Mining has taken the spotlight in the world’s second largest copper producer. Since the election of left-wing president Pedro Castillo in July 2021, the sector has been severely affected by discussions regarding constitutional changes and a possible raise in the industry’s taxes. While these early proposals did not turn into reality, the lack of stability and predictability, coupled with an uptick in social protests demanding greater redistribution of mining profits, have delayed Peru’s pipeline of new projects worth US$53 billion.
Despite the absence of new greenfield projects in the country, investments to optimize existing operations continue as companies take advantage of high metals prices. In addition, several projects have managed to come into production amid this complicated political and social context. Among them, Anglo American’s Quellaveco mine managed to start copper concentrate production in July 2022. This is excellent news for the country and can help restore foreign investors’ faith in Peru’s ability to move mining projects forward.
Produced in strategic collaboration with the Peruvian Institute of Mining Engineers, this report is the most in-depth and up-to date analysis on the Peruvian mining industry, based on over 120 interviews with the leading executives from major producers, associations, juniors, consultants, and service providers.