PUBLICATION

Global Business Reports

AUTHORS

Lucrezia Falcidia, Braulio Tresguerres, Maya Ordoñez

Peru Mining 2024

August 30, 2024

After five months in Lima and more than 130 interviews, the conversations with C-executives along the Peruvian mining value chain touched on various topics. These included production targets, drilling results, the benefits of new technologies like the so-called “digital twins” to replicate reality in a virtual environment, and even the use of cartridge valves. However, a recurring theme in almost every interview, and perhaps the most significant one in relevance, is Peru's loss of its position as the second-largest copper producer to the Democratic Republic of Congo.

This was a blow for the industry and for Peru itself. However, falling on the negative side of this would have been too easy. Instead, this report's unifying theme is the opportunity ahead for Peru and what the industry has learned in the last few months to re-position Peru back in its place. Now, under the lead of Rómulo Mucho, the MINEM has been streamlining processes and granting environmental approvals to projects long in the pipeline. Moreover, new prospects are emerging with the rise of lithium in the south.

Indeed, Peru has many challenges to overcome, but it also has much to be proud of and to give to the world, which is not only reduced to copper. Peru is home to a hotbed of engineering, consultancies, and technology firms working to bring online tier-one projects like Quellaveco or Mina Justa.

With this report, GBR presents an industry overview, highlighting the latest developments and industry expectations.

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