Photo of Ricardo Gomez Angel in Unsplash
During a national address for the National Holidays, Peruvian President Dina Boluarte announced that her government is considering authorizing 134 new mining projects that would represent a combined investment of more than US$1.4T6 billion.
Mining reactivation: a government priority
Boluarte explained that the Executive Branch has prioritized the analysis of projects that could enter the construction phase between 2025 and 2026, highlighting key initiatives such as the Zafranal copper project in Arequipa and the Pampa de Pongo iron ore project in Ica. Both are poised to begin construction soon, representing more than US$1.4T4.7 billion in initial investment.
"Our commitment is to promote responsible, formal, and environmentally sustainable investment," the president stated.
Fund for small-scale miners and formalization
The president also announced the creation of a private fund to support formalized small-scale miners, with the goal of boosting their competitiveness and facilitating access to financing, technology, and job security.
In parallel, the government projects that formalized mining by small producers will generate sales exceeding US$$5 billion annually by the end of 2025.
Tensions with informal mining
The announcement comes amid tensions with the informal mining sector, after more than 50,000 miners were excluded from the Comprehensive Registry of Mining Formalization (Reinfo). Currently, only 31,000 miners remain in the formalization process and must meet the technical and legal requirements before the end of the year, as established by the Ministry of Energy and Mines.
Mining as an economic engine
Mining accounts for approximately 101% of Peru's GDP and more than 60% of its total exports. Peru is the world's second-largest copper producer, behind only Chile. The country also has significant reserves of gold, silver, zinc, and iron.
The Boluarte administration will seek to stabilize its political situation and revive the economy through mining projects after years marked by social protests, cabinet changes, and a decline in private investment.
While the announcement has been welcomed by business associations, environmental groups, and communities affected by mining operations have called for the process to be carried out with complete transparency and with respect for the rights to prior consultation and the protection of sensitive ecosystems, such as the Andes and the Amazon.
In addition, the Ministry of the Environment and the National Environmental Certification Service for Sustainable Investments (Senace) are expected to closely monitor the progress of the projects.
For more stories like this, follow More Latin.
Sources:
English 
Spanish