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2h ago

Peru’s Illegal Gold Trade Poised to Reach $12 Billion as Industry Warns of Election Infiltration

Perumin 37 speakers say losses near S/9,000 million reflect a rapid expansion of processing and export channels used to launder ore.

Minería ilegal. Fuente: Mindef
Del Perú proviene el 44% del oro ilegal que se exporta por América del Sur
Oro ilegal en Perú iguala a la minería formal: exportaciones superan los 12 000 millones de dólares
PERUMIN 37: Exportación ilegal de cobre y oro ocasiona una pérdida de más de S/9.000 millones por evasión fiscal

Overview

  • Bank of America, citing IPE estimates, projects illegal gold exports in 2025 at about US$12 billion, roughly 4% of GDP and on par with the formal sector.
  • SNMPE president Julia Torreblanca cautioned that illegal mining networks could finance candidates and seek influence over key posts in the 2026 elections, urging a transparency pact.
  • IPE reports Peru accounts for 44% of South America’s illegal gold, with roughly 82 new processing plants and 58 new commercializers created each month and a sharp rise in exporters, especially in Puno.
  • Tax losses tied to illicit exports of gold and copper in 2023–2025 are estimated above S/7,500 million, reaching more than S/9,000 million in some analyses, with calls for integrated controls and penalties on suppliers.
  • Evidence of laundering includes a gap between about 90 tonnes produced and 170 tonnes exported last year, while formalization has reached only 2% of registered miners and the enforcement budget fell from S/90.8 million to S/70.6 million in 2025.