Economist Elmer Cuba forecast that a group of 11 mining initiatives could be operational in Peru by 2028, with a total estimated investment of around US$8 billion.
He made this statement during his participation in an event organized by the Institute of Mining Engineers of Peru (IIMP).
Which projects are included? Antamina Replacement (Ancash region), Corani (Puno region), Raura Replacement (Huanuco region), Tantahuatay Replacement (Cajamarca region), Chalcobamba Phase I (Apurimac region), Trapiche (Apurimac region), Pampa de Pongo (Arequipa region), Romina (Lima region), Tia Maria (Arequipa region), Zafranal (Arequipa region), and Huancapeti Expansion (Ancash region).
Cuba stated that these initiatives —which include expansions of existing operations and new developments— would be key to sustaining the growth of Peru's copper and gold production, as well as ensuring the flow of fiscal revenues and foreign exchange in the coming years.
"We are in a position to attract the world's top mining operators, but we need to address the excessive red tape that hinders project implementation. Peru cannot afford to impose obstacles on its most competitive sector," he emphasized.
On another note, the economist mentioned that mining accounts for 40% of corporate income tax revenue, 63% of exports, and around 16% of GDP.
"It is impossible to understand Peru's macroeconomic stability without considering the role of mining," said Cuba, who is also a partner at Macroconsult.
However,
he warned that the South American country faces risks that could undermine these projections, particularly the advance of illegal mining.
In the case of gold, the economist estimated that half of exports come from informal sources —equivalent to about US$10 billion in 2025— posing a serious fiscal and environmental problem.
In a context of high international prices and growing global demand for copper driven by the energy transition, Cuba insisted that Peru must prioritize a streamlined and predictable regulatory framework in order not to lose competitiveness to other producers such as Chile and Australia.