Overview
- Mining exports reached US$35.608 billion in January–August 2025, up 16.2% year over year, with copper at US$16.438 billion (+8%) and gold at US$13.471 billion (+40.7%), accounting for 65% of Peru’s total exports, according to SNMPE.
- In August alone, exports totaled US$4.993 billion (+16.5% YoY); copper exports were US$2.264 billion (+6.9%) as a 25% price jump offset a 14.4% drop in volume, while gold exports hit US$2.008 billion (+40.9%) on higher price and modest volume gains.
- Accumulated mining investment rose 12.8% to US$3.343 billion through August, with US$520 million in August; exploration hit US$455 million (+34.5%) and infrastructure US$791 million (+24.2%), Minem data show.
- Investment remained concentrated in Moquegua (US$474m), Arequipa (US$434m) and Apurímac (US$358m), with Zafranal leading exploration spend, Southern and Poderosa also prominent, and Buenaventura, Las Bambas and Shougang driving infrastructure outlays.
- The near-term outlook softened as the BCRP cut its 2025 mining investment growth forecast to 6.2% and 2026 to 2.4%, while experts warn full-year spend could finish near US$4.95 billion and say election and congressional uncertainty may delay large projects such as Zafranal and Tía María.