Thanks to Las Bambas mining project's entry into operation, Peru will once again become the world's second largest copper producer, former Deputy Mines Minister Romulo Mucho forecasted.
"Las Bambas is aimed at producing over 400,000 tonnes of fine copper per year. Thus, Peru would be capable of exceeding almost 2.0 million annual tonnes of copper and recovering the second spot in the world," the former official affirmed.
He went on to add other projects will contribute to this result, such as Cerro Verde expansion (Arequipa region), estimated to produce over 272,000 tonnes of fine copper annually.
"Considering both [projects], nearly 680,000 tonnes of fine copper would be produced every year, taking into account other projects will enter production stage as well [...]," Mucho told.
"[...] I think Peru is consolidating as the world's second largest copper producer," he added.
On Monday, MMG Limited (MMG) mining company announced the first shipment containing 10,000 tonnes of the said mineral —produced at Las Bambas— was on its way to China.
"This is great news for the country," he told.
Likewise, Mucho stressed the project itself could account for 1% of Gross Domestic Product (GDP) in 2016, despite low copper prices.
Las Bambas —which entailed an investment worth US$10.00 billion— is the country's largest mining project, relying on reserves of 6.9 million tonnes.
(END) CNA/HMC/MVB