Peru’s US$64B Mining Pipeline: What Suppliers Need to Know

The Peruvian Ministry of Energy and Mines just released the newest edition of its mining project portfolio: “Mining Investment Project Portfolio, 2025 Edition,” comprised of 67 mining projects encompassing an investment of US$64.1 billion.

In 2024, Peru solidified its position as one of the world’s leading metal producers. The mining sector plays a crucial role in the economy, accounting for 64.2% of total exports and generating over USD$8 billion in revenues for public projects and local development. Mining also reached record employment levels with 238,000 direct jobs, which, through a multiplying effect, support over eight times as many indirect jobs.

For suppliers in the mining industry, understanding the project pipeline is essential — it’s not just a list of future mines, but a roadmap of where opportunities will emerge over the coming years and decades. The pipeline reveals which projects are advancing, where capital is flowing, and what types of technologies, services, and equipment will be in demand at each stage of development.

In a competitive landscape, this foresight can make the difference between reactive bidding and proactive, long-term partnership building — ultimately shaping a supplier’s success in the evolving Peruvian mining market.

New Projects:

The 2025 portfolio features 67 mining projects across 19 departments, totaling an impressive US$64.1 billion — reflecting a 17.4% increase (US$9.5 billion) compared to 2024. This growth is largely thanks to the addition of 19 new projects, which offset the removal of 3 projects (two moved into production and one was financially written off).

Types of Projects:

• 36 Greenfield projects (new developments) totaling US$41 billion.
• 31 Brownfield projects (expansions or optimizations) totaling US$23 billion.
  Specific categories include expansions (like Bayóvar and Toromocho Phase II), optimizations (such as Cerro Verde and Julcani), replacements, and reprocessing projects (like Quiruvilca).

Investment Highlights:

• Some projects saw significant investment increases, like Cañariaco (up to US$650M), Zafranal (up to US$1.9B), and Tía María (up to US$1.8B).
• Others adjusted down, like Cuajone (reduced to US$605M) and Romina (down to US$147M).

Executed Investments Until 2024:

By the end of 2024, Peru had executed US$ 1.351 billion, representing 2.1% of the total portfolio investment of US$64.1 billion. This includes progress on major projects already under execution, such as:

• San Gabriel
• Inmaculada Replacement
• Toromocho Phase II (notably the largest executed amount)
• Antamina Replacement
• Romina

Projected Investments (2025–2028):

Between 2025 and 2028, Peru is set to execute US$ 11.87 billion, accounting for 18.5% of the total portfolio. This phase encompasses several large-scale, high-impact projects that are moving from advanced planning into construction and eventual operation. These projects are not only critical for boosting near-term mineral production and export revenues but also play a pivotal role in strengthening Peru’s mining development pipeline. For suppliers, this window presents a prime opportunity to engage early, forge relationships with project operators, and position their solutions — from construction services and specialized equipment to operational technologies — at a moment when mines are being designed, built, and ramped up. Successfully entering during this phase allows suppliers to embed themselves into projects that will shape Peru’s mining output and industrial activity over the next decade.

Projected Investments After 2028:

A substantial portion of the portfolio — US$ 50.85 billion, representing 79.4% of the total investment — is projected for execution after 2028, underscoring the long-term strength and strategic importance of Peru’s mining sector. These future-focused projects, many of which are currently in feasibility, pre-feasibility, or conceptual stages, lay the foundation for sustained mining activity well into the 2030s and beyond. For suppliers and investors, this signals not just short-term opportunity but a multi-decade horizon of demand for mining-related goods, services, and innovation. The size and depth of this future pipeline provide ample time for companies to plan, localize, and develop tailored offerings that can evolve alongside Peru’s mining needs — making it one of the most promising and enduring markets in the global mining landscape.

Underground vs Open Pit:

This breakdown highlights that while Peru’s mining portfolio is heavily dominated by open-pit operations, there is also a robust pipeline of underground and mixed-extraction projects. This distinction is particularly valuable for suppliers, as many solutions — such as underground communications systems, specialized equipment, or safety technologies — are specifically tailored to one type of mining over the other. Understanding where future investment is headed allows suppliers to better align their offerings with the operational needs and technological demands of Peru’s evolving mining landscape.

Conclusion:

The Peru 2025 Mining Investment Project Portfolio is more than just a snapshot of future mining activity — it is a strategic roadmap that reveals where opportunities will emerge across the country’s US$64.1 billion mining pipeline. For suppliers, this report is critical because it offers deep insights into which projects are advancing, which mining methods are prioritized (open-pit, underground, or mixed), and which regions are drawing the most investment.

Understanding these details allows suppliers to align their offerings — whether in equipment, technology, services, or specialized solutions — to the specific needs of upcoming projects. For example, companies focused on underground safety systems, communications, or specialized machinery can identify exactly where underground developments are growing. Similarly, suppliers serving large-scale open-pit operations can see where major expansions and optimizations will create new demand.

By using this report as a guide, suppliers can not only position themselves early but also build long-term partnerships, tailor solutions for Peru’s evolving mining landscape, and ultimately play a key role in helping shape the next chapter of the country’s mining growth.

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 cmm@ax.legal