PUBLICATION

Global Business Reports

AUTHORS

Lucrezia Falcidia, Braulio Tresguerres

Peru Mining 2024 PDAC Pre-Release

March 01, 2024

After social unrest and political turmoil in Peru during early 2023 that significantly impacted the mining industry, the economic engine of the country's economy, President Dina Boluarte decided to stay in office until 2026. It seems that the industry is undergoing a moment of calm, and there is a more positive atmosphere among C-executives, especially after the MINEM announced in February 2024 a 12.7% increase in copper production in 2023, making Peru maintain its position as the largest copper producer globally, above the Democratic Republic of Congo. 

At the government level, a cabinet reshuffle took place, and on February 13th, 2024, Rómulo Mucho—someone well-versed in the industry—assumed the role of the new head of the MINEM. While specific projects in the pipeline, such as Antamina's expansion, have received permits, the lack of new greenfield projects has led investors to seek alternatives to Peru, particularly with a watchful eye on the 2026 election year. In this context, Mucho's role will be crucial in the upcoming months in fostering mutual understanding and aligning the private sector with the government for Peru's best interest. 

The PDAC pre-release version of GBR's Peru Mining 2024 offers an analysis from interviews with key executives across the entire value chain of the Peruvian mining industry. Its goal is to present a comprehensive perspective on the ongoing events in the country, their influence on industry activities, and the anticipated developments in the coming months.

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