Peru’s position as a world-class mining destination is not under question. Beyond sociopolitical issues that need to be addressed on a project-by-project basis, the country offers key ingredients that make it an attractive country for investors. Its geological potential is outstanding, and its ability to produce profitably despite defensive prices globally is a key advantage for many Peruvian operations. Barrick’s Lagunas Norte, for instance, yielded 582,000 ounces (oz) of gold in 2014 at all-in sustaining costs of $543 per oz, which were the corporation’s lowest costs at any of its mines globally.

The current pricing scenario, however, presents challenges for companies to explore and develop new projects. While obtaining funding still remains very difficult, those who manage to push their projects forward in the current market will reap the benefits of their bold decision-making when the cycle turns around. Be it gold, copper, zinc or phosphate, Peru presents great opportunities to continue expanding the industry’s scope.