Peru is approaching peak copper — for now — as new mines stall

Output from the world’s biggest copper supplier after Chile this year jumped 20% through July from the same period in 2022.

Peruvian copper production probably will rise through next year before flattening out due to a slowdown in investment, according to the head of the country’s mining society.

Peru’s recovery from protests triggered by last year’s ouster of former President Pedro Castillo is helping replenish global stockpiles of the metal at a time when demand in China, the top copper-consuming nation, is weakening. But Peru’s pipeline of new mines is running dry ahead of an expected pickup in demand sparked by the shift away from fossil fuels.

But that requires government policy independent of political cycles, streamlined permitting, infrastructure investments and greater development opportunities for communities, he said.

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