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BMO: Peru copper hit worse than Chile by COVID-19

Mining-Journal - Peru fared worse as it imposed a strict quarantine and greater restrictions on movement than Chile imposed. There mines largely continued operating.

Peru's concentrate exports to China dropped 16% year-on-year as large mines such as Las Bambas, Toromocho and Freeport McMoran's Cerro Verde saw their operations restricted. On an annualised basis, Peru's copper production fell 12% year-on-year to 2 million tonnes per annum in the first quarter, with March seeing a 27% year-on-year drop as mining restrictions bit.

Chile, by comparison, battled through rather unscathed as its copper concentrate production rose 4.8% year-on-year to 5.5Mtpa, although from a low base in 2019. Refined copper output also rose 12% year-on-year with March exports 4% above the trailing 12-month average.

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