Peru’s Gold Exports Double Formal Output as Illegal Mining Surges

Overview

• Official data show a stark gap in 2025, with 209 tonnes of gold exported versus 109.7 tonnes produced by the formal sector.
• Early 2026 figures confirm the pattern, with January–February exports at 33.42 tonnes against 16.23 tonnes of recorded production.
• Production is slipping, with March output down 5.1% year over year, while gold prices sit about 44% above last year, which raises the payoff for illegal extraction.
• Financial watchdog reports flag a surge in suspicious transactions tied to illegal mining to US$6.04 billion in 2025, more than four times 2024.
• Piura has become a hotspot, where local experts estimate 80–90% of gold is illegal and report mercury and cyanide pollution alongside rising organized crime.
• The formalization registry Reinfo has been extended to December 2026 and has formalized only 2.4% of registrants, while proposals such as state gold buying or shorter concessions could lock in laundering and stall over US$12 billion in projects.