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Analysis-Peru clings to copper No. 2 spot but investment pipeline stalls

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By Marco Aquino LIMA (Reuters) - Peru is clinging to its spot as the world's No. 2 copper producer and supplier, with a bounce in mining activity ...

STORY CONTINUES BELOW THESE SALTWIRE VIDEOSBy Marco Aquino

Peru produced 2.45 million metric tons of copper in 2022. DRC copper output meanwhile -- just behind Peru at 2.40 million metric tons last year -- climbed 3% in the first quarter, the latest central bank data show, keeping it a close third place. Chile remains by far the top global producer and exporter.

"We are suffering from the absence of world-class projects," said Gonzalo Tamayo, former Peruvian mining minister in 2016-2017, and now a partner at consultancy Macroconsult, adding most investment was medium-sized projects or expansions."We have not been able to attract new large investments." However, Peru faces a looming issue of a lack of new major projects from its $53 billion mining investment pipeline, which will put additional pressure on existing deposits.

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