PERU · MINING
Key Facts
- Goal Peru wants at least 1 million more tonnes of copper by 2031 to retake second place from the Democratic Republic of the Congo.
- Rankings By the minister's figures, Chile makes about 5 million tonnes, Congo 3.1 million and Peru 2.7 million.
- Pipeline The Ministry of Energy and Mines counts 66 mining projects worth about US$64 billion.
- Power Index
Peru's mines minister says the country can win back second place in world copper output from Congo within five years, helped by dozens of new projects.
Peru’s Minister of Energy and Mines, Guillermo Shinno, said the country aims to add at least 1 million tonnes of copper output by 2031 to regain second place among the world’s producers. He made the case to RPP, a Peruvian radio and news outlet, which published his remarks on 11 November.
Copper is the metal in wiring, electric vehicles and data centres, so a shift in who ranks second matters to US buyers and to investors in miners. Energiminas, a Peruvian mining news site, reported in June 2023 that Congo had overtaken Peru as the world’s second-largest copper exporter in 2022, a ranking the minister now wants to reverse in production terms.
The Numbers Behind the Race
Shinno put Chile first at about 5 million tonnes a year, Congo second at about 3.1 million tonnes and Peru third at about 2.7 million tonnes. These are the minister’s round figures, and we have not matched them to a published geological survey.
His plan rests on a pipeline of 66 mining projects with estimated investment of about US$64 billion, he said. A further 57 exploration projects, which search for new deposits, carry about US$700 million in promotional investment, he added.
Why Peru Thinks It Can Catch Up
Shinno argued that Congo depends mainly on one high-grade operation, and that Chile has no major new projects. Peru, by contrast, has many new projects that could expand output, he said.
Whether new projects can lift output by a million tonnes in five years is the open question behind the 2031 target. Mining projects need permits, financing and years of construction before they produce metal.
What It Means for You
Investors in copper miners and in exchange-traded funds that track the metal should treat the target as a government ambition, not a forecast. Our market coverage notes that Peru’s copper hit a four-month low after the US vote; more mining news sits in our Peru hub.
What Is Not Known
It is not known which projects would deliver the extra tonnes, or by when each would start. The minister did not give a yearly path to 2031 in the remarks reported.
Frequently Asked Questions
What does Peru want to do with copper?
Peru's energy and mines minister, Guillermo Shinno, wants to add at least 1 million tonnes of copper output by 2031. The aim is to regain second place from Congo.
Who is the world's top copper producer?
Chile, which makes about 5 million tonnes a year according to the minister. Congo is second and Peru third by his figures.
How many mining projects does Peru have in its pipeline?
The ministry counts 66 mining projects worth about US$64 billion, plus 57 exploration projects worth about US$700 million.
Sources: RPP (11 November 2026); Energiminas (1 June 2023)
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error
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