Peru copper mine Las Bambas records one of its best quarters

Peru's Las Bambas copper mine reported one of its best quarters thanks to higher grades and improved recoveries.

According to a report by MMG, the Chinese controller of Las Bambas, the mine in Apurímac region produced 95,728t of copper in the first quarter compared to 56,025t in the same period last year.

Ore grades rose to 0.88% in Q1 compared to 0.54% in 1Q24 and the copper recovery rate improved to 88.1% from 86.2%. With both the Ferrobamba pit and the new Chalcobamba pit operating, Las Bambas processed 20.2Mt of ore in Q1, the highest quarterly figure recorded to date.

The company also said it now has 155 trucks to transport copper concentrates, up from 125 previously, which has allowed it to speed up exports and reduce stocks.

Las Bambas has been operating at full capacity since 4Q24 thanks to the optimization of the Chalcobamba pit, which will be the company's medium-term focus. Production guidance for this year is 360,000-400,000t but expectations are rising following the first quarter results.

"Following strong operational performance and the annualized production rate trending toward the upper end of this range in the first quarter, the company is assessing the potential upward revision to the lower end of its production forecast. Provided there are no significant disruptions due to social unrest in Peru, Las Bambas' production in 2025 is expected to align with the higher end of the projected range," MMG said.

The mine, which last year produced 322,912t of copper, has suffered considerable community opposition in the past, especially along the route used to transport concentrates.

Regarding its relationship with the communities, the company emphasizes that the 30 additional trucks come from an agreement signed with Corhuan, a company from the Huancuire community. The company is also building a school involving 29.2mn soles (US$7.9mn) through the works for taxes initiative, a program in which companies provide infrastructure financing instead of paying taxes.

MMG owns 62.5% of Las Bambas, Guoxin International Investment Corporation 22.5% and Citic Metal 15%.