Congo could seize Peru's number 2 copper spot as Andean output slows
Congo's copper production almost equaled Peru's in 2022, when Peru reported output of 2.44 million tonnes, Ruben Arrieta, a director at Wood Mackenzie, said during a mining event in Lima, citing official data. Chile produced 5.3 million tonnes.
Congo has seen rapid acceleration in copper output over the last two decades, from almost zero 20 years ago, as company investment has increased, with mining firms looking for new sources of the metal to meet rising global demand.
Lack of new mining projects
Peru has held the numer two copper spot for years, but a lack of new mining projects and regular protests have put its standing at risk. In Chile, meanwhile, political and regulatory uncertainty as well mines now tapped-out after decades of production have weighed on output growth.
"In the coming years, Congo is going to surpass Peru," Arrieta said at the Lima presentation. "Congo now has mines with a high degree of ore, greater than those in Chile and Peru."
Congo's copper output is likely to overtake Peru to take second place around 2026/27, the Wood Mackenzie report showed.
Source: Reuters
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