Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Peru’s Cerro Verde copper mine is operating at 90pc of its 2019 annual average and begun efforts to restore activity in Q3 2020, following the COVID-19 shutdowns during April-June.


Cerro Verde is currently processed an average rate of 351,000mt of copper ore per day during the Q3 2020, Freeport-McMoran, which owns 53.56pc of the mine said in a statement. 


The mine, which also  produces molybdenum concentrate and silver, reduced its capital expenditure by 34.1pc to $103.6mn in January-August this year, from $157.2mn in the same period last year, a report from the Peruvian Ministry of Energy and Mines (Minem) indicated.


Peruvian mining volumes decreased by 11.1pc in August 2020 on an annual basis, owing to sunken lead and copper demand. Lead and copper production fell short by 17.2pc and 10.1pc, respectively,in the same period under comparison, the National Institute of Statistics and Informatics (Inei) said without disclosing volumes.


Copper mining products, along with gold, make a up a huge chunk of the country’s export value, since they represent 9pc of Peru’s gross domestic product and 60pc of total commodities exported. 

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