- Peru: High prices fuel mining investment
Mining investment kept its momentum through 2025 (chart 1). From January to November, investment reached USD 5.13 billion (+21% YoY) and likely closed the year near USD 5.8 billion—its highest level since 2019 (pre-pandemic) (see table 1). The upswing was driven by Southern Copper and Buenaventura on the greenfield side, and by Las Bambas and Antamina through brownfield expansions. Exploration is the fastest‑growing segment (+41% YoY), a sign that companies are already positioning themselves for the next wave of projects.
Southern Peru stands out with a 77% YoY jump in accumulated investment, led by higher spending on mining equipment, exploration, infrastructure, and—more moderately—plant upgrades (table 2). The push in exploration and equipment reflects progress on Los Chancas and Michiquillay, both scheduled for development in the coming years, as well as modifications at Toquepala and Cuajone. The increase in infrastructure points to early‑stage works and expanded logistics tied to Tía María, which is currently moving forward. Taking together, these investments signal higher copper output ahead, consistent with accelerating global demand.
Las Bambas also increased its capex (+38% YoY), mainly through additional spending on equipment and infrastructure linked to the Reposicion Ferrobamba project, which is under execution and has all permits in place.
About production, meanwhile, delivered a mixed performance in November. Copper output fell 11.2% YoY as lower grades and technical constraints reduced throughput at major concentrators, according to INEI. Gold production slipped 2.7% YoY amid broad-based declines, partially offset by higher volumes at Yanacocha. Tin output dropped 19.1% YoY due to maintenance at Minsur, the country’s sole producer. On the positive side, zinc (+13.7% YoY), lead (+10.8% YoY), iron (+5.6% YoY) and silver all posted gains. Mining GDP fell 6.2% YoY in November.
—Katherine Salazar
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