Mining, Mining Technology, Projects Tagged

Peru Mining – 2024 Project Pipeline Update

Peru is a natural choice for mining companies looking for high quality deposits. Currently, it is the second largest producer of copper in the world and stands amongst the top producers for silver, lead, zinc, tin, and molybdenum.

In addition, already operating mines have been heavily investing in new technology, equipment, and services which have made Peru a very interesting market for supplier companies. .

The Peruvian Energy and Mines Ministry (Minem) recently released their updated forecasts on the project pipeline which now consists of 51 mining projects that include an investment of US$54.5 billion. That is a 2.7% (US$ 1.4 billion) increase compared to last year with the removal of some projects and the addition of 6 new projects.

New Additions to the Mining Investment Projects Portfolio 2024

  • Reposición Ferrobamba (US$ 1.75b) – No start date but seeks to extend the life of the copper mine’s current pit by six years to 2039. Las Bambas has been carrying out explorations at the pit in recent months with the aim of expanding its capacity. 
  • Coimolache Sulfuros (US$ 598 million) – Construction is projected to start in 2029 and start operations to produce 105,000t/y by 2032.
  • Mina Justa Subterránea (US$ 500 million) – No construction date but projected operational start date of 2027.
  • Reposición Colquijirca (US$ 431 million) – Will extend the Pasco region mine’s life by 11 years, also lacks concrete dates.
  • Ampliación Huancapetí (US$ 345 million) – Is scheduled to enter the construction stage this year and start operations in 2029. It seeks to raise throughput by 3,000t/d to 10,000t/d.
  • Ampliación Huachocolpa (US$167 million) – No information and or dates currently.

Projected Construction Starts For 2024


Antamina Operational Continuity (US$1.6bn)

  • The project will allow the company to extend its operations from 2028 to 2036. 
  • Among the main modifications are the expansion of the footprint of the open pit, and the expansion and optimisation of the dumps and tailings dam. 
  • The mine area will be increased by 25% and the open pit will be deepened by additional 150 m will be deepened. Up to 173,000 t/d of ore will be extracted, with a waste movement of up to approximately 742,000 t/d.
  • There will be replacement of the primary ore crushing station and installation of a new Waste 2 rock crusher. Two new tunnels will be built along with associated conveyor belts: one for ore towards the processing plant and the other (Waste 2) for waste towards a spreader at the waste dumps. The conveyor belt system will complement transportation by mining trucks, which will remain at the current levels. The Waste 1 part of the project involves optimisation of the existing waste crushing and transportation system to the waste dumps.
  • Antamina will also optimise some equipment and processes in the processing plant in the main stages of crushing, grinding, classification and flotation, to reach a capacity of 208,000 t per day and maintain the annual production volume, through the replacement, modification and/or addition of equipment in seven areas.

Corani (US$579mn)

  • Bear Creek’s wholly owned Corani deposit is one of the largest fully permitted silver-polymetallic deposits in the world.
  • The future mine will have a 15-year mine life and will produce 8 million ounces of silver per year, as well as more than 47,000t of zinc and 16,000t of lead per year.
  • Bear Creek has obtained all infrastructure permits for its US$579mn Corani silver project in Puno. 
  • The project has been granted all key permits, including an approved environmental and social impact assessment (ESIA), construction permits and accreditation of water availability. It was also the first industrial project in Peru to undergo the state-run Consulta Previa process for which it received 100% community support.
  • The Corani open pit mine is being developed using conventional drilling and blasting. The mining plan includes the delivery of approximately 7.88Mt of ore a year (22,500t a day) to the crushing unit.
  • The silver-lead-zinc deposit will be accessed through a new 63km-long road, which will be connected to the Interoceanic Highway that further connects to the Port of Matarani.
  • A construction date has not been set but the company has stated that it would most likely be the second half of 2024.

Raura expansion (US$76mn)

  • The Raura Mine, owned by Minsur, is a surface and underground mine located in Huanuco that is focused on zinc, lead, and silver.
  • The current capacity of 2,880 tons per day (tpd).
  • The initiative will extend the useful life of the mine, through the deepening of the underground mine workings, the continuity in the operation of the Nieve Ucro II tailings deposit and the construction of a new tailings deposit.

Tantahuatay (US$127mn)

  • Minera Coimolache, a company that makes up Buenaventura and Southern Copper.
  • Tantahuatay mine produces gold and silver in open the t, with operations since 2011 and is in the province of Hualgayoc.
  • Below this production, there is arsenical copper mineralization. There is a deposit of more than 3.7 million tons of copper, and it is expected to carry out a plant processing with a total capacity of 20,000 metric tons of ore per day.

Chalcobamba (US$130mn)

  • US$130mn Chalcobamba copper project in Apurímac region is challenging because of local conflicts around the transportation of its concentrates. They are in discussions, and they hope that construction can start by August 2024.
  • Chalcobamba is important because it complements Ferrobamba‘s resources. Although Chalcobamba’s US$130mn capex is not as high as other brownfield expansions, the budget basically relate only to roadworks and pit preparation since the ore will be transported back to the Ferrobamba pit, where the processing plant and concentrator are located.
  • The production stage of the Chalcobamba pit will run from 2022 to 2033. During its 12-year useful life, a total of 210 million tons of ore will be extracted from Chalcobamba, and a total of 259 million tons of waste.
  • Due to the entry of a new pit in the operation, Las Bambas also plans to expand the capacity of the processing plant from 145,000 Tn / d to 152,250 Tn / d and introduce improvements and new equipment.
  • The company will incorporate into the operation of the Chalcobamba pit an aggregate crushing system and storage stockpile so that the Chalcobamba operation has an independent crushing system and does not depend on the existing system in Ferrobamba.

Romina (US$150mn).

  • Romina is one of the projects that expects to receive authorization in the first months of 2024. Construction is expected to start in 2024 and commissioning is scheduled for 2026.
  • The total investment, US$150mn is for construction, US$389mn for operation and US$16mn for closure.
  • The pit is expected to produce 28,500t/d and the underground section 5,000t/d over a 16-year life of mine.
  • There are plans to construct an open pit and tunnels. The project will also include stockpiles, waste rock dumps and wastewater treatment systems. The project includes the construction of a 1.9km tunnel to facilitate ore transport and vehicle transit.


There is much to be optimistic about the Peruvian mining industry, but the country continues to face challenges that cannot be ignored. On one hand, there is a large project pipeline that will support global copper production should the projects be built. On the other, the project pipeline is not moving due to permitting times, social conflict, and questions about political stability.

The government has made it a priority to improve areas that are holding back investment decisions. The low hanging fruit is improving permitting times which requires streamlining many of the processes and hiring additional staff to review projects, which is it already doing. Social conflict will remain an issue going forward and unfortunately it is not any closer to be solved. The government is walking a tightrope between supporting the industry and trying to appease local communities.

Regardless of the issue at hand, Peru is already a great market for mining suppliers, but the pipeline of future projects makes it even more interesting.  Peru has grown its copper production considerably over the last 10 years and the expectation is that it will continue to do so. The country could be positioned well in the coming years to supply copper to what could be a very tight market in the future. 

Ax Legal helps industrial technology, engineering, and service companies to navigate the legal and commercial aspects of operating their business in Latin America. With deep knowledge of the industrial and natural resource sectors, we provide actionable and practical advice to help streamline our clients’ entries into Latin America, improve how they operate in the region, and to protect their interests.

Over the years, our team of legal and commercial advisors have developed a track record of working with companies of all sizes from Australia, Canada, the U.S., and Europe. The one common factor that connects our clients is that they are leaders in their field, providing innovative technologies and services to the industrial sectors.

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