As we approach the first half of 2025, Peruvians want to know who might lead the country after the elections set for April 2026. President Dina Boluarte called for general elections in March, and now 43 political parties are in the race. This is almost twice as many as back in 2021, a clear example of how years of political swings have shaken confidence, led to polarization, and impacted industries like mining.

Yet despite the noise, companies in the sector remain hopeful, they are willing to turn the page. Across the mining value chain there is a sense that recent turmoil has taught Peruvian some hard lessons. Many view April 2026 as a new chapter for Peru and the industry.

That said, the challenges are far from over. Costs remain volatile, illegal mining continues to demand attention from both the current and future administrations, and red tape continues to slow things down. Both the MINEM and MEF are trying to cut the bureaucracy with a regulation shock and the National Multisectoral Mining Policy for 2050. Even so, most players have a positive outlook: the total value of mining projects in the pipeline exceeds US$64 billion, and the exploration portfolio has passed US$1 billion. Long-delayed projects are finally moving: Tía maría, for example, "is a reality," according to Southern Peru. Hopefully, other projects will follow soon. 

Featuring insights from nearly 120 mining executives, the second pre-release edition of GBR's Peru Mining 2025 sheds light on the industry's current state while highlighting Peru’s window of opportunity to align with the global energy transition and copper’s increasingly critical role.