Things looking up for Peru mining investments

Prospects are looking up for the Peruvian mining sector this year in terms of capital expenditure. 

With the expected start of construction of various projects – Reposición Antamina, Tía María, Reposición Tantahuatay and works at Chalcobamba – together with maintenance, investments in the sector could exceed US$5.3bn.

According to the research department of Canadian bank Scotiabank, the figure would represent growth of over 6% compared to US$4.96bn in 2024 and close to pre-pandemic levels. If it exceeds US$5.3bn, the investment would be the highest in at least six years, surpassing the rebound in 2022 of US$5.24bn.

"This growth will be driven by the development of three brownfield projects (in parallel to the ongoing production process) and two greenfield projects (developed from scratch), in addition to investment in capex. Competitive metal prices, especially gold, silver and copper, remain at levels that normally encourage mining investment," says Scotiabank in its report.

Use the BNamericas Forecast tool to identify projects with activity in the coming quarters and download all relevant project information.

Brownfield

According to Scotiabank, the three brownfield projects that will be underway in 2025 will be Reposición Antamina, Chalcobamba, and Reposición Tantahuatay.

In the case of copper-zinc mine Antamina – owned by BHP (33.75%), Glencore (33.75%), Teck Resources (22.5%), and Mitsubishi Corporation (10%) – the project is still waiting for a construction permit to begin work this year. The works, which seek to extend the life of the mine from 2028 to 2036, are valued at US$2bn and a first report has been submitted to proceed with the mine's power transmission line and port.

Regarding Chalcobamba – a Las Bambas project to ensure annual production of 400,000t of copper – the works that began in 2024 will continue this year, according to Scotiabank, and the company is considering starting the third pit known as Sulfobamba in 2030. The investment in Chalcobamba amounts to US$130mn this year, and the mining company – controlled by China's MMG – has already recovered the productive capacity of previous years.

Construction is also expected to begin this year on Reposición Tantahuatay, the Buenaventura gold project valued at US$127mn. Like Reposición Antamina, construction permits are awaited but initial approval for works involving US$25.9mn has been received.

Greenfield

Scotiabank's report highlights two greenfield projects expected to advance this year. The first is Tía María, a US$1.8bn project of Southern Copper, and Corani, a silver project of Canada's Bear Creek Mining.

In the case of the former, Southern Copper plans to invest US$210mn in 2025, US$980mn in 2026 and US$460mn in 2027. The project is due to begin operational tests in 2Q27 and official operations in 4Q27.

At Corani, the last permits are being processed although the US$579mn project has been postponed more than once and financing is pending.

Finally, one greenfield project expected to be completed this year is Buenaventura's San Gabriel. The US$650mn gold project is 71% complete overall and is expected to deliver its first gold bar by the end of the year. According to Buenaventura, capex earmarked for this year is US$180mn.