Image courtesy of Las Bambas

Peru's copper production between 2023 and 2024 observed a slight decline, falling 0.73% to 2.73 million t/y from 2.75 million t/y. As such, Peru plainly failed to meet SNMPE expectations of a 4% rise in copper production. Meanwhile, the United States Geological Survey (USGS) estimates that the Democratic Republic of Congo's production exceeded 3.3 million t/y in 2024. 

Once again, the Central African country has overtaken Peru for second place in global copper production. With projections now suggesting that Peruvian copper production may continue on this plateau through 2025, hopes to recover that symbolic position rest with new projects in Peru's pipeline, like Zafranal, Tía María, and upcoming expansions to key projects. 

In the meantime, however, the list of Peru's top 10 copper producers has remained mostly unchanged. Cerro Verde, despite its 3.7% drop in production (449,096 t/y compared to 466,463 t/y produced in 2023), retained the top spot as Peru's leading copper producer. Meanwhile, Antamina remained the country's second-largest copper producer, recording a smaller decline of 0.3%, from 435,378 t/y to 434,238 t/y. Both Cerro Verde and Antamina had extensions given the green light in 2024, growing their production rates and lengthening their mine lifespan. 

In third place, Southern Peru recorded an 11% increase in production from 374,149 t/y to 415,258 t/y, which makes it the fastest growing of Peru's top 10 copper producers over the last year. With production now projected to begin at the company's Tía María project in 2027, and an expected production rate of 120,000 t/y, Southern may well climb this list, depending on progress at Cerro Verde and Antamina. 

In fourth and fifth place, Las Bambas (4th) and Anglo American's Quellaveco (5th) traded places compared to the previous year—the only movement in this list. While Las Bambas saw a 6.4% production growth, from 302,039 t/y to 321,425 t/y, Quellaveco's declined by 4% to 306,299 t/y, starkly, if understandably, contrasting the 216.9% growth it saw in 2022-2023 as its operations ramped up to full-scale production. 

Las Bambas celebrated a double anniversary in 2024: 20 years of operations, with the last 10 under MMG's stewardship. Reflecting on the mine's significance for Peru—and vice versa—Jing Zhao (Ivo), appointed in 2025 as CEO of MMG, said: "Over the years, we have contributed more than S/ 2.3 billion in royalties and over S/ 470 million in mining taxes, helping to position Apurímac among the fastest-growing regions in our country. We hope that Las Bambas will continue to be the economic engine that has played—and continues to play—a key role in Peru's growth." 

Operations at Las Bambas have frequently made headlines due to the mine's complex relationship with local communities. "Las Bambas has faced over 700 days of blockades throughout its history, which at critical moments affected our production capacity," Zhao commented. 

Recently, Las Bambas has been stable, allowing it to achieve the above mentioned copper production results. Looking ahead to 2025 and 2026, the company aims to increase production further after securing the fourth modification of its Environmental Impact Assessment (MEIA-d) for the subsequent phases at Ferrobamba, the open-pit currently in its fifth exploitation phase. MMG plans to reach phase eight by 2027.

Additionally, construction at Chalcobamba is 60% complete, and the company aims to begin mining at Sulfobamba by 2030—both satellite pits. "By 2026, we expect to maintain a production level between 360,000 and 400,000 t/y. Reaching 400,000 t/y would position us among the top 10 copper producers globally. Las Bambas is already a key player in the industry, but we are still a young company with much more to develop," Zhao remarked. 

Moving further down the list of Peru's largest copper producers, Chinalco, placed sixth, was the last of the top 10 to have recorded a production boost, growing 3% to 206,392 t/y, compared to 200,317 t/y the previous year. Antapaccay (7th) and Marcobre (8th) recorded declines exceeding 15%, while Hudbay (9th) and Sociedad Mineral El Brocal saw drops of 1.5% and 2.5% respectively. Notably, Teck Resources expects its Zafranal project, awaiting its construction permit, to average 128,000 t/y in its first five years of production from when it begins in 2029. At current production rates, the project would rank 8th on this list. 

In the case of Hudbay Minerals, a mid-sized producer, the company's portfolio spans Canada, the US and Peru, where it operates the Constancia mine and its satellite pit, Pampacancha. Javier del Río, senior US business unit vice president, commented that Hudbay plans to move forward with the feasibility study for Copper World in Arizona this year (2025). The new project, expected to add around 85,000 t/y of ‘made in America’ copper, could be ready by mid-2026 to begin construction. "This would position Copper World as the third or fourth largest copper mine in the US by production. It is also worth noting the low capital intensity of its first phase, with an investment of approximately US$16,000 per t/y, making it highly competitive compared to other projects," he added. 

But how important is Peru to Hudbay now? "Peru is fundamental, not only because of its geological richness but also because we already have a highly skilled team there. The country has not lost its strategic importance for Hudbay. On the contrary, as we grow, more opportunities are opening up, including the possibility of participating in due diligence processes to identify new, larger-scale operations," he said. 

Hudbay already has two projects in the pipeline (María Reyna and Caballito) and is exploring opportunities in the Eocene-Oligocene Andahuaylas-Yauri belt, home to mines like Las Bambas, Antapaccay (Constancia, of course) as well as promising projects such as Haquira from First Quantum Minerals. Del Río believes that having existing infrastructure in the region gives Hudbay a strategic advantage. "Having a processing plant already in place gives us a significant edge, as infrastructure costs are sunk costs. We would only need to cover additional operational expenses for any new project. This makes us optimistic about the potential for new discoveries in the region," he concluded. 

Southern Peaks Mining (SPM), a solely Peru-focused producer, has not ruled out expanding by acquiring new projects. This year, Adolfo Vera, president and CEO, mentioned that while inorganic growth remains an option—particularly in southern Peru—the process is lengthy and requires caution. "Negotiations are complex, but we are in no rush. We prefer to move forward with well-considered decisions to avoid mistakes and ensure long-term success," commented Vera. 

For now, the mid-sized underground producer will focus on ramping up production at its Condestable mine, where in 2024, it processed approximately 3 million t of ore and produced 95,000 t of copper concentrate, equivalent to 24,000 tons of copper. Over the past year, SPM has fine-tuned its operations to take advantage of favorable commodity prices and the flexibility provided by Resolution No. 125-2024-MINEM/DM, which allows Peruvian producers to increase output by up to 10% of existing capacity. "This year, we are seeing promising results. Condestable is more efficient, and we are accessing areas that exceed our expectations, with an 8% to 10% improvement in mining grades. While increasing production requires more preparation, we achieved a 7% volume increase in January. With these advancements and stable prices, we expect an even better 2025," Vera explained. 

One common theme among producers is their cautious approach, even amid strong price performance. For example, Zhao from Las Bambas noted that while many miners face declining ore grades, permitting complexities add significant weight to the OpEx: "We deal with permitting challenges in every country, as well as environmental and social investment standards that impact the OpEx. Being aligned with the ICMM means we comply with local regulations and international standards, which increases our operating costs," he commented. 

Vera echoed this sentiment, adding that SPM is investing in AI for flotation, exploration and metallurgical innovation: "Given the permitting challenges, we need to optimize recoveries and manage low-grade deposits to produce more copper with existing resources. We aim to increase copper recovery from 91% to 95% and gold recovery from 80% to 90% to drive organic growth." 

Precious metals 

Contrasting copper's slight decline, Peru's production of precious metals saw strong growth. Overall, Peru's production of gold grew 6.9% to 3.47 million oz in 2024, up from 3.24 million oz in 2023. Meanwhile, gold prices continued to climb to new heights, reaching an all-time peak of US$3,244.09/oz on 11 April 2025, while some even say that they could soon surpass US$4,000/oz. 

Peru's leading gold producer, Newmont's Minera Yanacocha, saw another year of strong growth. Having expanded its production by 13.1% in 2023, in 2024 it grew even more rapidly, recording a 28.6% increase in gold produced – reaching 354,330 oz/y, up from 275,723 oz/y. 

Newmont has focused on implementing injection leaching technology, becoming the company's primary production mechanism. The program began as a pilot two years ago and entered commercial production in March 2023. It allows for the recovery of metals from closed leach pads, maximizing resource utilization. "Yanacocha has been evaluating this project for a long time to fully leverage the resources in its pads. […] It is now operational and delivering tangible benefits, contributing to the recent increase in gold production in Peru," commented Guillermo Barreda, general manager at Knight Piésold, an engineering firm that worked on the project. 

Newmont's growth opened a more substantial gap to the second-placed gold producer, Minera Poderosa. Expanding production at a rate of 8.5%, Poderosa's output totaled 292,887 oz of gold in 2024 versus its previous year's 269,246 oz. Importantly, Poderosa faced attacks from illegal mining groups at its operations in La Libertad through 2024 and also during the first quarter of 2025, stunting its ability to increase production: "Illegal mining continues to be a big challenge for us, especially with current gold prices. We estimate that it affects around 25% of our reserves, impeding us to reach 300,000 oz of gold," explained Marcelo Santillana, general manager. 

Santillana noted that Poderosa continues to have a strong pipeline of exploration projects, totaling an investment of US$180 million. The company has a greenfield project named Palca in the pipeline, which could start production this year, depending on the pending permits: "If everything turns as we plan, Palca will contribute between 300 and 500 t/d, allowing us to increase our processing capacity and move closer to a production level of 300,000 oz/y in the next few years," pointed out Santillana. 

A rapid growth rate of 33.3%, following up on its 68.7% expansion in 2023, saw Minera Boroo Misquichilca climb further up the table from fifth to third. With a total production of 234,068 oz/y, compared to 175,498 oz the previous year, it thus surpassed Consorcio Minero Horizonte and Minera Aurifera Retamas, both of which saw production declines. 

Boroo Misquichilca, a subsidiary of Singapore-based Boroo, owns the Lagunas Norte mine in La Libertad. Barrick operated this mine until 2021 when it was sold to Boroo. Although it was placed on care and maintenance in 2019 and its closure was anticipated by 2024, the company announced in January 2025 the completion of a PFS for the CMOP Expansion (Carbonaceous Material Optimization Project, formerly known as PMR). The study includes updated mineral resource and reserve estimates, extending the LOM to 12 years. 

Another notable development comes from Buenaventura, which recently announced the start of operations at its San Gabriel greenfield project in Moquegua by mid-2025. The project's estimated CapEx is around US$650 million, and while commissioning is expected to start mid-this year, commercial production will not begin until later 2025. Once San Gabriel reaches a nameplate capacity of 3,000 t/d, Buenaventura anticipates an annual production between 120,000 oz and 140,000 oz. Leandro García, Buenaventura's CEO, said: "San Gabriel will be our backbone for gold production." 

To finance the project, Buenaventura sold its 1.8% net smelter return royalty in Newmont's Yanacocha mine to Franco-Nevada, and also secured two credit lines totaling US$200 million from the BCP, Banco Santander and BBVA. However, García clarified that Buenaventura does not expect to use them: "These credit lines are available and ready for us to use as the project progresses, but they remain untouched. They are more like an insurance to guarantee the construction of San Gabriel and, fortunately, the dividends we received from Cerro Verde have been favorable, so we do not expect to touch them."

PPX Mining is another company making strides, having begun constructing its own plant for the Callanquitas/Igor silver and gold mine in La Libertad. The mine has been operating for nearly six years, and the ore was previously sent to a facility near the Ecuadorian border, incurring additional costs. "That made it clear we needed to build our own plant, which is now under construction. We have secured all the permits, signed the contract, and already paid for half of the major equipment. Earthworks at the site began in February, and the plant, designed to process 350 t/d, will treat both oxide and sulfide ore. We plan to produce a high-grade silver-gold concentrate and bullion, with the goal of having the plant operational by October," said interim CEO John Thomas. 

Meanwhile, over the course of 2024, silver's spot price rose from US$23.56/oz to US$28.90/oz. Like gold, silver is often bought to act as a store of value and hedge against inflation. However, like copper, silver is also expected to face supply shortages and high demand as another key metal for the energy transition. 

In Peru, silver saw an even steeper ramp up in production than gold, growing 15.4% – an increase from 107 million oz/y in 2023 to 123 million oz/y in 2024. That includes some especially notable rises: chief among them, Buenaventura jumping from ninth place to first among Peru's top 10 producers, with a 264.8% increase in silver production from 3,751,562 oz/y to 13,684,462 oz/y. That leap in production came with the initiation of full-scale production at Yumpag and Uchucchacua, operational only since Q4 2023. "In March 2024, we obtained the final permit for Yumpag, and its production, together with output from our other operations, allowed us to regain that momentum that has always defined us, taking back the number one place in silver production in Peru. This complex (Uchucchacua–Yumpag) will be the foundation of our future development at Buenaventura," shared Leandro García, Buenaventura CEO. 

Pushed into second place by Buenaventura, and with a slight decline in production of 6%, from 13,800,232 oz/y to 12,978,313 oz/y, was Antamina, while the rest of the top 10 saw some movement as companies including Chinalco (3rd), Volcan (4th), Minera Ares (5th) and Southern (6th) recorded a mixture of increases and drops in output. 

Base metals 

Peru’s base metals output presented a mixed picture in 2024. Zinc saw an overall production drop of 13.5%, falling from 1,469,127 t/y in 2023 to 1,270,646 t/y in 2024. Most significantly, Antamina, which in 2023 contributed 36% of the country's zinc production, reduced its output by nearly 40%, dropping from 527,979 t/y to 319,069 t/y. It nevertheless remained the leading producer, though now with a reduced share of 25.1%. Volcan – with a 4.7% decline to 163,046 t/y – and Nexa – growing 10.1% to 93,247 t/y – maintained their second and third places, respectively. Rising to fourth place, with a notable 60.6% jump, was Minera Shouxin, growing its output from its tailings processing project at the Marcona mine.

Across other base metals, lead saw a 6.6% increase in national production, rising to 291,319 t/y; molybdenum grew 25.3% to 41,942 t/y produced; and tin rose 23.2% to 32,317 t/y. 

M&A: from maintenance to production 

Peru has also been home to some M&A activity in the past couple of months, along with announcements of old mines coming back online. Regarding M&A, Sierra Sun Group, a polymetallic producer with a strong focus on precious metals, acquired the Arcata and Azuca mines from Hochschild, both assets placed on maintenance back in 2019. 

At Arcata, Sierra Sun is on track to bring the mine back into production, and the expectations are that it will produce over 8 million oz of silver and between 15,000 and 20,000 oz of gold annually. According to the company's CEO, Graham Speirs: “Such a production level will place the company in an entirely new league […] We are completing the rehabilitation of the infrastructure and plant at Arcata and dewatering the lower sections of the mine. We are expecting to initiate production by the second half of 2025 and then ramp up to 2,500 t/d within a year."  

As for Azuca, the company plans to resume production sometime in 2026, as it will focus all its efforts on Arcata. In addition to Antapite, a silver-producing mine, Sierra Sun completed an NI 43-101 for the Cachi Cachi project (a gold placer deposit with rare earths) and has Sumaq Rumi (a zinc project) in its portfolio. However, as Speirs emphasized, Sierra Sun wants to be a full precious metals player: "Sierra Sun has 100,000 hectares of prime concessions, 87,000 hectares of which are precious metals. For the remaining 23,000 hectares, which are our green metals portfolio, we hope to find an investor who would allow us to have free resources to develop and explore our precious metal concessions," he finalized. 

Another announcement that caught everyone's attention within the Peruvian mining industry since the beginning of 2025 was Quilla Resources' decision to revive its Chapi asset. The company, led by Víctor Gobitz, who stepped down as CEO of Antamina in December 2025, has eyes for base metals in the Andean region, targeting three specific types of assets: "We are interested in producing mines with ramp-up potential, projects under maintenance, and advanced-stage exploration assets," commented Gobitz.

Chapi sits within the same metallogenic belt as Cerro Verde, Cuajone, Quellaveco and Toquepala, and already has the infrastructure in place to produce copper cathodes. Quilla plans to restart operations by the end of 2025, and while the plant may not immediately reach its full capacity of 10,000 t/y, Gobitz emphasized that his priority is to generate cash flow as soon as possible and start using it to explore across the company's concessions.