Peru's Molybdenum Production Up by More Than 6% in 2021

According to a recent report from Peru's Ministry of Energy and Mines (MINEM), production of key metallic and non-metallic minerals increased in 2021 compared to 2020 due to the recovery of the domestic mining industry, with copper and molybdenum production increasing by more than 6% in 2021.

In recent years, molybdenum production in Peru has been on an overall upward trend. In 2020, production reaches 322,000 metric tons of metal. The country is the third-largest producer of copper, zinc, and tin in the world, the second-largest producer of silver, and the fifth largest producer of gold.

Molybdenum production is driven primarily by Peru South, the country's leading producer of this metal, followed by Sociedad Mineras Cerro Verde and Las Bambas.

Copper production, one of the pillars of Peruvian economy, grew by more than 6% in 2021, while gold production jumped by 9.7%, MINEM said. MINEM also reported increases in zinc (14.8%), silver (21.5%), lead (9.3%), iron (36.6%) and molybdenum (6.1%) production.

The mining industry provides a major source of economic growth for Peruvian national development. In 2006, the country was the leader in global production of the following mineral commodities: fourth in arsenic trioxide, third in bismuth, third in copper, fifth in gold, fourth in lead, fourth in molybdenum, fourth in rhenium, first in silver, third in tin, and third in zinc. In Latin America, in order of value, the country is the first producer of gold, silver, zinc, lead, tin, and tellurium, and the second producer of copper, molybdenum, and bismuth.

In 2019, the country was the world's second-largest producer of copper and silver, the world's eighth-largest producer of gold, the world's third-largest producer of lead, the world's second-largest producer of zinc, the world's fourth-largest producer of tin, the world's fifth-largest producer of boron, and the world's fourth-largest producer of molybdenum.

MINEM noted that an important contribution to the growth of copper production, the country's main export, is the start-up of the Mina Justa mine, which begins production in July 2021.

As for gold production in Peru, MINEM points out that Compañía Minera Poderosa S.A. and Minera Yanacocha S.R.L. show the best results.

MINEM also added that the increase in zinc production is driven by Compañía Minera Antamina S.A., Volcan Compañía Minera S.A.A. and Nexa Resources Peru S.A.A. Similarly, MINEM said that nine of the country's main non-metallic minerals output, including copper and molybdenum production, increased in 2021 compared to 2020.