Mining market in Peru

Peru is one of the world’s most prominent mining economies, ranking:

• 2nd globally in copper and zinc production
• 3rd globally in silver production
• 2nd in Latin America for gold output

According to the United States (U.S.) Geological Survey (2024), Peru positions itself as a key global supplier in strategic minerals, holding:

• 12% of the world’s copper reserves
• 15.3% of silver
• 9.5% of zinc
• 3.9% of gold
• 5.3% of lead
• 2.8% of tin

Mining remains a cornerstone of Peru’s economy, contributing 8.4% to GDP (2014 to 2023 average) and accounting for 59% of total exports. With only a fraction of the national territory explored and just over 1% of identified reserves under active development, Peru offers untapped potential for Canadian mining suppliers, technology providers, and investors.

There is strong demand for high-performance equipment, industrial vehicles, and related components for both open-pit and underground operations. This includes haulage and drilling systems, crushers, and automation platforms.

Canadian firms offering environmentally responsible technologies are well positioned to help Peruvian mining companies meet stricter environmental and community engagement standards. This includes offerings such as:

• water treatment
• tailings management
• emissions reduction

With 43 major mining projects worth USD 53.7 billion in the pipeline (MINEM, 2023), there are opportunities for companies offering:

• geophysical surveys
• resource modeling
• project development services

There is growing interest in improving productivity, safety, and cost efficiency using digital tools, machine learning, fleet monitoring systems, and predictive maintenance.

Solutions for better ventilation, electric vehicles, battery systems, and automated equipment are in demand to support increasingly complex underground mining operations.

Mining companies in Peru seek to maintain their social licence to operate. Canadian expertise in stakeholder engagement, Indigenous and community relations, and ESG strategy development is valued in the Peruvian market.

• US$4.8 billion in mining investment in 2023
• 43 mining projects totalling US$53.7 billion awaiting development
• Peru ranks 2nd in global copper reserves and 3rd in silver reserves
• Only around 1% of land explored for mineral potential
• Mining contributes 59% of Peru’s total exports

Canada is a long-standing mining partner in Peru, and Canadian firms are widely respected for their innovation and responsible practices. The government of Peru continues to prioritize mining as a driver of economic growth and foreign investment. However, projects must be developed with strong community engagement and environmental compliance to ensure continuity and public support.

Most procurement decisions in Peru’s mining sector are made directly by mine site managers and engineers. Establishing relationships with key site-level stakeholders and speaking Spanish are both critical success factors. Canadian firms are encouraged to work with a local distributor or representative who understands the business culture and can provide on-the-ground follow-up and support.

Canadian mining suppliers that can demonstrate value in productivity, safety, sustainability, and regulatory alignment will be well-positioned for success in this high-potential market.

With its vast mineral wealth, stable regulatory environment, and significant investment pipeline, Peru is one of the most attractive mining markets in Latin America. Canadian companies offering mining supply, environmental technology, automation, and advisory services will find long-term opportunity in Peru’s rapidly evolving mining sector.