- Mexico: Remittances—worst start since 2015 as inflows fall 1.4% in January
- Peru: Mining investment hits a decade high on strong metal prices
MEXICO: REMITTANCES—WORST START SINCE 2015 AS INFLOWS FALL 1.4% IN JANUARY
In January, remittance inflows totaled 4.594 billion dollars, returning to negative territory with an annual variation of -1.4% (after the 1.6% increase recorded in December). This represents their worst start to the year since 2015. The total number of transfers fell by 6.0% year‑on‑year, marking ten consecutive months of declines. In contrast, the average amount per transfer reached 404.5 dollars, representing an annual increase of 4.9%. This dynamic suggests that, although migrants are sending higher amounts per transaction, the continued drop in the number of transfers could signal weaker support for domestic consumption in the coming months.
—Rodolfo Mitchell, Miguel Saldaña & Martha Cordova
PERU: MINING INVESTMENT HITS A DECADE HIGH ON STRONG METAL PRICES
Mining investment (charts 2 and 3) reached USD 6.23 billion in 2025 (+24.3% YoY), marking its highest level in a decade, supported by a favourable metal‑price environment. The upswing was driven by progress in greenfield projects such as Tía María and a set of brownfield expansions already in the pipeline, along with higher sustaining capex across the industry.
Antamina led annual investment with USD 696 million (+1% YoY), followed by Southern Peru (+89.8%), Las Bambas (+48.1%) and Buenaventura (+45.8%) (table 1), all of which have projects included in the Ministry of Energy and Mines’ Investment Portfolio. Spending increased across all categories: infrastructure (+39.9%), exploration (+38.5%), mining equipment (+31.1%), development and preparation (+6.2%) and processing plants (+3.2%).
For 2026, we expect mining investment to approach USD 7.1 billion (+15% YoY). Tía María should continue to provide support to the investment cycle, while Zafranal—also a copper project—is expected to begin construction this year. The project already holds its environmental permit and is pending construction and processing concessions. In addition, roughly six brownfield projects are slated to move forward during 2026. Exploration also stands out, having risen for a fifth consecutive year, reinforcing expectations of a sustained investment cycle.
Mining production closed 2025 with growth of 1.8% (table 2). Copper output increased 1.2%, led by a strong rebound at Las Bambas (+27.8% YoY), which recorded its second‑highest level since commercial operations began in 2016. Chinalco also posted higher volumes (+20% YoY) following the ramp‑up of Toromocho Phase 2. These gains offset lower production at Southern Peru (‑1.0% YoY), Cerro Verde (‑9.1%), Antamina (‑9.0%) and Antapaccay (‑6.8%) due to lower grades.
Zinc output rose 18.6%, driven mainly by Antamina (+62.4%), which prioritized zinc over copper. Silver (+7.1%), lead (+7.2%) and tin (+4.6%) also posted gains. By contrast, iron ore production fell 10.6% due to operational issues at Shougang in 2Q25. Gold production also declined: although Yanacocha grew 45% YoY, this was insufficient to offset lower volumes from mines in La Libertad—likely linked to rising illegal mining—and from operations facing ore depletion. Molybdenum output fell 9.4%.
—Katherine Salazar
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