as the energy transition accelerates.