Though 2019 has been marked by political upheaval in Peru as the Odebrecht scandal continues to unfold, the country’s mining industry has been steadily gathering pace. In 2018, three key developments helped to raise total mining investment to US$4.95 billion: the US$1.3 billion expansion project at the Toromocho copper mine, operated by Chinalco; the start of construction of Mina Justa, a US$1.7 billion copper project; and the final green light by Anglo American to build the Quellaveco copper operation, a project with an estimated capex between US$5 billion and US$5.3 billion. 

In 2019, total mining investment is projected to reach around US$6 billion, underpinned by strong developments in the copper sector and a promising pipeline of projects across a range of other metals. Gold remains a standout performer, but the country’s depleting resources suggest the need for new discoveries. The industry’s strong performance has had a discernable impact on contractors and service providers, which routinely identify Peru as a key market for growth. The country continues to navigate how best to incentivize industry while supporting community needs, but stakeholders’ growing appreciation for the economic benefits a mine can bring suggest that the industry has a bright future indeed.