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Peru Mining Project Pipeline for 2021



Peru has a large project pipeline of mining projects totaling approx. USD$58bn. It has been a focus market for mining suppliers for the last few years due to the fact that the local miners are open to new technologies and it is still relatively open in terms of competition compared to Chile. 

In terms of projects for 2021, the Peruvian government is forecasting the construction of seven mining projects to begin this year with Marcona Tailings and Pampacancha being the most advanced and likely to proceed.

Marcona Tailings

  • Also known as Shouxin Copper-Iron-Zinc Expansion Project, Peruvian Energy and Mines Minister, Jaime Gálvezalso, recently said that it could begin construction next month as only minor permits are missing.
  • The US$1.5bn expansion, part of a series of investments in Peru’s iron ore industry in 2018. The project is located in San Juan de Marcona district, Nazca province, in Peru’s Ica department, approximately 540km south of Lima.
  • In 2016, the company completed the first stage of the project, including primary and secondary crushers, three ore pads and 25km of conveyor belts. The mine, which also produces copper and zinc, has proven and probable reserves for 2.180Bt of 55% iron ore.
  • The expansion project increased Marcona’s iron ore production capacity in 2Mt/y once new deposits go into operation.
  • The new expansion of the tailings will cost the company US$140mn with an expected start date in 2021.


  • Hudbay Minerals successfully completed prior consultation to develop the Pampacancha pit at its Constancia copper mine in Peru’s Cusco region, allowing it to move ahead with a US$70mn investment in the project.
  • Pampacancha is a high-grade satellite copper deposit, discovered in 2011 at the Constancia open pit mine in the Cusco region in Peru’s southern highlands, just 4km from the Constancia plant.
  • According to data from Hudbay, Constancia is the lowest-cost open pit copper sulfide mine in South America.


  • The US$490mn open pit copper project in Ancash region, 450km northwest of Lima, is in the feasibility stage and operated by Brazilian mining and metallurgical group Nexa Resources.
  • A Preliminary Economic Assessment was released on August 2017.  This study confirms for this mine a conventional open pit mine and a 30kt/d ore conventional concentrator producing copper and moly concentrates.
  • The life stripping ratio is 1.5:1 and the copper concentrate is expected to have on average 26% Cu and 0.25%As.
  • Construction should begin in 2022 and conclude in 2025.

Río Seco

  • Investment for the copper plant is estimated at US$350mn. The project, already in the feasibility stage, is in Lima region and operated by Procesadora Industrial Río Seco, a unit of the Peruvian miner Buenaventura.
  • Construction will take two years and the plant will operate for 20 years. Commercial operations will involve the disposal of pyrite and gypsum-scorodite byproducts in secure deposits, according to the EIS.
  • Auxiliary components for the plant include secure tanks (pyrite and gypsum-scorodite), pressure and recirculation pipes, well and conduction pipes for water supply, accesses, quarries and a cutting material deposit, among others.
  • Construction should start in 2022 and finish in 2024.


  • The open-pit and underground copper-gold project will require a US$1.26bn investment. It is operated by Minera Zafranal, a joint venture between the Canada’s Teck Resources, which owns an 80% stake, and Mitsubishi Materials.
  • Originally planned to start in 2023, the company expects to begin construction in late 2022. A primary crushing plant and a conveyor belt of about 3,500m will be located at the pit, which will carry the ore through a tunnel to the concentrator plant. The concentrates will be trucked 195km to the port of Matarani, where the company will have a storage area with capacity for 40,000t.
  • Zafranal is expected to generate 2,900 direct jobs and 1,900 indirect positions in the construction stage, and 1,900 direct and 2,000 indirect jobs once operating.
  • The useful life of the mine is estimated at 19 years. Copper production is put at 76,000t/y.
  • The Victoria pit will start production first, probably in May 2025.

Los Chancas

  • Located in Apurímac region, the US$2.6bn open-pit copper project operated by Southern Copper is in the pre-feasibility stage. Construction should begin in 2024 and conclude in 2027.


  • Also in Apurímac, the US$973mn open-pit copper project, operated by El Molle Verde, is in the pre-feasibility stage. Works should start in 2024 and conclude in 2026.


  • Operated by Southern Copper, the US$2.5bn open-pit copper project in Cajamarca is in the pre-feasibility stage, while construction should take from 2025 to 2028.

Projects in Construction 

  • US$1.6bn – Mina Justa copper project is well advanced and could enter production in April.
  • US$5.3bn –  Quellaveco gold project is just over 50% complete.


Peru has a large project pipeline and less than 10% of the country’s 1.29-million-square-kilometer territory has been explored. For  mining suppliers, the country has a good mixture of underground and open pit mines which will require a significant amount of technology, equipment, and services to support their growth over the next 10 years. Between Chile and Peru, the Region should be on every mining suppliers radar. and Business Consultancy is located in Chile with partners throughout the Latin American Region. Our team of legal and commercial advisors has a distinguished track record of helping foreign technology and services companies with their growth and operations in Latin America.

To better understand how we can support you in the Region, please contact Cody Mcfarlane at