PERU · MINING
Key Facts
- —What is happening Peruvian mining group Alpayana projects 74% sales growth in 2026 and now operates five mines in Peru and one in Mexico.
- —Why it matters The private group bought Canada-listed Sierra Metals in 2025 and has grown from one mine to six since 1986, so its output matters to metal buyers.
- —The numbers Alpayana offered CAD 1.15 a share (about US$0.82) for Sierra Metals, and it projects 74% sales growth for 2026 without giving a dollar figure.
- —Who is who Fernando Arrieta is chief executive of Alpayana, founded in 1986, which runs Americana, Yauliyacu, Iscaycruz, Morococha, Yauricocha and Bolívar.
- —What to watch Whether Alpayana publishes the 2025 sales base behind the 74% figure, and what it does with its 10.97% Galantas Gold stake.
- —Power Index Peru ranks 5th of 14 in The Rio Times Latin America Power Index, with 54.7 points (October 2026 edition).
- —What it means for you For US industrial buyers and metals investors, a growing Peruvian zinc and silver producer matters, though Alpayana has no US-listed shares.
A private Peruvian miner bought a Canadian-listed rival in 2025. It now expects its sales to grow by almost three quarters this year.
Peruvian mining group Alpayana projects its sales will grow 74% in 2026, the Lima business daily Gestión reported on Saturday, 24 October. The group, based in Peru, now runs six mines after buying Canada-listed Sierra Metals.
A 74% rise means 2026 sales would be about 1.7 times the 2025 level. Alpayana has not disclosed the 2025 base, so the size of the sales in dollars is unknown.
What Alpayana Told Gestión
Alpayana turns 40 this year, having been founded in 1986 with its Americana unit. Its chief executive, Fernando Arrieta, said its ambition goes far beyond growing in size.
Mining magazine Minería & Energía carried the same anniversary text and 74% projection on 19 October. Gestión attributes the figure to the company, and neither outlet gives 2025 sales.
Gestión says the group added Yauliyacu and Iscaycruz in 2022 and Morococha in 2023. A Gestión photo caption says Iscaycruz came from Glencore, and no deal filing was found.
How the Sierra Metals Deal Unfolded
Alpayana launched a hostile all-cash bid for Sierra Metals in late 2024 at CAD 0.85 a share (about US$0.61). Sierra’s board rejected it and later backed a raised CAD 1.15 offer (about US$0.82), Gestión reports.
The offer was due to expire on Monday, 12 May 2025, and Alpayana met the minimum tender condition. Gestión says it extended the offer to Friday, 23 May 2025 and held 93.82%.
Shareholders approved the second step on Tuesday, 29 July 2025, with 99.95% of votes cast in favour. The purchase closed on Friday, 1 August 2025, and the shares were due to leave the Toronto Stock Exchange on 6 August.
The Canadian Lawyer deal database lists the transaction at 180 million, without naming a currency. The Rio Times could not confirm a total purchase price, so none is stated here.
The deal brought the Yauricocha mine in Peru and the Bolívar mine in Mexico into the group. Alpayana now describes its portfolio as five Peruvian units and one Mexican unit.
Robots, Water and a New Stake
Alpayana says its Wiraq project puts remotely operated Scoop and Simba machines underground, controlled from the surface. The company says this reduces workers’ exposure to risk.
The company also says its Gratón tunnel, which channels groundwater seepage, supplies about 20% of the water used in Lima. That share is Alpayana’s own claim, and no independent figure was found.
On Friday, 21 August, Alpayana bought 91,313,890 shares of Galantas Gold at CAD 0.42 each, or CAD 38.4 million (about US$27.4 million). The stake is 10.97%, and Alpayana says it bought for investment purposes.
Alpayana disclosed the purchase in a Canadian early-warning release dated Wednesday, 26 August. Galantas Gold has its head office in Toronto, and the seller was an unnamed third party.
Alpayana described itself in August 2025 as a family-owned group with revenues above US$500 million. That is the company’s own statement, and it is not a 2025 result.
What It Means for US Readers
Zinc galvanises US steel, and silver goes into solar panels and electronics, so a larger Peruvian supplier is relevant to US buyers. Alpayana does not publish sales volumes, so its share of those markets is unknown.
Alpayana has no US-listed shares, but Sociedad Minera Corona, the Peruvian unit that came with Sierra Metals, is quoted in Lima. See the Sociedad Minera Corona profile for that company.
Peru’s wider sector is booming, as mining exports rose 55% in the period reported by the Rio Times. Illegal mining is a separate risk, covered in the Rio Times report on 700 gold dredges in 13 rivers.
For background on the country, read Peru Explained 2026. Nothing in the Alpayana reports points to a direct US sanction, tariff or ban.
What Is Not Known
Alpayana has not published the 2025 sales figure behind the 74% projection, and the reports give no dollar total. The growth may reflect a full year of the two Sierra Metals mines, but no source says so.
The 74% is Alpayana’s own projection, relayed by Gestión and Minería & Energía, with no independent estimate. The company’s 2025 output, profit and debt are also not public.
What Comes Next
Alpayana says it will keep looking for opportunities and new markets. It has not said whether the Galantas stake is a first step toward a bid.
Full-year results would show whether the 74% was reached, but no publication date was found. A projection is not a result, and it does not confirm profit.
Frequently Asked Questions
What is Alpayana?
Alpayana is a private Peruvian mining group founded in 1986. It runs five mines in Peru and one in Mexico.
How much sales growth does Alpayana expect?
Alpayana projects 74% sales growth in 2026, according to Gestión. The company has not published the 2025 sales figure that the percentage builds on.
How much did Alpayana pay for Sierra Metals?
Alpayana offered CAD 1.15 a share (about US$0.82). A deal database lists 180 million without a currency, so the total price is unconfirmed.
Which mines does Alpayana run?
In Peru it runs Americana, Yauliyacu, Iscaycruz, Morococha and Yauricocha. In Mexico it runs Bolívar, which came with Sierra Metals.
Can US investors buy Alpayana shares?
Alpayana is privately held, so it has no public shares to buy. Sociedad Minera Corona, the Peruvian unit that came with Sierra Metals, is listed in Lima.
Sources: Gestión, 24 October 2026; Minería & Energía, 19 October 2026; Gestión, 30 July 2025; Alpayana and Sierra Metals release, 1 August 2025; Canadian Lawyer deal listing; Alpayana release on Galantas Gold, 26 August 2026. Exchange rate from open.er-api.com, 24 October 2026: CAD 1.40 per US$ (all accessed 24 October 2026).
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief