In 2019, investment in mining projects amounted to around US$6 billion. Of note were cooper projects such as Quellaveco (nearly US$1.2 billion accumulated in the last twelve months), Mina Justa (US$700 million) and Toromocho 1 (around US$400 million).
Within this context, BBVA Research estimated that mining investment is expected to continue increasing in 2020, although at a slower pace, with an annual growth of 9% compared to 18% recorded in 2019.
In the following years, the mining investment boost will be softened due to completion of new copper projects under implementation.
According to the study carried out by BBVA Research, the new copper units will reach maximum production levels by 2024. They are expected to produce 477,000 metric tons together.
Copper production is estimated to be around 3 million metric tons. Thus, Peru will remain the second-largest copper producer in the world.
Moreover, this scenario can be improved if the construction of awarded projects occurs first.
Said projects, which are in different stages of study, include Chancas, Yanacocha Sulfuros, Huquira, Zafranal, Coroccohuayco, and Magistral (copper); Pampa de Pongo (iron); San Gabriel and Inmaculada (gold); Pachapaqui (zinc); plus Corani (silver).
"All these projects represent a total investment of US$12.5 billion," the bank stated.
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