Peru Targets US$33 Billion in Mining Investment to Boost Copper Production

Peru's new government, led by Prime Minister Luis Galarreta and President Keiko Fujimori, aims to attract at least US$33 billion in mining investment over the next five years. This push is part of a broader effort to accelerate project approvals for exploration and extraction projects, which should convert the country's extensive mineral resources into new production.

The government plans to authorize 240 exploration and extraction projects this year, with private companies expected to provide the necessary investment. To support this growth, officials will focus on providing legal certainty, more predictable permitting, and faster decision-making, while reducing delays and overlapping procedures without weakening environmental or social requirements.

This initiative is particularly significant for the copper market, as Peru produced 2.77 million tonnes of copper in 2025, marking its highest annual production on record. With Peru remaining one of the world's largest copper-producing countries, improvements in project execution could have meaningful implications for global mine supply.

The investment target also comes against the backdrop of a sizeable existing project pipeline, with MINEM's 2026 Mining Investment Project Portfolio comprising 66 projects with combined estimated investment of US$64.08 billion. Eight mining projects representing around US$7.62 billion had already been identified for execution in 2026.