Peruvian Minister of Mines: Strong Copper Prices to Revitalize Peru’s Mining Industry

According to Wenhua Finance citing foreign sources on May 3rd, Peru’s Minister of Mines stated on Friday that although the mining sector in Peru has been heavily impacted by years of political turmoil, strong copper prices and optimistic prospects for further increases are boosting the mining sector, helping to attract investor interest.

Romulo Mucho stated, “Copper prices are very attractive,” referring to copper reaching a two-year peak of $10,208 per ton on Tuesday, nearing its historical high of $10,845 in March 2022.

Earlier on Friday, Goldman Sachs raised its year-end target price for copper from $10,000 per ton to $12,000, citing that the copper market is moving into a scarcity phase, and a larger shortfall is expected for copper, a critical metal needed for electrification.

Mucho mentioned that this trend is helping to ease the cautious sentiment among mining companies about the country.

Mucho added that in recent months, he has met with executives from Newmont Corporation, Teck Resources, Hudbay Minerals, Antofagasta Minerals, and other companies who have shown interest in new investment projects and operational mines.

“Most of the CEOs I’ve spoken with are asking about available projects and how they can get involved. Confidence is being restored,” said Mucho.

Peru expects this year’s copper production to increase from last year’s 2.75 million tons to about 3 million tons, a target Mucho stands by. However, he added that production from Las Bambas, affected by protest activities, is key to achieving this goal.

[Source – 上海有色网] 秘鲁矿业部长:强劲铜价将重振秘鲁矿业

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