The months leading to Peru’s 2016 presidential election gave a feeling of deceleration, yet they were actually quite eventful. Quietly but steadily, two of the world’s largest copper mines, the expanded Cerro Verde and Las Bambas, located in the south of the country, ramped up output to dramatically increase the red metal production profile of Peru. 

GDP growth over 3% in 2015 was probably not outstanding, but it showed the resilience of the Peruvian economy during a period where many investment groups decided it was time to be cautious, or even pessimistic, for a combination of global and local factors. 

While analysts have modest growth projections about copper prices for the short term, the positive performance of precious metals and other base metals like zinc during the first half of 2016 should give a new boost to the industry, especially now that a new administration with an investment-friendly strategy is in place.