Peru has the potential to double its production of copperaccording to a report from the Central Reserve Bank (BCR). According to the issuing entity, the country exceeded 2.75 million metric tons (MT) of the mineral in 2024, a figure that could increase in the coming years.
“The portfolio identifies an additional potential of 3.2 million MT, far exceeding 2024 production. This growth would require an investment of close to US$47 billion,” reads the BCR report. Among the projects with the greatest extraction potential, Yanacocha Sulfuros, La Granja, Michiquillay and Tía María stand out.
According to data from the monetary entity, if these projects were carried out, the additional production of the metal would represent 6.5% of the Gross Domestic Product (GDP) throughout the useful life of the mines. From the spending side, the implementation would represent an amount of private investment equivalent to 15.7% of GDP.
However, he warned that among the limitations for the projects are social conflicts, since they can generate stoppages and generate risks for sustainability. These conflicts are associated with environmental concerns, the distribution of benefits, among others.
“Protests by communities and local populations can stop operations, resulting in significant economic losses, as occurred for example in Conga. Opposition to a mining project can delay or prevent access to the land, increasing construction costs and deadlines, as is the case in Tía María,” commented the BCR.
Added to this is the excess of paperwork. Projects such as Phase II of the Toromocho expansion or Antamina Replacement had to wait between four and five years for the approval of the modification of the detailed environmental impact study (MEIA-d), which is the last step to move from the Feasibility stage to the Detailed Engineering stage.
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