Congo Overtakes Peru in Copper Output, Export Imbalance Continues
In 2023, the Democratic Republic of the Congo surpassed Peru to become the world’s second-largest copper producer, as indicated by official data from both nations. The Congo reported a production of approximately 2.84 million tons of copper last year, according to its central bank. In contrast, Peru’s output stood at 2.76 million tons, as stated by the mining and energy ministry of the Andean country. While Congo’s rise in copper production is noteworthy, Peru maintains its edge over Congo in terms of copper exports.
Despite Congo’s increased copper production, Peru exported around 2.95 million tons of the metal in 2023, exceeding its annual production due to sales of stocks accumulated from previous years. This export volume indicates Peru’s continued dominance in the global copper market, despite being overtaken by Congo in production.
The recent years have seen Congo gradually closing in on Peru’s position as the second-largest copper producer. This trend can be attributed to various factors, including challenges faced by Peru such as declining mining investment, bureaucratic complexities, and recent political unrest and protests. On the other hand, Chile remains the leading global producer of copper, maintaining a significant lead over both Congo and Peru.
Peru’s Andean region is home to several major mining companies, including Freeport-McMoRan, MMG Ltd, BHP, Glencore, Teck Resources, Japan’s Mitsubishi, and Southern Copper of Grupo México. These firms play a crucial role in Peru’s copper production and export activities, contributing to the country’s position as a key player in the global copper market.
Looking ahead, Peru’s Minister of Energy and Mines, Rómulo Mucho, expressed optimism about the country’s copper production, anticipating an increase to 3 million tons in 2024. However, the ministry did not provide immediate commentary on this projection.
In summary, while Congo has overtaken Peru in copper production, Peru maintains its lead in copper exports. The dynamics of the global copper market continue to evolve, influenced by factors such as production volumes, export capacities, investment climates, and geopolitical considerations.
