- Peru: Brownfield and sustaining capex keep driving mining investment higher
Mining investment reached USD 2.63 billion in January–May 2026, up 43.6% y/y from USD 1.83 billion in the same period of 2025, according to Peru’s Ministry of Energy and Mines (chart 1). Just in May, investment totaled USD 581.1 million, increasing 44.1% y/y and extending the strong momentum seen in the first four months of the year.
At the company level, Southern Peru remained the clear leader (see table 1 on page 2), supported by progress at copper project Tía María and capex works across its operations. Shougang also continued to stand out, with investment focused on expanding, sustaining, and extending the life of its Marcona iron operations. Antamina and Las Bambas remained relevant contributors as well, in line with ongoing brownfield works, sustaining capex, replacements and operational optimizations. Cerro Verde and Antapaccay also supported the sector’s investment growth through works at existing assets.
Mining investment continues to benefit from still-favourable metal prices, although the contribution from large greenfield projects remains limited. Tía María, operated by Southern Peru, remains the main new project under execution.
Mining production was mixed again in May (see table 2 below). Copper output rose 2.6% y/y, driven mainly by higher production at Antamina and Cerro Verde. In Antamina’s case, the shift toward higher copper output came at the expense of other metals. Iron ore production surged 181.1% y/y, although this largely reflected a low comparison base after Shougang’s temporary disruption in May 2025, following the collapse of its shiploader at the San Nicolás port. Tin production also remained solid, increasing 15.0% y/y. Gold production recovered and rose 6.7% y/y, supported by higher output from several mid-sized operations. In contrast, zinc production fell 13.6% y/y, mainly due to lower output from Antamina. Silver, lead and molybdenum also declined, falling 11.3% y/y, 11.1% y/y and 0.4% y/y, respectively.
—Katherine Salazar
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