Peru´s mining minister promises a new copper production record

Peru's copper production could hit a record 2.5 million tons in 2021, well above the 2.15 million tons produced last year, Energy and Mining Minister Jaime Gálvez said Tuesday. Gálvez said recent mine expansions would help the world's second largest copper producer increase production, as would the opening of the $ 1.6 billion Minas Justa project, owned by Minsur, in April or May. "This will compensate for the problems that still exist in the copper industry as a result of this second wave of the coronavirus," Gálvez said at a press conference. Local copper production plummeted last year due to the strict restrictions placed on mines when the coronavirus pandemic first struck the South American country. Production has gradually recovered since then. Peru's top copper producers last year were Southern Peru Copper and Antamina - controlled by BHP and Glencore, according to data from the Department of Energy and Mines. Gálvez said Peru could produce up to 3 million tons in 2023, provided new projects keep going online as expected. He noted that this forecast "depends very much on the political stability of the country ... after the electoral process." Peru is expected to hold presidential elections on April 11th after a turbulent year of political and coronavirus-related crises that have severely affected the country's economy. However, the country's projections for increased production coincide with a rising copper price in 2021 as a burgeoning global economic recovery spikes demand for the raw material used in construction and manufacturing. The outlook for copper prices remained strong thanks to strong demand from China and the United States' $ 1.9 trillion stimulus package, according to market analysts.