A view of the town of Morococha and the Toromocho copper mine during an eviction operation in Morococha, Peru, in September. The last five families from the old town of Morococha were forcibly removed from their homes in an operation involving numerous police officers, who blocked access to the area for journalists and members of non-governmental organizations. Filoe Photo by Sebastian Blanco Salazar/EPA
Peru is heading toward a significant expansion of its copper industry.
The Central Reserve Bank of Peru says the country has the potential to double copper production in the coming years, driven by a pipeline of large-scale mining projects.
National output exceeded 2.75 million metric tons, or about 3 million short tons, in 2024, and could rise by an additional 3.2 million metric tons, roughly 3.5 million short tons, if planned investments move forward.
To achieve that growth, about $47 billion in investment would be required, largely directed to large-scale projects, Peru21 reported.
The outlook comes as global demand for copper rises alongside the energy transition, transport electrification and the buildout of infrastructure tied to renewable energy and clean technologies.
Among the projects with the greatest extraction potential are Yanacocha Sulfuros, La Granja, Michiquillay and Tía María, initiatives that could strengthen Peru’s position as one of the world’s leading copper producers.
Peru currently ranks third globally in copper production, behind Chile and the Democratic Republic of the Congo.
The country has historically been the world’s second-largest producer and aims to regain that position through new mining developments.
According to the central bank, if these projects are developed, the additional copper output would amount to about 6.5% of gross domestic product over the life of the mines.
From a spending perspective, associated private investment would be equivalent to about 15.7% of GDP, with multiplier effects on employment, exports and tax revenue.
The path to expansion, however, faces challenges. The central bank identified social conflicts as a key risk factor, noting they have historically led to shutdowns, delays and significant economic losses in Peru’s mining sector.
Community protests have halted operations and caused major losses at several projects, including Conga. In that case, widespread opposition over environmental concerns, particularly threats to water sources vital for local farming and livestock, led to protests, a security crackdown and the project’s indefinite suspension.
Another concern for potential investors is extensive environmental and administrative permitting, which can significantly extend project development timelines.
