South American volcano is flatter, one circling peak (8)
I believe the answer is:
cotopaxi
'south american volcano' is the definition.
'cotopaxi' can be an answer for 'volcano' (Cotopaxi is an example). I'm not certain of the 'south american' bit.
'is flatter one circling peak' is the wordplay.
'is flatter' becomes 'coax' (I've seen this before).
'one' becomes 'I' (Roman numeral).
'circling' is an insertion indicator (circling can mean going around or containing).
'peak' becomes 'top' (synonyms).
'coax'+'i'='coaxi'
'coaxi' placed around 'top' is 'COTOPAXI'.
Can you help me to learn more?
(Other definitions for cotopaxi that I've seen before include "Andean peak" , "volcano in SA" , "mountain" , "Ecuadorian hothead" .)