Monthly Mining Statistical Bulletin / May 2024

The Peruvian mining sector showed mixed results in May 2024, with growth in most metals offset by declines in copper and zinc production. The mining GDP grew by 2% compared to May 2023, driven primarily by increased production of molybdenum, silver, iron, and lead.

Production Highlights

1. Copper: 232,000 metric tons
   
   • 1% decrease year-over-year
   • 14% increase from April 2024
   • Main factors: Lower production from Antapaccay, Las Bambas, and Marcobre, partially offset by increases from Antamina and Southern
2. Gold: 8.1 metric tons
   
   • 4% increase year-over-year
   • 3% decrease from April 2024
   • Key contributors: Boroo and Poderosa
3. Silver: 296 metric tons
   
   • 22% increase year-over-year
   • 16% increase from April 2024
   • Notable increases: Buenaventura, Chinalco, and Antamina
4. Zinc: 113,000 metric tons
   
   • 11% decrease year-over-year
   • 23% increase from April 2024
   • Main factors: Lower production from Antamina, partially offset by increases from Shouxin and Nexa Perú
5. Other Metals:
   
   • Lead: 25,000 metric tons (20% increase year-over-year)
   • Iron: 1,187,000 metric tons (21% increase year-over-year)
   • Tin: 2,746 metric tons (7% increase year-over-year)
   • Molybdenum: 3,762 metric tons (23% increase year-over-year)

Price Trends

• Copper: $4.59/lb, up 7% from April
• Gold: $2,349/oz, up 1% from April
• Silver: $29/oz, up 7% from April
• Zinc: $1.34/lb, up 9% from April

Price increases were generally attributed to supply concerns, increased demand expectations, and global economic factors.

Economic Indicators

1. Mining GDP: 2% growth in May 2024 compared to May 2023
   
   • January-May 2024: 5% growth compared to the same period in 2023
2. Investments: $412 million in May 2024
   
   • 20% increase year-over-year
   • 26% increase from April 2024
   • January-May 2024: $1,735 million, 13% increase year-over-year
   • Main investors: Antamina, Cerro Verde, and Southern
3. Exports: $4,025 million in May 2024
   
   • 18% increase year-over-year
   • January-May 2024: $17,700 million, 6% increase year-over-year
   • Main contributors: Increased gold, iron, and copper exports

Key Trends and Observations

1. Strong growth in molybdenum, silver, iron, and lead production, offsetting declines in copper and zinc.
2. Continuing impact of the Yumpag project by Buenaventura on silver production.
3. Significant increase in mining investments, particularly in mining equipment and beneficiation plants.
4. Robust export performance, with mining continuing to be a crucial component of Peru’s export basket.
5. Ongoing influence of global market dynamics, particularly Chinese demand and economic policies, on metal prices and production decisions.
6. Increasing importance of metals in renewable energy, electric vehicles, and AI technologies affecting demand and prices.

Conclusion

May 2024 showed overall positive performance for Peru’s mining sector, with growth in production, investments, and exports. The sector continues to adapt to global market dynamics, with increasing focus on metals crucial for emerging technologies. While challenges remain, particularly in copper and zinc production, the overall trend indicates resilience and growth in Peru’s vital mining industry.