Peru is a leading producer of gold, silver, tin, copper, lead and zinc in Latin America and its government highlighted 12 mining projects in that country between 2016 and 2020.
In 2020, mining contributed 8.8% to that nation’s GDP.
However, mineral products were Peru’s main export and represented 58.9% of total foreign sales in value in 2019 and 60.8% in 2020.
Gold and copper covered 17.8% (US $ 8.5 billion) and 29.1% (US $ 13.9 billion) of total exports in value, respectively, during 2019 and 18.5% (US $ 7.8 billion) and 30.0% (US $ 12.7 billion) of total exports in value, respectively, during 2020.
Furthermore, copper represented 49.5% of total mining exports in 2019 and 49.4% in 2020.
Between 2016 and 2020, investment in mining projects totaled approximately $ 25.1 billion, with an average annual investment of $ 4.5 billion.
Mining projects
The following are the most prominent investments:
The Antamina copper-zinc project, with investments of 247.9 million dollars in 2016, 214.0 million in 2017, 276.0 million in 2018, 326.0 million in 2019 and 318.5 million in 2020
Development of Anglo American Quellaveco, with investments of 140.5 million in 2016, 164.3 million in 2017, 510.1 million in 2018, 1,343.5 million in 2019 and 1,313.8 million in 2020.
Shougang Hierro Perú with investments of 129.2 million in 2016, 285.3 million in 2017, 509.0 million in 2018, 81.3 million in 2019 and 57.9 million in 2020.
The expansion of the Cuajone and Toquepala copper projects, with investments of 581.7 million in 2016, 672.8 million in 2017, 614.8 million in 2018, 303.2 million in 2019 and 240.0 million in 2020.
Yanacocha Gold Mine, with investments of 81.0 million in 2016, 49.1 million in 2017, 119.4 million in 2018, 180.6 million in 2019 and 108.0 million in 2020.
Other investment
Expansion of the Cerro Verde copper mine, with investments of 154.9 million in 2016, 302.6 million in 2017, 285.1 million in 2018, 266.9 million in 2019 and 152.3 million in 2020.
The expansion of the Chinalco mine, with investments of 146.1 million in 2016, 127.2 million in 2017, 227.2 million in 2018, 412.7 million in 2019 and 307.3 million in 2020.
MMG Las Bambas mine expansion, with investments of 299.4 million in 2016, 158.0 million in 2017, 213.3 million in 2018, 274.4 million in 2019 and 205.7 million in 2020.
The expansion of the Milpo mine, with investments of 16.9 million in 2016 and 22.5 million in 2017.
The development of the Glencore Tintaya Antapaccay mine, with investments of 146.7 million in 2016, 198.3 million in 2017, 189.2 million in 2018, 150.8 million in 2019 and 61.2 million in 2020.
Expansion of the Hudbay Peru mine, with investments of 117.4 million in 2016, 157.5 million in 2017, 38.5 million in 2018, 64.2 million in 2019 and 72.2 million in 2020.
The expansion of the Marcobre S.A.C. mine, with investments of 51.6 million in 2017, 252.5 million in 2018, 741.5 million in 2019 and 497.3 million in 2020.
During 2020, Peru’s mining activity contracted 13.5%, mainly due to the temporary restrictions of the pandemic imposed in March 2020. There was a recovery in the second half of 2020.
