Copper Production in Peru Falls by 1% in September

According to data released by the Peruvian Ministry of Energy and Mines, the country's copper production fell by 1.2% in September compared to the same month last year, reaching 232,423 tons. The monthly decline in production was primarily due to low supply from Cerro Verde, controlled by Freeport-McMoRan (NYSE:FCX), and Antamina, jointly controlled by Glencore and BHP, which are the two largest copper miners in the Andean country. A report published by the Ministry indicated that production at Cerro Verde and Antamina decreased by 11% and 6.7% year-on-year, respectively. The Ministry stated that total copper production from January to September was 1,993,627 tons, which is 0.6% lower than the same period last year. The Peruvian government recently revised its 2024 copper production forecast down to 2.8 million tons from the previously projected approximately 3 million tons.