Peru expects to boost annual copper production by about 1 million metric tons within 5 to 6 years through new mining projects, as Chinese and US companies weigh investments amid broader competition for critical minerals in South America, Peru's Energy and Mines Minister told Reuters. Peru, the world's third-largest copper producer, expects output to remain between 2.5 million and 2.7 million tons this year, roughly unchanged from 2023 due to declining ore grades and recurring social conflicts, Minister Guillermo Shinno said.