Peru mining leader eyes copper deficit opportunity

Roque Benavides, president of Compañía de Minas Buenaventura, stated that a projected global copper deficit could present a significant opportunity for Peru, particularly for the southern macroregion.

Benavides noted that the country possesses the world's second-largest copper reserves and must leverage its mining project portfolio to increase its global production share. He cited projections from Teck Resources, shared at the Prospectors & Developers Association of Canada (PDAC), suggesting a potential global copper deficit of approximately 35% by 2035.

Such a deficit is expected to drive up copper prices, benefiting copper-rich regions like Arequipa. The demand for the metal is being driven by the global energy transition, specifically the high copper requirements of electric vehicles and renewable energy technologies.