Peru loses second‑place copper rank as Chile’s Codelco reports production dip

Peru is no longer the world’s second‑largest copper producer, having been overtaken by the Democratic Republic of Congo. A Bloomberg report links the slip to chronic political instability, slow permitting processes, frequent changes of energy‑mining ministers and the spread of illegal mining, all of which have stalled new projects despite the country’s large copper reserves.

Chile’s state‑owned miner Codelco announced an 8.1% drop in first‑quarter 2026 output, producing 272,000 tonnes of fine copper. The lower volume was offset by higher copper prices, keeping earnings up. Codelco chief Rubén Alvarado said, “These results reflect an operationally demanding quarter, where the company faced production constraints, lower grades and higher costs.” Economy Minister Daniel Mas added that “the global market continues with an unstable supply and recurrent episodes of tightness.”