Peru Presents 51 Projects as Part of its 2024 Mining Portfolio

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Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Peru has released its latest mining projects pipeline, including 51 developments worth US$54.5 billion, about 2.7% more than in 2023. This year's portfolio includes six new projects and the removal of one.

For this year, Peru is expecting US$917 million in investments, with the amount for the period 2024-2027 amounting to US$5.7 billion, or 10.5% of the mining portfolio.

Copper represents about 73% of the 51 projects, with investments worth US$39.7 billion, followed by gold with 13% and US$6.8 billion, and iron ore with 9% and US$4.6 billion.

Peru expects its copper output to increase to 2.8 million metric tons by 2026, and gold to increase to 120 million fine grams. This is about 1.45% more copper and 20.32% more gold than the volumes recorded in 2023.

Until recently, Peru was the second-largest producer of copper worldwide. However, current reports indicate that Congo has taken the second spot. Peru seeks to expand its copper operations to regain second place and further develop its economy.

Greenfield projects dominate the nation's development pipeline, accounting for 71% of the portfolio. Meanwhile, 19 brownfields, amounting to US$16 billion, are expected. Seven of these brownfield projects are for mining extensions, with the three most significant projects being Ilo, Cuajone and Toromocho-Phase II.

Among other brownfield projects is the Antamina copper mine reposition, which will start in 2024 and end by 2029. These investments will help Antamina boost its refining output from 170,000 tons to 208,000 tons per day and extend the mine's life for another eight years.

Peru foresees the start of seven projects in 2024, with a combined projected investment of US$3 billion, or about 5.5% of the total investments. The projects include repositioning Antamina, Raura, and Tantahuatay, expanding Huancapeti, and developing the Chalcobamba Phase I, Romina, and Caroni mines.

The timeline includes 34 projects that do not have an execution date given that they are in the early stages, but they account for 78.2% of the total investments.

Industrial Info is tracking 378 mining projects in Peru, worth US$47.65 billion. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can click here for a list of detailed project reports.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).