Published on Friday, February 3, 2023 | Updated on Friday, February 17, 2023

Peru | Mining sector outlook 2022

A boom period in mining investment ended in 2022. Sustained political instability, elevated social unrest and policies being implemented in the sector do not favor investment moving forward, in spite of the country having significant mining resources and relatively low production costs.

Key points

  • Key points:
  • Peruvian mining production has not yet recovered its pre-pandemic levels. However, with the start of operations of the Quellaveco copper mine, the country's mining production is on track to exceed its pre-pandemic levels by 2024.
  • On the mining investment side, a period of strong expansion came to an end in 2022, precisely at the conclusion of the construction of Quellaveco and other smaller mines.
  • Peru has mining resources and competitive production costs, but the policies implemented in the sector do not seem to be the most favorable to attract investment.
  • The price of copper will tend to fall due to a global deceleration. Later on, it will find structural support in greater demand associated with investment in "green" infrastructure and the adoption of electric vehicles.
  • Peru has opportunities in the lithium industry, another metal that will be heavily demanded due to the growing global interest in green technologies.

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