SNMPE plans to solve informal copper mining problem in Peru and boost production

The Association of Mining, Oil, and Energy Industries (SNMPE) sees the informal copper mining boom in Peru as the greatest challenge for the industry's growth. The South American country remains one of the world's key suppliers of the red metal, which plays an important role in global energy transition. However, in 2024, Peru recorded a decline in ore output for the first time in five years, slipping to the third place on the list of leading global producers, Bloomberg reports.

According to SNMPE President Julia Torreblanca, Peru will accelerate copper production this year. Total output is expected to grow, albeit slightly, by December, while by the end of the decade, copper mining in the country could hit a record 3.4 million tons, she said.

The realization of this forecast may be hampered by a surge in informal production. More than 20 companies, including Southern Copper, MMG, First Quantum Minerals, and Teck Resources, have already been affected by these illegal operations. Peru faces the challenge of not only regaining its leadership in the industry, but also avoiding the loss of the tens of billions of dollars invested in the sector, as noted by Bloomberg.