Peru, reputed to be the world’s third-largest copper producer, is set for a modest increase in copper production to 2.8 million tonnes (mt) in 2025, while mining investments are expected to reach at least $4.8bn (17.4bn new sol), reported Reuters.
The country’s Mines and Energy Minister, Jorge Montero, highlighted these projections, alongside growing concerns over illegal gold mining activities, during a press conference on Tuesday.
The mining sector, a pivotal industry for the country, attracted investments totalling $4.96bn in 2024, he said.
The Peruvian Government is intensifying its focus on illegal gold mining following the recent murder of 13 mine workers in the gold-abundant Pataz region in northern Peru.
Montero expressed that despite the destruction of illegal mines and tunnels by army troops and police, the area remains perilous, with high gold prices fuelling unlawful activities.
Following the incident, President Dina Boluarte announced a 30-day mining suspension in the district earlier in May.
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By GlobalDataThe government is also planning to set up a military base and enforce a curfew to tackle the violence associated with illegal mining.
The victims were employees of a local company, R&R, contracted by gold mining company Poderosa.
The clampdown in Pataz has seemingly pushed illegal gold mining into new territories including the Cordillera del Condor mountains on the border with Ecuador, the report said.
Gold exports from Peru reached $15.5bn in 2024, an increase from $11bn the previous year.
Notably, illegal sources are believed to account for around 40% of these exports, as per industry data and the country’s financial regulator.
Montero also noted a rise in informal and illegal copper mining in the southern regions of Apurimac and Arequipa, although it constitutes a minimal fraction of national production.
The Apurimac region hosts the top copper mine, Las Bambas, operated by MMG, while Teck, in partnership with Mitsubishi Materials, is developing the Zafranal copper project in Arequipa.
Artisanal copper mining has become a significant source of income for many in the Andean region of Peru, despite conflicts with larger mining companies.
Montero reported that formal mining operations produced 660,000mt of copper in the first quarter of 2025, a nearly 4% increase over the same period in the previous year.
More than $1bn was invested in the mining sector from January to March, with expectations of further funding for mine expansions, exploration and new equipment.
