The mining sector is consolidating its position as the main driver of Peruvian economic growth in the coming years, according to the
2027–2030 Multiannual Macroeconomic Framework (MMM), recently published in the Official Gazette El Peruano.
The document states that economic activity will grow by an average of 4% between 2028 and 2030, above the initially projected 3.2%, due to the acceleration of private investment and the start of new mining projects.
These projects represent investment commitments worth over US$20 billion, according to the 2027–2030 MMM.
Projections by the Ministry of Economy and Finance (MEF) indicate that these figures are based on the development of new projects in the 2026 mining project portfolio in the following regions: Ancash, Cajamarca, Apurimac, Arequipa, Moquegua, Piura, and Lambayeque.
These regions are home to a significant share of copper and other strategic mineral projects.
The MMM states that the most notable projects include Magistral (US$493 million) and Ilo Expansion (US$1.354 billion), whose progress in feasibility studies and environmental instruments could allow their execution to begin.
In 2029–2030, a larger number of large-scale projects would be added, including Los Chancas (US$2.60 billion), Michiquillay (US$2.50 billion), Cañariaco (US$2.16 billion), Arena Sulfuros (US$1.50 billion), and La Granja (US$2.40 billion).
Likewise, projects such as Bayovar Expansion (US$450 million), Pachapaqui Expansion (US$117 million), Los Calatos (US$655 million), and the Rio Seco Copper Plant (US$410 million) will complement the dynamism of mining investment.
The list of mining projects also includes ventures awarded through Public-Private Partnerships (PPPs), such as the Bayovar Phosphate Expansion (US$940 million), El Algarrobo (US$2.753 billion), and the IEPA Sechura project (US$2.157 billion).
Their investments would begin gradually between 2028 and 2030, strengthening the medium-term mining project portfolio.
The project portfolio exceeds US$64 billion, of which US$40 billion will be prioritized over the next five years.
Mining investment in 2026–2027
The 2027–2030 Multiannual Macroeconomic Framework (MMM) projects that mining investment will grow by 16.7% in 2026 and 8% in 2027, driven by the acceleration of investment in projects that began construction in previous years and are currently underway.
Growth will also be boosted by the momentum from new mining projects, as well as sustaining and exploration investments, amid high commodity prices and favorable investment expectations.
The MEF document details that mining investment will continue accelerating in 2026, exceeding US$7 billion, driven by progress in the construction of projects initiated in previous years.
Additional support will come from the start of new projects, as well as increased investment in sustaining and exploration activities.
(END) NDP/GDS/MVB
Published: 9/4/2026