Peru Could Double Mining Investment to US$10 Billion a Year, Analysts Say
PERU · MINING
Key Facts
—The pitch: Analysts say Peru could double formal mining investment to US$10 billion a year.
—The condition: It depends on legislative powers the government wants from Congress to unblock stalled projects.
—The base: Peru invested US$6.23 billion in mining in 2025, the highest figure in a decade.
—The pipeline: The official portfolio holds 65 projects worth US$63 billion, most of them copper.
—The catch: The US$10 billion is a scenario, not a forecast; permits, politics and social conflict decide.
—What comes next: Congress debates the powers while Lima hosts the Expomina mining fair on 9–11 September.
Peru could double its formal mining investment to US$10 billion a year if stalled projects are unblocked, mining analyst Jorge León Benavides argues. The government is selling its request for legislative powers as the key that opens that door.
The US$10 billion scenario
The number comes from Jorge León Benavides, a Peruvian mining analyst. He set it out on Sunday 30 August on Radio Nacional’s programme Diálogo Abierto.
Peru could move from today’s levels of formal mining investment to US$10 billion a year, he said. The condition is that paralysed projects finally get going.
His geological case is simple. Peru holds almost every mineral, and above all the critical minerals the energy transition needs.
The scenario is optimistic, and he knows it. It assumes the government uses its requested legislative powers to unblock projects, cut bureaucracy and guarantee legal certainty.
What the legislative powers would change
The executive has asked Congress for special powers to legislate. The mining chapter of that request targets the rules that stall projects.
The draft covers the granting, validity and expiry of mining concessions and other permits. It would simplify administrative procedures and strengthen formalisation and traceability.
León Benavides backs a harder line on the Reinfo, the registry that lets informal miners keep working while they formalise. Years of extensions, he said, have twisted the mechanism’s original purpose.
Any new extension should carry an expiry date and cover only miners with concrete progress. He called for a “Mape 2.0” law for artisanal and small-scale mining that fixes earlier mistakes.
His formula is blunt. Formalising must be cheaper, faster and safer than staying informal, and illegal output must become impossible to sell.
The numbers behind the pitch
The starting point is already a record. Peru mining investment reached US$6.23 billion in 2025, the highest level in ten years, the mines ministry reported.
The ministry’s goal for 2026 is US$7.6 billion. It wants to clear the way for eight new large projects this year.
The official portfolio lists 65 projects worth US$63 billion. About 77 percent of the money earmarked from 2026 is copper.
The names are familiar to any mining investor. Michiquillay, Tía María, Los Chancas, La Granja and Zafranal sit on the list.
Víctor Gobitz, president of the Perumin mining convention, says Peru could double copper output to five million tonnes a year. The country produces roughly 2.7 million tonnes today.
His warning matches the analyst’s condition. The obstacle is not geological or financial, he said, but political and institutional.
Why mining is the government’s counterweight
Peru’s headlines this weekend belonged to crime. The Trujillo massacre put soldiers on prison perimeters and emergency powers back on the table.
The mining pitch is the other half of the government’s message. It tells investors that the same legislative powers meant to fight hostile groups can also unlock copper.
The two stories are connected on the ground. The businessman kidnapped in Trujillo traded minerals from Pataz, a region where illegal mining gangs extort legal ones.
For foreign readers, the signal is worth weighing carefully. Peru is asking for extraordinary powers and promising extraordinary investment in return.
What to watch from here
The first test is Congress. The powers request must survive a legislature that has blocked mining reform before.
The second test is social conflict. Tía María spent a decade as a byword for community resistance before construction finally started.
The third test is timing, and it arrives fast. Lima hosts Expomina Perú 2026 from 9 to 11 September, with exhibitors from around 30 countries.
The fair will fill 60,000 square metres with 1,250 stands and 180 conferences. Organisers project more than US$300 million in purchase intentions.
The government will treat Expomina as a showcase. Investors will treat it as a referendum on whether the promises outlive the emergency.
Frequently Asked Questions
Could Peru really reach US$10 billion a year in mining investment?
Analyst Jorge León Benavides says yes, if stalled projects are unblocked. Peru mining investment reached US$6.23 billion in 2025, so the figure means roughly doubling the record.
What are the legislative powers the government wants?
The executive asked Congress for powers to legislate on, among other things, mining concessions. The draft updates rules on granting, validity and expiry of titles and simplifies procedures.
What is the Reinfo and why does it matter?
The Reinfo is a registry that lets informal miners operate while they formalise. Critics say repeated extensions have made informality permanent instead of transitional.
How big is Peru’s mining project pipeline?
The mines ministry lists 65 projects worth US$63 billion, about three-quarters of it copper. Peru could double copper output to five million tonnes a year, industry leaders say.
What is Expomina 2026?
Expomina Perú 2026 is a mining fair in Lima from 9 to 11 September, with exhibitors from about 30 countries. Organisers expect more than US$300 million in purchase intentions.
Connected Coverage
The security side of the powers request is in Peru’s special powers against hostile groups, and the wider recovery in Peru’s economy rides mining and construction demand. The kidnapping that hangs over the sector is in our Trujillo update.
Sources: RCR Peru and Diálogo Abierto (Radio Nacional) for the US$10 billion scenario; Rumbo Minero and the Ministry of Energy and Mines (Minem) for investment figures; EY’s Peru mining guide; the Instituto de Ingenieros de Minas del Perú.
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