A report by Plusmining highlights the resilience of mining investment in the country. However, it notes that to achieve its potential, social and regulatory challenges must be addressed, as well as the concerning advance of illegal mining.
By Guadalupe Gamboa
Mining could achieve a significant expansion in production given the higher investment intentions reflected in the 2025 project portfolio, according to Plusmining’s latest report.
With a total of 67 mining projects in the pipeline — including new developments, expansions, and modernization — and with investment rising 17% this year, the sector is expected to grow mainly in copper and gold, with additional progress in iron, zinc, silver, and phosphate.
Andrés González, Head of Mining Industry Analysis at the consultancy, stated that in recent years there has been an upward trend in Peruvian mining investment. In 2023, the portfolio amounted to US$53.1 billion; in 2024, it rose to US$54.6 billion; and in 2025, it stands at over US$64 billion. This, he affirmed, demonstrates the resilience of mining investment in Peru.
If all projects were to be executed, the study estimates that — expressed in copper equivalent tonnes — the portfolio’s additional production would total 3.35 million tonnes per year.
“Executing the full portfolio would practically double Peru’s mining GDP, which currently represents 9% of national GDP. This could bring it to 18%, and considering that copper accounts for 70% of mining GDP, it would be a massive boost for the country,” González explained.
Even in a more moderate scenario, where only half of the projects come to fruition, the impact would still be significant. The specialist estimated that mining GDP would increase from the current 9% to around 13% of total national GDP.
However, not all projects are progressing at the same pace. Despite the positive outlook, a number of issues could affect the sector’s momentum.
Obstacles to growth
Several projects face strong opposition from local communities, conflicts related to illegal mining, or delays in obtaining regulatory permits, which could limit investment progress.
“Some projects have land affected by legal disputes or lack key permits to move forward. For example, Newmont’s Conga project, which was suspended in 2011, faces environmental conflicts and its timeline for advancement remains unclear,” the expert noted.
Moreover, more than half of the portfolio is in early development stages, such as pre-feasibility and conceptual studies. This implies greater uncertainty regarding execution.
González added that the updated 2025 portfolio has an even higher proportion of early-stage projects than in 2024.
“This not only reflects the dynamism of the local mining sector, where new opportunities are constantly emerging, but also suggests a riskier path to project realization compared to countries with more mature mining development, such as Chile, where a larger share of the portfolio is at later stages,” he concluded.
Source: Diario Gestión