PUBLICATION

Global Business Reports

AUTHORS

Lucrezia Falcidia, Braulio Tresguerres, Maya Ordoñez

Peru Mining 2024 Pre-Release II

May 17, 2024

As the second half of 2024 approaches, Peru stands at a crossroads. According to the latest figures, the Democratic Republic of Congo has surpassed Peru as the second-largest copper producer. Cabinet changes under Boluarte's administration and ongoing corruption cases have taken a toll on investor confidence, and illegal mining remains a pressing issue. However, not everything is lost for the Andean country, and the mining sector presents growth opportunities.

Both copper and gold are flirting with record-high prices, which should incentivize new projects and spur junior exploration. The new Minister of Mines and Energy, Rómulo Mucho, has set ambitious targets, aiming for copper production to reach 3 million metric tons by 2024. Additionally, key projects in the pipeline are moving forward: Zafranal has received approval for its Environmental Impact Assessment (EIA), Antamina has been granted an extension for its Modification of the Environmental Impact Study (MEIA), and Buenaventura has obtained approval for the EIA for its Yumpag project. Other projects, such as Corani and Romina, require their respective companies to address financial concerns before progressing with the projects.

In this context, producers and various stakeholders across the mining value chain are leveraging Peru's advantages, such as a relatively green energy mix, a robust talent pool, and a diverse array of local contractors capable of servicing large-scale projects like Quellaveco, Las Bambas, Antamina, and Minsur. These factors help bring state-of-the-art technologies to optimize operations. 

After 115 interviews and four months of on-the-field research, this second pre-release version of GBR's Peru Mining 2024 offers a holistic analysis with insights from leading C-executives across the entire mining value chain to present a comprehensive view of Peru's current opportunities and the importance of mining for the country's future.

RELATED INTERVIEWS MORE INTERVIEWS

Tembo Power is developing hydropower projects across Africa with a focus on DRC.
Chesser Resources is upbeat about its Diamba Sud gold resource in Eastern Senegal.
Robocon speaks with GBR about the outlook for its services in Peru.
"Our product innovation process involves gathering client feedback and submitting it to the factory, which determines which ideas to pursue based on economic considerations."

RECENT PUBLICATIONS

Peru Mining 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.

MORE PREVIOUSLY PUBLISHED

MACIG

"Africa used to represent a small portion of our revenue, but over the past three years, we have nearly tripled our business here."

SUBSCRIBE TO OUR NEWSLETTER