It has been nearly a year since Arequipa hosted its biggest Perumin convention ever. There, President Humala described the expanding mining activity in the country as a transformational change for Peru, and not just a cyclical effect of high commodity prices.

For that transformational change to happen, Peru must continue to attract investment even when markets are down and big mining companies —many under new leadership—are cutting costs and thoroughly reviewing where to put their money next.

A combination of external and internal factors has indeed caused a slowdown in project development over the last months. Meaningful exceptions can be found in Chinalco’s Toromocho, Hudbay Minerals’ Constancia and Cerro Verde’s large expansion, which are all advancing.

The government’s $60 billion mining project portfolio may seem too optimistic, but the truth is, beyond localized sociopolitical conflicts that have delayed projects, Peru’s geological richness and business-friendly environment seem to insure that the mining industry will continue to drive the country’s economy for the years to come. Besides future projects, the country is already a leading player in many commodities.