Mining is the dominant sector of the Peruvian economy. Substantial additional investment has flowed to the sector over the past 20 years. Peru is the second largest producer of silver, copper and zinc worldwide. It is also the leading producer of gold, zinc, tin, lead and molybdenum in Latin America. The Andes Mountains are the most important mineral zone in Peru and the main source of mineral deposits in the world (1).
According to the US Geological Survey, Peru has:
- 10% of the world’s copper reserves.
- 8% of the world’s gold reserves.
- 6% of silver reserves.
- 1% of zinc reserves.
- 2% of lead reserves.
- 3% of tin reserves.
- Social license to operate: New mining projects must obtain a ‘social license to operate’, which is the single most difficult policy. Indigenous and tribal people must be consulted on mining projects that affect them, and must have their approval. They must be consulted even from pre-exploration.
- Environmental concerns: Illegal mining operations have destroyed 53,000 hectares of the Amazonian forest. The government policy has banned illegal mining, that leads to environmental damage and deforestation. Enforcing this law has been difficult.
- Fiscal and Tax system on mining operations:
Leading Companies (2)
|Ranking||Company||Sales 2019 (US$ M)|
|1||Compañía Minera Antamina||2,990.50|
|2||Sociedad Minera Cerro Verde||2,854.2|
|3||Souther Peru Cooper Corp.||2,180.4|
|4||Minera Las Bambsa||1,897.7|
|8||Compañía Minera Antapaccay||1,070.5|
|9||Shougang Hierro Peru||905.2|
|10||Compañía de Minas Buenaventura||867.9|
- Ministerio de Energía y Minas. http://www.minem.gob.pe/
- Sociedad Nacional de Minería, Petróleo, y Energía. (SNMPE) https://www.snmpe.org.pe/
- Instituto de Ingenieros de Minas del Peru. (IIMP) https://iimp.org.pe/
Mining Projects (1)
Senior Trade Officer