Peru's Mining Frontier: Copper Growth and the Battle Against Illegal Gold Extraction

Peru, renowned as the world's third-largest producer of copper, forecasts a minor increase in copper output for the year, expecting to achieve 2.8 million metric tons. This projection accompanies a notable investment influx of $4.8 billion, according to the country's leading mining official.

The country produced around 2.7 million tons of copper in 2024, attracting $4.96 billion in mining investments. However, the government is ramping up efforts against illegal gold mining, particularly after the tragic death of 13 mine workers in Pataz, a gold-rich region in northern Peru.

Mines and Energy Minister Jorge Montero emphasized the ongoing battle against illegal mining driven by lucrative gold prices, which exceed $3,000 per ounce. The crackdown has pushed these illicit activities towards other areas like the Cordillera del Condor range near Ecuador, as gold exports surged to $15.5 billion.

(With inputs from agencies.)