According to Reuters and Bloomberg News, Peru's mining minister recently said that although it faces competition from the rapidly growing Congo, it is confident of maintaining its position as the world's second largest copper producer because major projects will be promoted in the next few years.
Congo's copper production and exports came close to Peru's last year, according to official data from both countries, putting Peru in competition with Congo as the world's second-largest copper producer.
According to a recent report, the Democratic Republic of Congo (DRC) will become the world's second largest copper producer in the next few years due to the stagnation of production in Peru. Neighboring Chile remains the world's largest copper producer and supplier.
According to Bloomberg News, Congo exported 2.4 million tons of copper in 2022, while Peru exported 2.2 million tons.
Both Peru and Chile have seen output flatline due to political and regulatory uncertainty.
Oscar Vera, Peru's mining minister, said the copper industry would expand production of the metal, a key component of the global electrification transition, with about $6 billion worth of projects coming on line over the next two years.
Projects coming on stream include the $1.5 billion Zafranal copper mine and the $2.5 billion Yanacocha Sulfuros mine, which is controlled by Newmont Mining Group, Vila said.
"We also met with Yanacocha's general manager a few weeks ago and were informed that they had decided to go ahead with the project, with a planned investment of around $400 million by the end of the year," Vera said.
Newmont did not respond to a request for comment.
Vella revealed that the government will soon move forward with a $1.3 billion Toromocho project.
Peru has another $53 billion in mining projects pending in the country, according to government figures, but most of those projects are long-term and have been delayed by social and political unrest.
