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1、PERU MINING 2025Pre-Release Edition IIPolitical Wrangling UnravellingPeru and its mining industry prepare for elections in 2026Finaly,after nearly a decade of turmoil,it is official:Peru is on tracks to elect its new president on April 12,2026.For many,this date will not only mark the end of a perio

2、d defined by instability,social polarization and frustration,but also,hopefully,promise a brighter future for the mining sector.On March 25,Dina Boluarte addressed the nation from the Government Palace in Lima to call for general elections,stating:“We hope,for the sake of Peru and for present and fu

3、ture generations,that the 2026 elections will not only allow our citizens to exercise their right to vote,but also put an end to a period of instability that has led Peru to have six presidents in recent years,fueling polarization that has only divided us,delayed investments,and worsened the wave of

4、 insecurity.Of the the six Peruvian presidents since 2016,Boluarte will be the only one to complete her mandate.Polarization is indeed a term that carries weight.OnApril12,2025,the National Jury of Elections(Jurado Nacional de Elecciones)closed party registration for the upcoming general elections.T

5、he result?43 parties will compete,almost double the 23 that registered for the 2021 elections.If this is not a clear reflection of polarization,and a sign that Peruvians are searching for an asyetunseen alternative on the political landscape,what is?For now,predicting the future scenarios is impossi

6、ble:With so many parties expected in the next election,candidates with only a small share of the vote could reach the second round,creating unpredictable outcomes.Those who move forward may not have strong support,making it hard to build lasting political stability.This worries investors in key sect

7、ors like mining,where a stable environment is needed to develop big projects,commented Marcial Garca,partner at EY.The presidents reference to delayed investments is particularly relevant,as Perus mining project portfolio has remained stagnant in recent years.However,the issue of delayed projects mu

8、st also be analyzed alongside another statement made by Boluarte during her speech:We want a campaign focused on proposals that ensure growth,social justice and development,and that keep public works moving forward so Peru does not come to a standstill.According to Miguel Hidalgo,general director at

9、 Grupo Hidalgo,the viability of a mining project in Peru depends 80%on social/political factors and only 20%on technical aspects such as studies and engineering.He emphasized that ideological and political interference particularly during election campaigns often complicate community relations.Perus

10、 political class and its decisions often send a dangerous anti message that jeopardizes investment in extractive industries.Just four words,Water yes,gold no,were pronounced by Huamala(later President)during his campaign and harmed mining investment in Cajamarca.Today,that same region is once again

11、facing extreme poverty in its communities,he insisted.One thing that must be acknowledged about Boluarte is that,at the very least,she has not directed negative messages about the industry to Peruvians as Castillo did.Mining remains a key driver of the national economy,creating jobs and infrastructu

12、re and promoting development across the country,stated Boluarte during her appearance at the XV Simposio,held in May 2024 in Lima.From a foreign investors perspective,Peru currently stands out as one of the most solid and stable options in South America,which is surprising given its challenges.Polit

13、ical stability is a key factor.While the current governments management may not be the best,it has at least allowed for some progress,which could help build investor confidence.The current government must complete its term,and the upcoming elections must be transparent and democratic to strengthen P

14、erus image as a reliable foreign capital destination,Javier Mendoza,general manager at Anddes Peru and Ecuador reflected.While there are modest advances in some major projects,such as Ta Mara and Zafranal,it is crucial to establish strong incentives and address structural issues to better capitalize

15、 on international conditions and attract more foreign investment,commented Marcial Garca,partner at EY.As a government,we are pushing for a regulation shock.The goal is not to regulate for regulations sake,but rather to listen to the private sector and identify unnecessary procedures or delays that

16、slow down investment.Jos Antonio Salardi,Minister of Economy and Finance,Government of PeruImage by SL-Photography at Adobe Stock2PRE-RELEASE II|PERU MINING 2025Global Business Reports|PRE-RELEASE EDITION“Unlike previous cycles driven by juniors,todays mining boom follows a different pattern.Today,c

17、apital favors faster returns,sidelining exploration,a shift that could jeopardize future projects.Jorge Granda,CEO,AK DrillingThe reality is that those two projects and several others in the pipeline have been in development for a long time.Grupo Mxico,the owner of Southern Peru(the subsidiary that

18、owns Ta Mara),has increased the projects CapEx to US$1.8 billion.Meanwhile,Zafranal(a joint venture between Teck and Mitsubishi)is progressing,and the newly appointed general manager,Gisella Lombardi,stated that the detailed engineering is expected to be completed in the second half of 2025.Most min

19、ing leaders are optimistic about Perus future:If the upcoming electoral campaign and elections do not negatively impact mining investment but,on the contrary,drive it to continue growing,we will see a wave of new mining projects that have been on hold for years.With their activation,the demand for e

20、nvironmental impact studies,baseline assessments,and other key analyses will increase,asserted Guillermo Barreda,general manager at Knight Pisold in Peru.Csar Kahatt,senior vice president and regional mining practice leader for Marsh McLennan,acknowledged that while elections tend to generate uncert

21、ainty in investments,greenfield projects will not be significantly affected:It can take more than 10 years for a project to progress from exploration to production,and they are more likely to move forward regardless of the electoral context,as their execution horizon is much broader.Companies whose

22、projects feasibility study is already completed,and are about to start construction,or seek financing,might choose to wait and see the outcome of the elections,he concluded.Julia TorreblancaPresident,National Society of Mining,Petroleum and Energy(SNMPE)During your term,what will be the main focus f

23、or the SNMPE?During my term as president,we will encourage the active participation of our members to strengthen institutional frameworks and continue collaborating to ensure that the State provides the necessary guarantees to attract more private investment that can help close infrastructure and so

24、cial gaps.We will work to ensure the sectors sustainability and competitiveness,with the challenge of becoming the driving force in the global energy transition.According to the INGEMMET,Peru is rich in eight of the 17 critical minerals needed for the transition copper,iron,lead,molybdenum,silver,zi

25、nc,indium and graphite so our potential must resonate worldwide.What needs to be improved in Peru to attract more mining investments?In some cases,excessive red tape causes the exploration phase to take more than 36 months while in countries like Chile,this process is shorter and more agile.Moreover

26、,mining revenue in taxes fails to translate into effective investment to reduce infrastructure gaps and improve Peruvians wellbeing because they are used inefficiently.We need to simplify the legal and regulatory framework,ensure legal certainty,and promote the efficient management of resources.How

27、should the problem of illegal mining be ad-dressed?Peru needs to develop a clear state policy,and authorities must collaborate to target and pursue those involved in illegal activities.Furthermore,the State should finalize the formalization process extension following the REINFO registrys cleanup an

28、d provide technical and financial support to those who genuinely wish to formalize.What final message would you like to share?Peru contains 10%of the worlds copper reserves,22%of silver,and 9%of zinc.Our exploration portfolio amounts to more than US$1 billion in investment across 84 projects.We have

29、 a significant portfolio of mining projects that the MINEM estimates to be around US$62 billion.How is the Ventanilla nica Digital(VUD-One Stop Shop)advancing?Implementing the VUD requires considerable investments in terms of technology and highly specialized personnel,so it has been complex and cha

30、llenging.However,the path seems clear,and we must opt for more immediate solutions even if they come with a higher price.What progress has been made with the exploration portfolio?Exploration is picking up,which is great because,in Peru,exploration always leads to finding resourcesthanks to its rich

31、 and diverse geology.This year,our portfolio has grown substantially,going from US$600 million to US$1 billion,with more than 20%of that capital coming from Peruvian investorsan interesting change as it seems that Peru is beginning to bet on its own development.What are the benefits of an incentive-

32、based formal-ization model?We want to push formalization with real incentives not just a bureaucratic process.We must facilitate access to credit,improve commercialization channels and offer technology to recover more ore as only 60%of the current ore is used,while the rest is lost due to inefficien

33、t methods.If we turned formalization into a profitable business opportunity instead of just a costly bureaucratic process,smallscale miners would be more likely to join.What is your final message for GBRs international mining community?Today,we need mining more than ever before because it is directl

34、y linked to energy.Human development has gone hand in hand with an increase in energy consumption,and to fight poverty,the demand for energy will rise,which in turn requires more metals.However,it is not enough to extract resources from the ground;it must be done responsibly and in alignment with lo

35、cal communities diverse realities and needs.We are at a key moment.Now is the time to optimize processes and strategically take advantage of the momentum.Jorge Luis MonteroMinister of Energy and Mines,Government of Peru5 54PRE-RELEASE II|PERU MINING 2025Global Business Reports|PRE-RELEASE EDITIONGlo

36、bal Business Reports|PRE-RELEASE EDITIONPERU MINING 2025|PRE-RELEASE II(De)Regulation shock Several initiatives have been introduced into the mining policy conversation.One of them is the Ventanilla nica(onestopshop,or VUD).Since it was first unveiled in 2019,implementation of the VUD has been ongoi

37、ng,with exploration permitting included in February 2024.The system promises integrated digitalization,thereby reducing form filling both physical and digital and bringing together permitting processes across government departments.Subsequent phases will incorporate mining exploitation activities an

38、d benefit concessions processes.Additionally,water permitting previously a separate and sequential step was integrated into the broader DIA licensing process in 2023,illustrating an avenue for efficiency savings in environmental permitting.However,the VUD is not expected to be fully implemented unti

39、l July 2025.Another interesting and recent initiative was establishing a multisectoral committee in October 2024 to formulate the National Multisectoral Mining Policy for 2050(PNMM 2050).The PNMM 2050 is a state policy with a longterm vision aimed at identifying and addressing national priority issu

40、es related to the sustainability and competitiveness of mining.JorgeLuisMontero,the current Minister of Energy and Mines(MINEM),toldGBR that the goal of the PNMM2050 is to set clear guidelines and service priorities that support the industryfrom small and mediumscale operations to largescale minesal

41、ong with local communities and authorities.For him,the MINEM has mostly acted just as a permitgranting organism and,instead,should have a more proactive role:We are not seeing the big picture and we are missing a strategic framework that defines clear objectives and directions.Therefore,we are worki

42、ng on developing an actual multisectoral national policy for mining,urged Montero.In some cases,excessive regulation causes delays of up to 36 months just in the exploration phase,while in other mining countries like Chile,the process is much faster,commented Julia Torreblanca,the recently appointed

43、 president of the National Society of Mining,Petroleum and Energy(SNMPE).She is right and the rest of the industry shares the same frustration,because Peru has everything the world wants and needs,from copper to gold and other base metals.Mining also means economic development:No one is saying that

44、standards should be lowered,but the process does need to be more predictable.Mining also has great value as an industry that brings different players together,emphasized Leandro Garca,CEO of Buenaventura.Mining projects have a multiplier effect on the economy,attracting service companies that either

45、 did not operate in Peru before or are looking to expand their presence,agreed Edgardo Portaro,partner at GSA Legal.In this context,where countries around the world are competing to attract capital for the development of future deposits,the Ministry of Economy and Finance,as part of the multisectora

46、l effort mentioned by Montero,is working alongside the SNMPE to address the longstanding challenge of red tape:As a government,we are pushing for a regulation shock.The goal is not to regulate for regulations sake,but rather to listen to the private sector and identify unnecessary procedures or dela

47、ys that slow down investment,assured Jos Antonio Salardi,current Minister of Economy and Finance,during an interview with GBR.Will this push materialize in the upcoming months,and how will this unfold?This reform effort is happening in a preelection year,with elections set for April 2026,which adds

48、a layer of political uncertainty,as different candidates may take positions either for or against mining,warned Alberto Varillas,partner at GSA Legal.Dont call it mining Without any doubt,we firmly believe that illegal mineral extraction should not even be called mining.It is an affront to our count

49、rys long standing mining tradition.We prefer to call it illegal economy,stressed Daro Zegarra,president of the Peruvian Institute of Mining Engineers(IIMP).In June 2024,the SNMPE,together with the Instituto Peruano de Economa(IPE),released a report titled Comparative Analysis of Governmental Respons

50、e to Illegal and Informal Mining in South America,a study that compared how different South American countries are addressing illegal and informal mining within their borders.Some key takeaways are that it is estimated that nearly 30%of Brazils gold exports,44.4%of Perus,50%of Bolivias,between 70%an

51、d 77%of Ecuadors,85%of Colombias,and between 70%and 90%of Venezuelas,come from illegal mining.Alarmingly,nearly half of the total illegal gold exported from South America,44%in fact,comes from Peru.In mines such as those in Pataz,over a thousand security personnel have lost their lives,reflecting th

52、e severity of the problem and the urgent need for more control,added Giulio Valz Gen,CEO at Howden Per.In recent months,the REINFO and the new proposed Ley MAPE have taken center stage in Perus mining policy discussions.The REINFO(Registro Integral de Formalizacin Minera),initially created in 2016,h

53、as been repeatedly extended.In late 2024,the Cabinet of Peru approved a draft of the Ley MAPE,which is intended to replace the REINFO.The new Ley MAPE is under debate,but the REINFO was extended for another six months,with a possible extension until the end of the year.There is a draft,but the outlo

54、ok remains uncertain,especially with the absence of clear leadership and the upcoming elections.However,it is evident that change is necessary,stated Marcelo Santillana,general manager of Minera Poderosa,one of the companies most affected by illegal mining.In light of recent events related to illega

55、l mining,one can only wonder if there are specific insurances to help mitigate this pain.Andrs Guiulfo,CEO at Lockton Per,an insurance broker,said:There are insurance policies that cover riots,strikes,malicious damage,terrorism and sabotage.However,if attacks on formal mining operations become frequ

56、ent and severe,the risk level becomes so high that no insurer would accept it without a tangible mitigation plan.If the problem grows too large and there are no clear strategies to address it,it simply becomes an uninsurable risk.The industry is asking for more governmental support:Without clear inc

57、entives,formalization is hard to sustain.Out of 80,000 registered in REINFO,only 2,000 have made progress,and many struggle to stay in the system.It is essential to improve access to technology,productivity and labor standards,emphasized Zegarra.Without any doubt,illegal mineral extraction should no

58、t even be called mining.It is an affront to our countrys longstanding mining tradition.We prefer to call it illegal economy.”Daro Zegarra,President,Peruvian Institute of Mining Engineers(IIMP)7 76PRE-RELEASE II|PERU MINING 2025Global Business Reports|PRE-RELEASE EDITIONGlobal Business Reports|PRE-RE

59、LEASE EDITIONPERU MINING 2025|PRE-RELEASE IIIt is a paradox,considering Peru is one of the mining countries producing the most graduates.While companies need around 100 engineers each year,universities are graduating over 1,000,creating intense competition,frustration,and in some cases,pushing gradu

60、ates toward informal work,commented Ral Benavides,president of Cetemin.Many of these graduates are poorly qualified.Armando Gallegos,Rector of GRENS Graduate School,illustrated this:In our study,on average,less than 10%of graduates were ready to join the sector,because of universities with outdated

61、curriculum,professors disconnected from industry,poor university governance and weak ties to society,as well as limited funding,inadequate infrastructure,and poorly equipped labs.The use of AI,automation and remote operations may offer a shortterm solution,but many believe it acts more like a sedati

62、ve than a cure,and that this should be addressed at a regional level:As a company,we have internal initiatives,but they remain isolated efforts within the industry.I believe the time has come to propose solutions collectively,as an industry,as a country,and why not,as a bloc of mining nations like P

63、eru,Chile,and Mexico.Everything should be integrated to find medium and longterm solutions,asserted Eduardo Cossio Chirinos,CEO at INCIMMET.From the Silk to the Amazon Road Our goal is to become the Singapore of Latin America,ensuring that port cargo passes through here on its way to Asia,stated Ral

64、 Prez Reyes Espejo,Perus Minister of Transport and Communications,referring to the recently inaugurated Chancay Port.Built by China,the Chancay port is set to become South Americas largest commercial hub.After eight years of construction,the first phase of this megaport has been completed.It is owne

65、d by a joint venture between Cosco Shipping,a Chinese stateowned company(60%),and Volcan,a Peruvian zinc and lead producer(40%).Inaugurated in November 2024 by Perus President Dina Boluarte alongside Chinas Xi Jinping,the port,70 km north of Lima,has become a flagship project under Chinas Belt and R

66、oad Initiative.For Peru,it represents a significant trade opportunity,and it is aiming to capture a share of the US$580 billion in annual commerce between China and South America.Carlos Tejada,deputy general manager at Cosco Shipping(Puerto de Chancay),detailed the ports fourphase development plan,w

67、ith a total investment of US$4 billion:In this first phase,we have already invested US$1.3 billion,which includes the construction of four docks totaling 1,500 m,with two dedicated to general cargo and bulk shipments.Additionally,there is an 860 m berthing front for container ships.Much hype surroun

68、ds the ports impact on the mining industry.Due to Chancays location in an archaeologically significant area,Tejada noted that it currently handles general cargo and containerized minerals but lacks permits for bulk mineral exports.Whether bulk minerals will be included in future phases depends on ma

69、rket demand.We have exported silver concentrates to other countries,but it is still uncertain whether bulk mineral handling will be incorporated,said Tejada.The new port is expected to shorten transit times to and from Asia,reducing shipping duration from 45 to 23 days,according to Tejada,and reduce

70、 costs.The Port of Chancay should significantly lower the cost of imported goods from China.Delivery time for supply,like grinding balls and tires,could be cut in half,reducing logistical and storage expenses,allowing companies to avoid maintaining large and costly inventories,commented Pamela Flori

71、an,country manager for Peru at Hatch.However,opinions are mixed.Adolfo Vera,president and CEO of Southern Peaks Mining,acknowledged that shorter voyages might slightly influence prices,but he expects it to be a gradual and moderate impact:The stabilization of urea prices or potential pressure on OPE

72、C to increase oil production could have a greater influence on costs,he noted.Roxana Burgos,general manager at Movitcnica,remains skeptical of Chancays shortterm economic benefits.We primarily import from Asia and assemble our products in Peru.However,we do not foresee Chancay making a difference in

73、 the short term.We still operate through Callao,as Chancay is not yet fully operational.Additionally,inland transportation costs remain high due to the lack of alternative roads connecting the Chancays port to Lima,she explained.Cecilia Batallanos,managing director of Leschaco,said:Rising fuel and e

74、nergy costs,droughts in the Panama Canal,and instability in the Red Sea have driven volatility in freight rates,impacting importers worldwide.While prices are beginning to stabilize,climate change remains a serious risk,reducing the water flow in the Panama Canal,which limits both the frequency and

75、volume of maritime traffic.In this context,the hype around Chancay is also driven by Perus potential to become a regional logistics hub:Chancay is a multipurpose project that could connect Atlanticfacing countries like Brazil,noted Tejada.In March 2024,Brazils Minister of Planning and Budget,Simone

76、Tebet,met with Perus Minister of Transport and Communications to explore synergies and integration through intermodal routes.Later that year,Brazil launched the 2024 Report on the South American Integration Routes Projects through Brazils Novo PAC(New Growth Acceleration Program),highlighting five i

77、ntermodal corridors with its neighboring countries,two of which end in Chancay:the Amaznica and the Quadrante Rondon routes.Chancay is a game changer,said Cecilia Batallanos:It offers Peru the chance to become a regional logistics hub by reducing transit time to Brazil by up to 15 days.Plus,the coun

78、try has skilled labor and the conditions to develop free trade zones and maquilas around the port,increasing its commercial appeal,she added.We dont have enough people2025 has started with more momentum than in previous years,with a noticeable increase in work in Peru and abroad.In the last quarter

79、of 2024,our engineering division saw a strong surge in industry demandalmost like a wakeup calldriving the need to meet tighter deadlines and expand services.It took a considerable effort on our part,commented Guillermo Barreda,general manager for Peru at the consultancy and engineering firm Knight

80、Pisold.The recent uptick in mining activity has met with a shortage of qualified talent.Sometimes,we need more than 1,500 people to address a plant shutdown.Companies are competing for the same workers,and we even had cases where technicians have left to other companies just before heading to the mi

81、ne for a minimal salary difference,shared Roxana Burgos,general manager at Movitcnica,a conveyor belt company.What was once a challenge seen in countries like Australia,Canada and the United States has now reached Peru,affecting the entire value chain,from engineers to conveyor belt suppliers and dr

82、illing contractors.It seems that while companies previously complained about the lack of projects,now the shortage of talent is insufficient to meet the demand brought on by the activation of new projects.“Among the challenges of 2024 was the lack of experienced professionals in the job market,but u

83、sing our global professional network and growing our engineering and environmental teams enabled us to overcome these challenges,”commented Daniel Gonzlez,business development manager at AtkinsRalis.“In the short term,labor shortage can be mitigated with better wages or increased automation.However,

84、technology on the ground often lags behind the pace of innovation.”Eduardo Cossio Chirinos,CEO,INCIMMETBE PART OF PERUMIN 37MINING CONVENTIONAREQUIPA-PERUCERRO JULISEPTEMBER 22 TO 26-20259 98PRE-RELEASE II|PERU MINING 2025Global Business Reports|PRE-RELEASE EDITIONGlobal Business Reports|PRE-RELEASE

85、 EDITIONPERU MINING 2025|PRE-RELEASE IIThe technology for cadastral issues exists,but the real challenge is the fragmented public sector.Municipalities and ministries have different maps that often do not match,creating a labyrinth of contradictory information.Jos Antonio Nez,General Manager,JP Plan

86、ningSustainability and Local Communities Financing and energyWhen GBR interviewed Adriana Tejada,corporate banking deputy manager at Banco de Crdito del Per(BCP)the largest and oldest bank in Peru she not only commented that they are seeing a rise in M&A opportunities in the mining sector but also t

87、hat companies have been looking for more SustainabilityLinked Loans(SLL):These loans are structured based on KPIs that must be both ambitious and relevant to the sector.In the case of mining,they are often tied to efficient water use,waste management,occupational safety and community engagement,expl

88、ained Tejada.For example,the line they have structured with Buenaventura for US$100 million,the first by BCP,with which Buenaventura will have a safety net to finance San Gabriel,its new greenfield gold project.Following that first transaction,many companies have shown interest in this type of finan

89、cing,and we are already in conversations with other mining firms,she added.GBR also spoke with Fernando Kaelin,corporate banking manager at Banco Santander Peru,who confirms that during the last few years,many companies within the sector have sought to improve their environmental management by betti

90、ng on sustainable practices and certifications supporting their environmental commitment.As such,the banks ESG team has been promoting green financing for projects that reduce contamination or mitigate their environmental impact:Banco Santander acquired WayCarbon in 2022,a global consulting firm spe

91、cialized in providing comprehensive services related to climate change and sustainability.It is already operating in Peru and advising firms using software to measure their carbon footprint and design emissions reduction plans,explained Kaelin.According to Arturo Caballero,CEO at A2G,many companies

92、now link the management bonus to carbon footprint reduction,encouraging commitment to cut emissions at all levels,even extending to service providers.As a result,tenders are benefiting or rewarding those who adopt sustainable practices.However,these suppliers do not always speak the same language.We

93、 need to train them and show them how their own reductions benefit the environment but are also necessary to continue being hired,Caballero stressed.Carlos Barrientos,regional director for the Andean Region and Mexico at Sch Group,described how committing to ESG principles up to the very end of the

94、mining process can add value to operations:Waste segregation is a puzzle that requires careful assembly,but when done,it significantly impacts sustainability and operational efficiency.However,both suppliers and customers must be on the same page and see it as a longterm investment,not a cost,he und

95、erlined.Phelan Green Energy is a South African/Irish international energy developer that pivoted from Chile to Peru to develop a US$2 million green hydrogen project in Santa Rita,Arequipa.According to Paschal Phelan,chairman,the plant will have the capacity to produce 80,000 t/y of green hydrogen,wh

96、ich will then be converted into 444,000 t/y of green ammonia for export.Production will cater to both domestic demand and international markets with the green ammonia geared for export to Japan and South Korea,he shared.Image courtesy of Hudbay MineralsPeru needs a proper carbon tax mechanism pushin

97、g companies to use greener products and energy sources,so that the country can decrease its carbon footprint and trade products internationally without incurring carbon fees and penalties.Paschal Phelan,Chairman,Phelan Green EnergyWe are a Peruvian company backed by the UNACEM Group.Growing together

98、 to build a sustainable world!|Contact us:With over 15 years of experience,we are a trusted partner in supporting mining clients in their sustainability commitments10PRE-RELEASE II|PERU MINING 2025Global Business Reports|PRE-RELEASE EDITIONProductionWill we see more M&A activity and new projects in

99、Peru soon?Perus copper production between 2023 and 2024 observed a slight decline,falling 0.73%to 2.73 million t/y from 2.75 million t/y.As such,Peru plainly failed to meet SNMPE expectations of a 4%rise in copper production.Meanwhile,the United States Geological Survey(USGS)estimates that the Democ

100、ratic Republic of Congos production exceeded 3.3 million t/y in 2024.Once again,the Central African country has overtaken Peru for second place in global copper production.With projections now suggesting that Peruvian copper production may continue on this plateau through 2025,hopes to recover that

101、symbolic position rest with new projects in Perus pipeline,like Zafranal,Ta Mara,and upcoming expansions to key projects.In the meantime,however,the list of Perus top 10 copper producers has remained mostly unchanged.Cerro Verde,despite its 3.7%drop in production(449,096 t/y compared to 466,463 t/y

102、produced in 2023),retained the top spot as Perus leading copper producer.Meanwhile,Antamina remained the countrys secondlargest copper producer,recording a smaller decline of 0.3%,from 435,378 t/y to 434,238 t/y.Both Cerro Verde and Antamina had extensions given the green light in 2024,growing their

103、 production rates and lengthening their mine lifespan.In third place,Southern Peru recorded an 11%increase in production from 374,149 t/y to 415,258 t/y,which makes it the fastest growing of Perus top 10 copper producers over the last year.With production now projected to begin at the companys Ta Ma

104、ra project in 2027,and an expected production rate of 120,000 t/y,Southern may well climb this list,depending on progress at Cerro Verde and Antamina.In fourth and fifth place,Las Bambas(4th)and Anglo Americans Quellaveco(5th)traded places compared to the previous yearthe only movement in this list.

105、While Las Bambas saw a 6.4%production growth,from 302,039 t/y to 321,425 t/y,Quellavecos declined by 4%to 306,299 t/y,starkly,if understandably,contrasting the 216.9%growth it saw in 20222023 as its operations ramped up to fullscale production.Las Bambas celebrated a double anniversary in 2024:20 ye

106、ars of operations,with the last 10 under MMGs stewardship.Reflecting on the mines significance for Peruand vice versaJing Zhao(Ivo),appointed in 2025 as CEO of MMG,said:Over the years,we have contributed more than S/2.3 billion in royalties and over S/470 million in mining taxes,helping to position

107、Apurmac among the fastestgrowing regions in our country.We hope that Las Bambas will continue to be the economic engine that has playedand continues to playa key role in Perus growth.Operations at Las Bambas have frequently made headlines due to the mines complex relationship with local communities.

108、Las Bambas has faced over 700 days of blockades throughout its history,which at critical moments affected our production capacity,Zhao commented.Recently,Las Bambas has been stable,allowing it to achieve the above mentioned copper production results.Looking ahead to 2025 and 2026,the company aims to

109、 increase production further after securing the fourth modification of its Environmental Impact Assessment(MEIAd)for the subsequent phases at Ferrobamba,the openpit currently in its fifth exploitation phase.MMG plans to reach phase eight by 2027.Additionally,construction at Chalcobamba is 60%complet

110、e,and the company aims to begin mining at Sulfobamba by 2030both satellite pits.By 2026,we expect to maintain a production level between 360,000 and 400,000 t/y.Reaching 400,000 t/y would position us among the top 10 copper producers globally.Las Bambas is already a key player in the industry,but we

111、 are still a young company with much more to develop,Zhao remarked.Moving further down the list of Perus largest copper producers,Chinalco,placed sixth,was the last of the top 10 to have recorded a production boost,growing 3%to 206,392 t/y,compared to 200,317 t/y the previous year.Antapaccay(7th)and

112、 Marcobre(8th)recorded declines exceeding 15%,while Hudbay(9th)and Sociedad Mineral El Brocal saw drops of 1.5%and 2.5%respectively.Notably,Teck Resources expects its Zafranal project,awaiting its construction permit,to average 128,000 t/y in its first five years of production from when it begins in

113、 2029.At current production rates,the project would rank 8th on this list.Image courtesy of Las BambasDue to permitting constraints,we must optimize recovery and improve performance of low-grade deposits.Our goal is to increase copper recovery from 91%to 95%,and gold recovery from 80%to 90%,to suppo

114、rt organic growth.Adolfo Vera,President and CEO,Southern Peaks MiningWhile the plant is not expected to produce the first molecules at Matarani until the end of 2028,GBR asked if he sees the potential to use green hydrogen to power mining operations locally:There is definitely the potential to sell

115、the products to the Peruvian mining industry,but Peru will have to introduce a proper carbon tax mechanism to meet its Paris commitments that will push companies to use greener products and energy sources so that the country can decrease its national carbon footprint and also trade products internat

116、ionally without incurring carbon fees and penalties,he assured.Celepsa,part of the UNACEM Group,is a Peruvian clean energy company that has leveraged the SSL previously explained by Adriana Tejada.For a total amount of US$100 million,the company plans to use those funds to develop a pipeline of rene

117、wable energy projects,according to Eduardo Rivas,general manager of Celepsa:We have a portfolio of over 1,000 MW in renewable energy projects.Our priority is to meet the conditions required for the construction of our Solimana solar project in Arequipa,which will have a capacity of 250 MW,he pointed

118、 out.Regarding the mining industry,in December 2024,Celepsa and Glencores Antapaccay(one of the top copper producers)signed a renewable energy supply agreement for 160 MW.“It was the most important transaction in the electricity market in 2024,said Rivas,who added:Demand for renewableorigin certifie

119、d energy from the mining sector continues to grow,propelling us to ensure enough supply to meet this need.We have already certified our El Platanal and Maran hydroelectric operations as 100%renewable,allowing us to issue IREC certificates to our clients.The ongoing challenge now is to develop a soli

120、d portfolio of solar and wind projects and to evaluate new hydroelectric opportunities.The social aspectMining will inevitably return to the political debate as the general elections campaign kicks off.It will either be addressed as the economic engine it is,contributing over 10%of the countrys GDP,

121、or become the target of electoral slogans like Mining no,water yes.Once again,communities will be at the center of the discussion.Social Capital Group is a consultancy firm that focuses 100%on the social aspect of mining from exploration through construction.Alan Dabbs,CEO,told GBR:We started in 199

122、9,just when Perus mining boom was taking off,bringing with it new operations and a level of social complexity that could not be ignored.26 years later,things have definitely changed in Peru,and according to Dabbs,the change has been radical.Today,companies are more conscious,and the way they communi

123、cate with local communities,as well as how they distribute profits,has become more structured.It is no longer enough to simply be present;we must create real opportunities,develop local suppliers,and ensure that growth happens in a sustainable way,he commented.Producers and juniors are not the only

124、ones that have changed;communities have developed a firmer stance too.Expectations are no longer the same.Today,local communities ask what benefit they will receive,how it will come,and whether it will be better than before.Everything revolves around expectations that continue to rise,added Dabbs.Ma

125、rcelo Santillana,general manager at Minera Poderosa,provided an example that illustrates how expectations have shifted:We are negotiating with a community in the Montaitas area,but their economic request exceeds our exploration budget.As such,we are pursuing a broader dialogue,explaining the project

126、 and focusing on concrete solutions to their needs,such as access to water and sanitation.Dabbs suggests companies must turn risks into opportunities:If you just focus on the conflict,you overlook the potential.Now,if it is addressed with a clear strategy and transparent information,other doors migh

127、t open.In that sense,the social aspect is no longer just about compliance;it has become a central part of the business strategy.Acquiring lands is no exception.For JP Plannings general manager,Jos Antonio Nez,it is critical to understand the existing land rights before even starting any project and

128、to design a solid land acquisition strategy,a process that is especially complex in Peru,where the land cadaster or land registry seems to be either outdated or inconsistent between different public entities:From municipalities to ministries,they have different cadastral maps that often do not match

129、,creating a labyrinth of contradictory information.To make it even worse,regional governments have the authority to modify these maps without notifying property owners,relying on technical criteria that can be questionable.For example,if an official decides that part of a property is a ravine,that a

130、rea could be unilaterally transferred to the State,triggering legal conflicts,explained Nez.The solution?Standardizing criteria and using available technological tools would provide greater legal certainty and help boost investment in the mining and infrastructure sectors,concluded Nez.We all know P

131、eru is a mining country at heart.As energy providers,we are especially interested in seeing the projects in the pipeline come to life,particularly those that focus on sustainability,create real value,and support Perus growth.Eduardo Rivas,General Manager,Celepsa“The key challenge is balancing digita

132、lization with sustainability:replacing fossil fuels,reducing inputs,and optimizing opex.But the real elephant in the room is the need to cut operational emissions across existing mines.”Santiago Thomassey,CEO,Siemens Peru and Ecuador1 3 1312PRE-RELEASE II|PERU MINING 2025Global Business Reports|PRE-

133、RELEASE EDITIONGlobal Business Reports|PRE-RELEASE EDITIONPERU MINING 2025|PRE-RELEASE IIIn the case of Hudbay Minerals,a midsized producer,the companys portfolio spans Canada,the US and Peru,where it operates the Constancia mine and its satellite pit,Pampacancha.Javier del Ro,senior US business uni

134、t vice president,commented that Hudbay plans to move forward with the feasibility study for Copper World in Arizona this year(2025).The new project,expected to add around 85,000 t/y of made in America copper,could be ready by mid2026 to begin construction.This would position Copper World as the thir

135、d or fourth largest copper mine in the US by production.It is also worth noting the low capital intensity of its first phase,with an investment of approximately US$16,000 per t/y,making it highly competitive compared to other projects,he added.But how important is Peru to Hudbay now?Peru is fundamen

136、tal,not only because of its geological richness but also because we already have a highly skilled team there.The country has not lost its strategic importance for Hudbay.On the contrary,as we grow,more opportunities are opening up,including the possibility of participating in due diligence processes

137、 to identify new,largerscale operations,he said.Hudbay already has two projects in the pipeline(Mara Reyna and Caballito)and is exploring opportunities in the EoceneOligocene AndahuaylasYauri belt,home to mines like Las Bambas,Antapaccay(Constancia,of course)as well as promising projects such as Haq

138、uira from First Quantum Minerals.Del Ro believes that having existing infrastructure in the region gives Hudbay a strategic advantage.Having a processing plant already in place gives us a significant edge,as infrastructure costs are sunk costs.We would only need to cover additional operational expen

139、ses for any new project.This makes us optimistic about the potential for new discoveries in the region,he concluded.Southern Peaks Mining(SPM),a solely Perufocused producer,has not ruled out expanding by acquiring new projects.This year,Adolfo Vera,president and CEO,mentioned that while inorganic gr

140、owth remains an optionparticularly in southern Peruthe process is lengthy and requires caution.Negotiations are complex,but we are in no rush.We prefer to move forward with wellconsidered decisions to avoid mistakes and ensure longterm success,commented Vera.For now,the midsized underground producer

141、 will focus on ramping up production at its Condestable mine,where in 2024,it processed approximately 3 million t of ore and produced 95,000 t of copper concentrate,equivalent to 24,000 tons of copper.Over the past year,SPM has finetuned its operations to take advantage of favorable commodity prices

142、 and the flexibility provided by Resolution No.1252024MINEM/DM,which allows Peruvian producers to increase output by up to 10%of existing capacity.This year,we are seeing promising results.Condestable is more efficient,and we are accessing areas that exceed our expectations,with an 8%to 10%improveme

143、nt in mining grades.While increasing production requires more preparation,we achieved a 7%volume increase in January.With these advancements and stable prices,we expect an even better 2025,Vera explained.One common theme among producers is their cautious approach,even amid strong price performance.F

144、or example,Zhao from Las Bambas noted that while many miners face declining ore grades,permitting complexities add significant weight to the OpEx:We deal with permitting challenges in every country,as well as environmental and social investment standards that impact the OpEx.Being aligned with the I

145、CMM means we comply with local regulations and international standards,which increases our operating costs,he commented.Vera echoed this sentiment,adding that SPM is investing in AI for flotation,exploration and metallurgical innovation:Given the permitting challenges,we need to optimize recoveries

146、and manage lowgrade deposits to produce more copper with existing resources.We aim to increase copper recovery from 91%to 95%and gold recovery from 80%to 90%to drive organic growth.Precious metals Contrasting coppers slight decline,Perus production of precious metals saw strong growth.Overall,Perus

147、production of gold grew 6.9%to 3.47 million oz in 2024,up from 3.24 million oz in“Our growth in Peru is creating new opportunities,including the potential to take part in due dilligence processes to identify larger-scale operations.”Javier del Ro,Senior VP US Business Unit,Hudbay Minerals14PRE-RELEA

148、SE II|PERU MINING 2025Global Business Reports|PRE-RELEASE EDITION2023.Meanwhile,gold prices continued to climb to new heights,reaching an alltime peak of US$3,244.09/oz on 11 April 2025,while some even say that they could soon surpass US$4,000/oz.Perus leading gold producer,Newmonts Minera Yanacocha

149、,saw another year of strong growth.Having expanded its production by 13.1%in 2023,in 2024 it grew even more rapidly,recording a 28.6%increase in gold produced reaching 354,330 oz/y,up from 275,723 oz/y.Newmont has focused on implementing injection leaching technology,becoming the companys primary pr

150、oduction mechanism.The program began as a pilot two years ago and entered commercial production in March 2023.It allows for the recovery of metals from closed leach pads,maximizing resource utilization.Yanacocha has been evaluating this project for a long time to fully leverage the resources in its

151、pads.It is now operational and delivering tangible benefits,contributing to the recent increase in gold production in Peru,commented Guillermo Barreda,general manager at Knight Pisold,an engineering firm that worked on the project.Newmonts growth opened a more substantial gap to the secondplaced gol

152、d producer,Minera Poderosa.Expanding production at a rate of 8.5%,Poderosas output totaled 292,887 oz of gold in 2024 versus its previous years 269,246 oz.Importantly,Poderosa faced attacks from illegal mining groups at its operations in La Libertad through 2024 and also during the first quarter of

153、2025,stunting its ability to increase production:Illegal mining continues to be a big challenge for us,especially with current gold prices.We estimate that it affects around 25%of our reserves,impeding us to reach 300,000 oz of gold,explained Marcelo Santillana,general manager.Santillana noted that

154、Poderosa continues to have a strong pipeline of exploration projects,totaling an investment of US$180 million.The company has a greenfield project named Palca in the pipeline,which could start production this year,depending on the pending permits:If everything turns as we plan,Palca will contribute

155、between 300 and 500 t/d,allowing us to increase our processing capacity and move closer to a production level of 300,000 oz/y in the next few years,pointed out Santillana.A rapid growth rate of 33.3%,following up on its 68.7%expansion in 2023,saw Minera Boroo Misquichilca climb further up the table

156、from fifth to third.With a total production of 234,068 oz/y,compared to 175,498 oz the previous year,it thus surpassed Consorcio Minero Horizonte and Minera Aurifera Retamas,both of which saw production declines.Boroo Misquichilca,a subsidiary of Singaporebased Boroo,owns the Lagunas Norte mine in L

157、a Libertad.Barrick operated this mine until 2021 when it was sold to Boroo.Although it was placed on care and maintenance in 2019 and its closure was anticipated by 2024,the company announced in January 2025 the completion of a PFS for the CMOP Expansion(Carbonaceous Material Optimization Project,fo

158、rmerly known as PMR).The study includes updated mineral resource and reserve estimates,extending the LOM to 12 years.Another notable development comes from Buenaventura,which recently announced the start of operations at its San Gabriel greenfield project in Moquegua by mid2025.The projects estimate

159、d CapEx is around US$650 million,and while commissioning is expected to start midthis year,commercial production will not begin until later 2025.Once San Gabriel reaches a nameplate capacity of 3,000 t/d,Buenaventura anticipates an annual production between 120,000 oz and 140,000 oz.Leandro Garca,Bu

160、enaventuras CEO,said:San Gabriel will be our backbone for gold production.To finance the project,Buenaventura sold its 1.8%net smelter return royalty in Newmonts Yanacocha mine to FrancoNevada,and also secured two credit lines totaling US$200 million from the BCP,Banco Santander and BBVA.However,Gar

161、ca clarified that Buenaventura does not expect to use them:These credit lines are available and ready for us to use as the project progresses,but they remain untouched.They are more like an insurance to guarantee the construction of San Gabriel and,fortunately,the dividends we received from Cerro Ve

162、rde have been favorable,so we do not expect to touch them.PPX Mining is another company making strides,having begun constructing its own plant for the Callanquitas/Igor silver and gold mine in La Libertad.The mine has been operating for nearly six years,and the ore was previously sent to a facility

163、near the Ecuadorian border,incurring additional costs.That made it clear we needed to build our own plant,which is now under construction.We have secured all the permits,signed the contract,and already paid for half of the major equipment.Earthworks at the site began in February,and the plant,design

164、ed to process 350 t/d,will treat both oxide and sulfide ore.We plan to produce a highgrade silvergold concentrate and bullion,with the goal of having the plant operational by October,said interim CEO John Thomas.Meanwhile,over the course of 2024,silvers spot price rose from US$23.56/oz to US$28.90/o

165、z.Like gold,silver is often bought to act as a store of value and hedge against inflation.However,like copper,silver is also expected to face supply shortages and high demand as another key metal for the energy transition.In Peru,silver saw an even steeper ramp up in production than gold,growing 15.

166、4%an increase from 107 million oz/y in 2023 to 123 million oz/y in 2024.That includes some especially notable rises:chief among them,Buenaventura jumping from ninth place to first among Perus top 10 producers,with a 264.8%increase in silver production from 3,751,562 oz/y to 13,684,462 oz/y.That leap

167、 in production came with the initiation of fullscale production at Yumpag and Uchucchacua,operational only since Q4 2023.In March 2024,we obtained the final permit for Yumpag,and its production,together with output from our other operations,allowed us to regain that momentum that has always defined

168、us,taking back the number one place in silver production in Peru.This complex(UchucchacuaYumpag)will be the foundation of our future development at Buenaventura,shared Leandro Garca,Buenaventura CEO.Pushed into second place by Buenaventura,and with a slight decline in production of 6%,from 13,800,23

169、2 oz/y to 12,978,313 oz/y,was Antamina,while the rest of the top 10 saw some movement as companies including Chinalco(3rd),Volcan(4th),Minera Ares(5th)and Southern(6th)recorded a mixture of increases and drops in output.“We are expecting to initiate production at Arcata by the second half of 2025 an

170、d then ramp up to 2,500 tons per day within a year.”Graham Speirs,CEO,Sierra Sun G.peGeotecPeGeotec-PeruUnmatched Expertise:With over 60 years of experience,we are the trusted partner for high-impact drilling projects.Cutting-Edge Technology:Our state-of-the-art equipment ensures maximum efficiency

171、and precision in every operation.Safety First:We uphold the highest safety standards to guarantee a secure work environment.Your Strategic Partner:Tailored solutions that meet the most demanding quality and time requirements.Leading the Future of Mining DrillingInnovation-Precision-Reliability1 7 17

172、16PRE-RELEASE II|PERU MINING 2025Global Business Reports|PRE-RELEASE EDITIONGlobal Business Reports|PRE-RELEASE EDITIONPERU MINING 2025|PRE-RELEASE IIAs for Azuca,the company plans to resume production sometime in 2026,as it will focus all its efforts on Arcata.In addition to Antapite,a silverproduc

173、ing mine,Sierra Sun completed an NI 43101 for the Cachi Cachi project(a gold placer deposit with rare earths)and has Sumaq Rumi(a zinc project)in its portfolio.However,as Speirs emphasized,Sierra Sun wants to be a full precious metals player:Sierra Sun has 100,000 hectares of prime concessions,87,00

174、0 hectares of which are precious metals.For the remaining 23,000 hectares,which are our green metals portfolio,we hope to find an investor who would allow us to have free resources to develop and explore our precious metal concessions,he finalized.Another announcement that caught everyones attention

175、 within the Peruvian mining industry since the beginning of 2025 was Quilla Resources decision to revive its Chapi asset.The company,led by Vctor Gobitz,who stepped down as CEO of Antamina in December 2025,has eyes for base metals in the Andean region,targeting three specific types of assets:We are

176、interested in producing mines with rampup potential,projects under maintenance,and advancedstage exploration assets,commented Gobitz.Chapi sits within the same metallogenic belt as Cerro Verde,Cuajone,Quellaveco and Toquepala,and already has the infrastructure in place to produce copper cathodes.Qui

177、lla plans to restart operations by the end of 2025,and while the plant may not immediately reach its full capacity of 10,000 t/y,Gobitz emphasized that his priority is to generate cash flow as soon as possible and start using it to explore across the companys concessions.Reaching 400,000 t/y would p

178、osition us among the top 10 copper producers globally.Las Bambas is already a key player in the industry,but we are still a young company with much more to develop.Ivo Zhao,CEO,MMG Las Bambas“Palca is a greenfield project that could start production in 2025,helping us reach 300,000 ounces of gold pr

179、oduction in the coming years.”Marcelo Santillana,General Manager,Minera PoderosaBase metals Perus base metals output presented a mixed picture in 2024.Zinc saw an overall production drop of 13.5%,falling from 1,469,127 t/y in 2023 to 1,270,646 t/y in 2024.Most significantly,Antamina,which in 2023 co

180、ntributed 36%of the countrys zinc production,reduced its output by nearly 40%,dropping from 527,979 t/y to 319,069 t/y.It nevertheless remained the leading producer,though now with a reduced share of 25.1%.Volcan with a 4.7%decline to 163,046 t/y and Nexa growing 10.1%to 93,247 t/y maintained their

181、second and third places,respectively.Rising to fourth place,with a notable 60.6%jump,was Minera Shouxin,growing its output from its tailings processing project at the Marcona mine.Across other base metals,lead saw a 6.6%increase in national production,rising to 291,319 t/y;molybdenum grew 25.3%to 41

182、,942 t/y produced;and tin rose 23.2%to 32,317 t/y.M&A:from maintenance to production Peru has also been home to some M&A activity in the past couple of months,along with announcements of old mines coming back online.Regarding M&A,Sierra Sun Group,a polymetallic producer with a strong focus on precio

183、us metals,acquired the Arcata and Azuca mines from Hochschild,both assets placed on maintenance back in 2019.At Arcata,Sierra Sun is on track to bring the mine back into production,and the expectations are that it will produce over 8 million oz of silver and between 15,000 and 20,000 oz of gold annu

184、ally.According to the companys CEO,Graham Speirs:“Such a production level will place the company in an entirely new league We are completing the rehabilitation of the infrastructure and plant at Arcata and dewatering the lower sections of the mine.We are expecting to initiate production by the secon

185、d half of 2025 and then ramp up to 2,500 t/d within a year.San Gabriel is the only greenfield project starting production this year.It is not a Quellaveco,but every project adds value,especially when its reserves ensure continuity for the next 15 years.Leandro Garca,CEO,BuenaventuraPeru still has va

186、st geological resources yet to be developed.From giants like Antamina and Cerro Verde to projects like Chapi,Peru offers opportunities for many investors.Vctor Gobitz,CEO,Quilla Resources1 9 1918PRE-RELEASE II|PERU MINING 2025Global Business Reports|PRE-RELEASE EDITIONGlobal Business Reports|PRE-REL

187、EASE EDITIONPERU MINING 2025|PRE-RELEASE IIJunior ExplorationThe billion-dollar opportunityPDAC,the Prospectors&Developers Association of Canada,is the goto global event for junior exploration companies,so the Peruvian delegation paid close attention to the speech by Jorge Montero Cornejo,the minist

188、er of Mines and Energy,when he announced that Perus exploration project portfolio had grown from US$644 million in 2024 to US$1.03 billion in 2025.A remarkable increase,indeed.Now,that pipeline has yet to materialize.How much of that has actually translated into real exploration activity so far?In 2

189、024,Peruvian exploration budgets jumped by over 28%,totaling US$568 million,versus US$443 million in 2023.That makes 2024s exploration investment the highest since 2014.With just 0.3%of Perus territory being explored,the highest exploration investment in a decade,and a metals market predicted to gro

190、w rapidly,the question is:can a rising tide float all boats?As Montero Cornejo said to GBR:We are at a key moment.Now is the time to optimize processes and make strategic decisions to take advantage of the momentum.More than working bees In 2024,greenfield exploration budgets fell 8%to an alltime lo

191、w share of total nonferrous exploration expenditure,continuing their downward trend since 2001.S&P reports that market conditions and risk aversion have pushed budgets towards expanding preexisting resources,where infrastructure and prior study make for lowcost if lowerreturn options.For juniors,tho

192、ugh,contributing 47%of greenfield and 70%of latestage exploration globally,those lowerrisk options often simply do not exist,leaving them more exposed to negative markets and limited liquidity.Chris Buncic,president and CEO of Condor Resources,a junior company with 20 years of experience discovering

193、 and developing a polymetallic portfolio of mine prospects in Peru,explained:Majors are not allocating many resources to greenfield exploration,so junior exploration is critical.Condor,in transition from a project generator to a traditional explorer model,has diversified its income across shareholde

194、r investments,joint venture and option agreements,and sales from its portfolio so that Condor ultimately relies on advancing the projects to sustain the company.At the companys flagship Pucamayo project,an epithermal gold target in Ica,a DIA permit to start on a second phase of drilling has been a f

195、rustratingly long process for Buncic.There needs to be a concerted effort to help companies that lack the resources of the largest players,he argued for the longterm benefit of the sector at large.Ian Gendall,president and CEO of DLP Resources,also recognized the indispensable role juniors have play

196、ed in exploration:In the past decade,only about 4 million t of new copper supply have been added through discoveries,he explained,adding:Juniors,however,have been doing most of the exploration work,and majors are relying on us to help fill their supply gaps.DLPs Aurora project,sitting in the underex

197、plored Miocene subAndean belt,has shown highgrade results in its large porphyry system up to 0.60.8%copper equivalent for 200300 m,alongside 0.1%to 0.3%molybdenum.Gendall said this puts Aurora among the highestgrade known molybdenum deposits on Earth highlighting that this is an especially unusual t

198、rait for a South American asset.In further metallurgical studies,high recovery rates of 8696%for copper,molybdenum and silver were also confirmed.In February 2025,DLP announced its maiden mineral resource with 1 billion t of inferred mineral resources.Consequently,as the project moves towards a PEA

199、and PFS,it presents a welldeveloped and highly valuable asset for senior miners.We believe Aurora is an interesting opportunity for major players,potentially bridging the gap between exploration and largescale development,said Gendall.Meanwhile,highlighting the senior acquisition potential of Forte

200、Minerals most recent development asset,Patrick Elliott,president and CEO,commented on the Alto Ruri gold project:Prospects like this are incredibly hard to find.It is the type of property juniors look for to build into eventual takeovers by major gold companies.Image courtesy of DLP ResourcesAurora

201、is an interesting opportunity for major players,potentially bridging the gap between exploration and large-scale development.Ian Gendall,President and CEO,DLP Resources“There is no energy transition without Peruvian or Chilean copper but even more than investment,we need to build trust and ensure lo

202、cal communities see real,lasting benefits.Without that,new projects simply will not happen.”Alan Dabbs,CEO,Social Capital GroupDiscussing Fortes valuegenerating methodology,Elliott explained that downturns in the mining industry cause major companies to reduce expenditure,relinquishing exploration a

203、ssets quickly and refocusing on lowrisk targets.In such periods,he said:Large companies focus on optimizing production,or expanding brownfield exploration around their existing operations,so earlystage exploration is limited.Forte takes advantage of this by picking up promising assets during those s

204、low periods,when prices are low.For Elliott,all of this is a game of great patience:Assembling assets like ours and advancing them to this status takes an entire mining cycle to execute,he said.It is through this methodology that the company has brought its coppergold portfolio across Peru,including

205、 Miscanthus,Pucarini and Esperanza,to drillready,DIAapproved status the type of projects that midtier and major companies may look to acquire as demand continues to rise.It appears,too,that demand is indeed returning.Even with his nearly two decades in mining and precious metals mergers and acquisit

206、ions(M&A),Dan Symons was still struck by the extent of activity on his arrival to the copper market as president and CEO of C3 Metals:The worlds biggest copper producers are doing due diligence all the way down to earlystage explorers,examining M&A and joint venture opportunities,he explained.Senior

207、 mining companies,Symons suggested,are looking beyond developing companies with known deposits,into higherrisk,earlierstage prospects,seeking to fill their pipelines with copper prospects in anticipation of future demand.Majors are looking more longterm,with higher potential for discovery.I think we

208、 will only see more M&A over the coming years,he predictedAcross its two Peruvian portfolio projects,Jasperoide and Khaleesi,a pair of porphyryskarn coppergold projects in Cusco,and two in Jamaica,Symons explained that C3s approach is to test and develop lowhanging fruit,geologically speaking.Then,w

209、hen projects reach higher levels of capital intensity or technical complexity,the company seeks to move forward with partnerships or divestments.BHP is one of the tierone producers paying attention to this gap mentioned by some junior companies.Thus,it launched BHP Xplor,an accelerator program to su

210、pport earlystage projects with funding and technical support.In Peru,Firetail Resources was one of the eight companies selected for the BHP Xplor 2025 Accelerated Exploration Program.Being selected for the BHP Xplor 2025 Accelerated Exploration Program is an excellent validation for our Picha projec

211、t.They are helping us operate better as a company while advancing the project,and the opportunities and networks we have by being involved in the program are enormous,commented Glenn Poole,managing director at Firetail,which has received an equityfree grant of around US$500,000.Picha is a copersilve

212、r project located on the border of Moquegua and Puno.It was drilled in 2023 and 2024,but Poole shared that they want to focus on targeting porphyry and intrusivestyle anomalies.Copper Over 60%of the worlds copper production arises from operations focused on porphyry systems.Typically enormous in siz

213、e,porphyries can offer vast quantities of copper,as well as valuable secondary commodities such as gold,silver and molybdenum.It is not uncommon for such systems to exceed 1 billion t of ore.That scale offers certain key advantages:economies of scale can afford low operating costs per unit of produc

214、tion,and mine lifecycles can stretch to over 100 years.Perus copper mining industry,like that of the world at large,primarily centers itself on porphyries,including several of the countrys largest projects like Cerro Verde,Las Bambas and Toquepala.Across Miocene,EoceneOligocene and Paleocene belts,P

215、erus known porphyry network stretches along its full length,north to south.Alongside other mineralization systems,like sedimenthosted and skarn deposits,2 1 2120PRE-RELEASE II|PERU MINING 2025Global Business Reports|PRE-RELEASE EDITIONGlobal Business Reports|PRE-RELEASE EDITIONPERU MINING 2025|PRE-R

216、ELEASE IIElement 29 Resources is also placing its sights firmly on copper.At its flagship project,Elida,a phase three drill program has infilled existing resources,improved grades(up to 0.56 g/t copper,0.4 g/t molybdenum,and 3.49 g/t silver),and moved beyond previous pitconstrained estimates for its

217、 porphyry system.For CEO Richard Osmond,a lack of gold in Elidas mineralization is a major advantage for the project:Gold in porphyries tends to imply arsenic content,which makes recovering copper more challenging it can as much as double your OpEx,he explained.Elida enjoys excellent access to infra

218、structure,including the new Chancay megaport.Osmond was effusive about Perus copper potential,citing the countrys trade agreements with the US and Canada,the robustness of its wider mining industry,and the unexplored opportunities in the country as key pull factors for explorers:Companies go around

219、the world looking for big porphyry copper projects,but they always come back to Peru.Yet,while the scale of porphyry systems is certainly an opportunity,it can present difficulties for exploration and development.Establishing the size and mineralization of such enormous resources,especially from gra

220、ssroots,is typically time consuming and costly.It requires largescale mapping,sampling and drilling,with a resultant upscaling of permitting and social access requirements often stretching exploration timelines to over a decade.For Ian Gendall,president and CEO of DLP Resources,the impressive size o

221、f the Aurora projects coppermolybdenum porphyry project illustrates these hurdles,as well as opportunities for partnership as the project moves ahead.Auroras scale demands significant financing,which can be challenging for a junior company.Raising US$3040 million introduces substantial dilution,maki

222、ng strategic partnerships crucial,he said.Solis Minerals is a company that has recently raised A$4.5 million(around US$2.5 million),which will be enough to fullyfund the upcoming 7,500 m drilling campaign in two of its assets:Chancho al Palo(in April,targeting 2,500 m)and Ilo Este(in late April or e

223、arly May,targeting 5,000 m).Being in a strong cash position,we were delighted to have recently received the permit to commence drilling at the Chancho al Palo target,and we expect the approval for drilling the Ilo Este target imminently,added Mitch Thomas,CEO.Bruce Smith,president and CEO at Radius

224、Gold,also shared that exploration is becoming harder:Exploration always gets more difficult as the easy and outcropping deposits have been discovered,and now we are looking for more complex and hidden deposits.Getting to these complex deposits requires deeper drilling and more technology,which is mo

225、re capitalintensive,he commented.Radius Gold is a new player in Peru.In mid2024,it came across the Tierra Roja copper project in southern Peru and announced an option agreement to acquire it by September.Signing an option agreement on Tierra Roja was a great deal as it allows Radius to start drillin

226、g without too much expense,and our interests are aligned with our local partners in making a significant discovery,added Smith.Precious metals In a commodity market seeing volatile copper prices,gold has trended upwards to new alltime highs.Some juniors may be drawn towards precious metal exploratio

227、n,where scales are smaller and timelines shorter.For Andrew Thomson,president and CEO of Palamina,an explorer focused on developing a portfolio of gold projects in the lesserexplored Puno Orogenic Gold Belt,the timescale of porphyry copper exploration is simply too long:There are many exploration co

228、mpanies out there chasing porphyry copper deposits that take decades to get to production,he said.At Palaminas Usicayos gold project,scout drill programs have returned highgrade intercepts up to 24 g/t gold over 0.5 m,and 0.75 g/t over 56 m.Thomson,naturally,was bullish on gold exploration:With gold

229、 prices at alltime highs,majors are beginning to fund juniors with largefootprint earlystage projects.He also predicted that the silver market,which he sees as undersupplied in the face of coming demand from the global push for electrification,is likely to rise alongside gold.James Tworek,CEO of Ele

230、ment79 Gold,explained how the company is moving its Lucero project in Arequipa towards smallscale gold production while continuing to explore its highgrade development opportunity.Describing Luceros geological profile,Tworek shared:Lucero is an exceptionally highgrade asset:past production rates of

231、150 t/d yielded between 2040,000 oz/y AuEq producing around 14 g/t gold,and 373 g/t silver.Perus copper reserves combine to 12%of the global total surpassed only by neighboring Chile,the geology of which is also dominated by porphyries.For junior miners,then,copper porphyry systems clearly offer the

232、 best potential for massive discoveries.With the vast majority of Perus national territory still unexplored,and the presence of porphyries already proven throughout the country,the search for the next major prospect is well underway.We are well advanced,with just a few things that needed fixing.Caar

233、iaco is a resource capable of producing 150,000 to 160,000 t/y of copper.There are not many that have that potential,and fewer still with the major backing we already have,said Giulio Bonifacio,executive chair and CEO at Alta Copper.Alta Copper is a Vancouverbased exploration company that has publis

234、hed a PEA for its Caariaco porphyrycopper project in 2024:At our base price of US$4,the PEA illustrates an aftertax NPV of US$2.3 billion and an internal rate of return(IRR)of 24%fantastic for a big project.Every US$0.25 increase in the copper price over that base increases that NPV by US$425 millio

235、n.At current copper prices of US$5,the aftertax NPV increases to US$4 billion with further opportunities to reduce the current tax impact,commented Bonifacio,who added that the company will drill once again in Q3 2025 and move to feasibility and an EIA by early 2026.Camino Corporations portfolio inc

236、ludes two copper porphyry projects,newly acquired Puquios in Chile and Maria Cecilia in Peru,and its Los Chapitos iron oxide coppergold(IOCG)project in Peru.President and CEO,Jay Chmelauskas,is seeking to take advantage of a healthy copper market by advancing as fast as possible to production:The av

237、erage time to build a mine is around 17 years at Puquios,we are looking to build a copperproducing business in the next several years.Puquios is shovel ready,with a new PFS expected in Q1 2025.It is a goodsize mine for us to start our production profile,reckons Chmelauskas.Caminos 50%joint venture p

238、artner Nittetsu Mining will take charge of the construction and operation of the mine.The projects timing,Chmelauskas stressed,is critical:With copper prices on the way up,the market is placing high value on developers and producers,so production is our main focus for 2025.2 3 2322PRE-RELEASE II|PER

239、U MINING 2025Global Business Reports|PRE-RELEASE EDITIONGlobal Business Reports|PRE-RELEASE EDITIONPERU MINING 2025|PRE-RELEASE IIHaving previously focused on projects in Nevada and Canada,Element79s move to Peru in 2022 came as the company sought to create a revenuegenerating mining business.In a s

240、trong contemporary gold market,drystacked tailings on the Lucero site from historic production by former owner Buenaventura also offer a possible avenue for production.There are approximately 50,000 oz of recoverable gold equivalent sitting in these tailings piles,which stands as a solid source of p

241、otential revenue over the coming 1520 years,Tworek explained,with the company planning to build a facility on site to process the piles in the nearterm,pending resource estimates and economic assessments.Permitting A particular point of pain for junior miners in Peru in recent years has been the cou

242、ntrys permitting timelines.For junior explorers,navigating the red tape of permitting can prove to be costly,with any delay stretching tight budgets ever thinner and potentially causing investor interest to wane.Amongst its top10 risks and opportunities for global miners in 2025,EY cited the lengthe

243、ning of timelines caused by regulatory red tape as a key blockage in the pipeline of new projects.To illustrate,the Democratic Republic of Congos(DRC)widelyreported reelingin of Perus longheld place as the worlds numbertwo copper producer has been linked to Perus more stringent and,ultimately,timeco

244、nsuming permitting regime.The time for a project to advance from discovery to production in Peru at marginally below the global average of 23 years is around 50%longer than the DRCs 15 years.For junior miners,much of“Caariaco is a resource capable of producing 150,000 to 160,000 tons of copper per a

245、nnum there are not many that have that potential,and fewer still with the major backing we already have.”Giulio Bonifacio,Executive Chair and CEO,Alta Copperwhose work at the early stage of a projects lifecycle is fundamentally shaped by permitting processes,that difference could be critical to a ch

246、oice between entering one jurisdiction or another.While acknowledging that Perus permitting timelines have improved in recent times,Chris Buncic from Condor Resources said:While thoroughness is greatly appreciated,when a 30day timeline turns into months due to tangential followup questions,that is a

247、 problem.Perus government has been working in recent years to streamline permitting timelines via a range of methods.Lars Dahlenborg,president of Hannan Metals,told us that he has observed tangible improvements in permitting speeds.At Valiente,a vast 1,100 km2 holding across a newly uncovered Miocen

248、e porphyry belt in centraleastern Peru,Hannan recently attained a DIA in November 2024 after less than 12 months of processing,whereas its previous DIA for the San Martin project took nearly 15 months until its approval in January 2024.Dahlenborg said:This improvement is huge,especially for a junior

249、 explorer,as it allows us to get to the site and start testing our ideas more quickly.Dan Symons from C3 Metals has seen a marked improvement too.He said:The pendulum has been swinging back the right way I commend everything the Peruvian government has been doing to make that happen The permitting p

250、rocess for Khaleesi,where we hope a DIA will be in place by H2 2025,is moving tremendously faster than for Jasperoide just a few years ago.However,some things require patience.At Coppernico Metals Sombrero coppergold skarnporphyry project,the projects social access agreement and drill permits took a

251、round nine years to realize,and involved extensive agricultural programs and job creation work.Ivan Bebek,CEO,said:Building community relationships is something you cannot speed up,and it will pay dividends once we make our discovery.Concerning the environmental permitting process Bebek nevertheless

252、 still recognized room for improvement:Exploration does not involve heavy use of chemicals,but juniors have been treated as if they are fully operating mines.As such,Bebek was grateful for Coppernicos robust finances,having raised C$19.4 million in a financing round in 2024 including C$8.8 million i

253、n backing from Teck Resources meaning the company can weather the time necessary for permitting.Coppernico is advancing Sombreros maiden drill program,yielding highgrade results,including an intercept of 0.5%copper for 20 m.Bebek hopes to expand drilling at the project,growing to a larger area based

254、 on its highestgrade vectoring and permitting up to 200 drill pads by the end of 2025.Adriana AurazoResponsible for Inclusion and Diversity ProEXPLO 2025What can the GBR audience expect from ProEXPLO 2025?We are excited to welcome everyone from May 5th to 7th.ProEXPLO 2025 will feature more than 60

255、presentations,a dedicated space for investment exchange,a core shack,and will count on leading experts,students and professionals.We want the world to see Peru as it is:a polymetallicrich mining jurisdiction with real opportunities to invest and do business.What will be new in this proEXPLO to showc

256、ase explora-tion potential?Although mining investment has recovered,the challenge is ensuring more projects move from paper to execution.Only 39%of todays projects in the pipeline have been implemented,so we must push for more consistent and sustained progress.This edition of ProEXPLO will focus on

257、proving that intentions can be turned into tangible actions with alreadyidentified projects.In addition to technical presentations,we are organizing field trips with routes designed for geologists to have a firsthand look at the projects under development.Additionally,attendees can look at maps and

258、areas with high investment potential at the booths in the core shack.What developments have you seen in womens partici-pation in the mining industry?In 2022,Women in Mining(WIM)and the UNDP conducted a study identifying education as the primary challenge to be overcome,as back then,few women were ch

259、oosing degrees such as geology or mining engineering.Since then,many things have changed.Now,more and more young women are becoming interested in the industry.However,in order to enact change,this is something we need to address earlieroften at school levelby supporting girls to remain in education,

260、as high school dropout rates among girls continues to pose a significant challenge in Peru.Therefore,I view this not as a settled issue,but as an ongoing process that is already yielding promising results.52oral presentationsContact us:11interactive exhibition talks4round tables(18 panelists)10 keyn

261、ote speechesWorld-class experts at the most important mining exploration event in Latin America 14TH INTERNATIONAL CONGRESS OF PROSPECTORS AND EXPLORERSCsar Abriojocesar.abriojoiimp.org.pe+51 982 097 436Csar Gonzales cesar.gonzalesiimp.org.pe +51 957 399 762May 5 to 7 Lima Convention Center2 5 2524P

262、RE-RELEASE II|PERU MINING 2025Global Business Reports|PRE-RELEASE EDITIONGlobal Business Reports|PRE-RELEASE EDITIONPERU MINING 2025|PRE-RELEASE IIEngineering,Consultancies and Contractors Schedule is packedThe buzz of activity in the mining industry during the final months of 2024 and the first qua

263、rter of 2025 has spread across the entire value chain,reaching well beyond producers.But what is keeping consulting and engineering houses so busy in Peru?It is certainly not a massive new mining project.Openpit projects such as Cerro Verde,Quellaveco and Antamina were capitalintensive and provided

264、this segment with opportunities to grow due to the resources required.For example,Quellavecos CapEx was US$5.5 billion;Cerro Verde,when it decided to expand its concentrator facilities to triple production from 120,000 t/d to 360,000 td/d,allocated a CapEx of around US$4.6 billion,along with another

265、 additional US$1 billion to build a new leach pad and SX/EW facilities.Antamina,for its part and more recently in 2023,announced a US$2 billion CapEx for its expansion.Leaving aside Antaminas expansion,most of the more mature projects coming online today are not of that size.For instance,if we look

266、closer at the most recent greenfield gold project coming online,Buenaventuras San Gabriel underground mine in Moquegua,we will see it has an estimated CapEx of US$650 million.Another project in the same region and same size,though focused on copper and molybdenum,is Minera Hamptons Los Calatos.With

267、production expected by 2029,it has an estimated CapEx of around US$700 million.This comparison,however,is not meant to diminish the significance of San Gabriel or Los Calatos.On the contrary,it is to highlight that even mediumsize projects are crucial for a country that has not seen new projects sin

268、ce 2022,and their impact on the economy is still relevant.As Buenaventuras CEO,Leandro Garca,put it:San Gabriel is the only greenfield project scheduled to begin production in 2025.It is not a Quellaveco,but that does not make it any less importantevery project,no matter how small,adds value,especia

269、lly when its reserves ensure continuity for the next 15 years.Additionally,these projects serve as an opportunity for consulting and engineering firms to be more creative.As Gonzalo Morante,Walsh Perus general manager,explained:Large projects are more complex,because they must integrate multiple ope

270、rations.Small and mediumsized projects,on the other hand,have limited budgets and require creative solutions to meet regulations and maintain high standards within established margins.Such creativity allows projects to be successful and helps set new industry standards.The main revenue drivers for c

271、onsultancies and engineering firms are currently brownfield projects and mine life extensions.New mining projects,specifically greenfield projects,are somewhat of an outstanding issue in Peru.This is why,at present,our main projects are focused on sustaining existing ones,commented Javier Mendoza,ge

272、neral manager for Anddes Peru and Ecuador.SustainabilityThe general sentiment among consultancy and engineering firms has been positive in Peru,partly due to the bullish outlook markets have on metals.High prices immediately benefit producers,motivating them to maximize output,especially in Peru aft

273、er the approval of Ministerial Resolution No.1252024MINEM/DM,which amended Article 3 of Supreme Decree No.0302016EM,allowing mining Image courtesy of Anddes companies to ramp up production by 10%within existing capacity without requiring additional permits.When mineral prices rise,everyone rushes to

274、 take advantage of the peak in the cycle.The key is to act quickly and strategically to maximize profits before the market adjusts.This often means reevaluating processing rates and adjusting mining operations,which in turn drives demand for expansion and optimization studiesan area where we have se

275、en significant growth,shared Christian Osorio,the general manager for Inti Mining Smart Solutions(IMSS).Osorio added that the shift to a cleaner energy matrix is also driving demand for the companys service:It is not just about extracting more,but about doing so more efficiently and sustainably,adap

276、ting to the new demands of the market and the environment.Mara de Lourdes Baha,VP of mining and metals and AtkinsRalis,agreed:“Projects today are focused on reducing CO2 emissions and engaging with and benefiting communities.There is no demand for projects that do not care about their environmental

277、and social footprint.”“For example,we worked on a project where the pit was quite close to a group of houses.We suggested the client utilize acoustic barriers and dust suppressor equipment to minimize noise and powder emissions to the community.”added Daniel Gonzlez,business development manager at A

278、tkinsRalis.The industry has seen protests about environmental contamination for decades,even where standards and results have improved.Climate change is a factor too.Across the length of the Andes,glaciers are melting if a mine is in their vicinity,the likelihood that it will be blamed for their dis

279、appearance is high,commented Dan Etheredge,vice president and principal for Latin America at Klohn Crippen Berger(KCB),emphasizing that maintaining a good reputation is a constant challenge and that one misstep can overshadow years of hard work.Walshs general manager,Gonzalo Morante,believes that fr

280、esh approaches can help.To this end,the company has been undergoing a digitization process and integrating new talent with its experienced team:This combination allows us to maintain a balance between price and quality.The new generations bring a fresh perspective and,with training,are more 2 7 2726

281、PRE-RELEASE II|PERU MINING 2025Global Business Reports|PRE-RELEASE EDITIONGlobal Business Reports|PRE-RELEASE EDITIONPERU MINING 2025|PRE-RELEASE IIfocused on environmental issues.What was once considered normal is no longer acceptable,and this presents challenges,especially in older mines where ope

282、rations from the 1970s cannot be expected to meet current standards,he explained.For Fernando Rodrguez,senior partner at Quarsus Consulting,investment in sustainability should be seen as a strategy to strengthen reputation and secure the industrys longterm future:Minsur is the only Peruvianowned min

283、ing company in the ICMM.Meeting these standards requires thorough assessments,investment and a shift in mindset.EPCM WSPs regional director for mining,Gustavo Bravo,and Perus general manager,Virgilio Gonzales,highlighted how ESG has evolved:The ESG agenda has become a cornerstone for the mining indu

284、stry and WSP.It is no longer an emerging issue but an essential requirement,as reflected in studies on climate change,environmental monitoring,governance of tailings dams,water stewardship,energy and social diligence studies.To continue adding value,WSP wants to diversify and venture into the EPCM s

285、ector without neglecting its core business:mining consulting.Its Future Ready program is at the heart of the companys sustainability and global growth strategy,intended to anticipate the future and identify new technologies.Gonzales continued:Although the initial investment may depend on commodity p

286、rices,in the long term,these initiatives lead to a reduction in operational costs.Additionally,technologies like HighDensity Sludge(HDS),help enhance safety,efficiency,and project operability,strengthening our commitment to a sustainable and profitable approach.Amphos 21,a Spanish consultancy and en

287、gineering firm with deep knowledge of the whole water cycle,is also betting on the EPCM model.Miguel Mendoza,operations manager,explained:From a strategic point of view,by getting involved in a mining operation with operational services we can tap into new opportunities to offer consulting on larges

288、cale projects,which allows us to boost our sales.Desalination for Peru As has been a tradition at every PDAC that the Peruvian delegation attends,during Peru Day,the current Minister of Mines is one of the key speakers.This 2025,it was Minister Montero Cornejos turn.After providing a general overvie

289、w of the opportunities Peru has to offer from an energymining point of view,he moved on to topics that have long been featured in GBRs reports,such as dry tailings techniques,reuse of mining water,and the importance of easing tensions between the mining sector and society.This year,Montero Cornejo i

290、nvited the audience to explore the use of sea water,emphasizing that by desalinating water,the industry could take water off the negotiation table and preempt political slogans such as water yes,gold no,previously used by antimining groups.According to ACADES(the Chilean Desalination Association),Ch

291、iles desalination capacity can provide 80%of the water required by the mining industry,a percentage that will increase to 85%in 2025.However,how feasible is this option for Peru?Chile is narrow whereas Peru is wide,geographically rugged,and with operations above 3,000 m above sea level.Water is a co

292、ntroversial topic in Peru,but there are already a few mining operations using desalinated water:Cerro Lindo,and Mina Justa.All of them are located close to the coast,which makes the process viable in terms of cost and efficiency.However,at 5,000 m above sea level,desalination is no longer a feasible

293、 option,stated Miguel Mendoza,operations manager at Amphos 21.When comparing Chiles reality with Perus,Jos Carlos De Pirola,country manager for Peru and Ecuador at ERM(Environmental Resources Management),noted that in the former,infrastructure is shared,while in the latter,mining companies tend to r

294、eject this model because they cannot control certain risks:In Chile,desalination is the only viable option,that is why they have been successful at adopting it.However,Peru has other options,such as diverting water from the rainforest,but Peru has a poor management,especially when it comes to invest

295、ing and maintaining existing infrastructure.Many reservoirs are already silted up,posing a serious risk in areas with heavy rainfall.Our new tailings laboratory aims at developing technologies to store tailings with less water,optimizing their disposal and reducing environmental and safety risks.Jos

296、 Luis Lara,General Manager,Lara Consulting“The idea of nature positive is gaining traction,but very few companies are putting it into practice the right way.There is still a lot of work to be done.”Jos Carlos de Pierola,Country ManagerPeru and Ecuador,ERM28PRE-RELEASE II|PERU MINING 2025Global Busin

297、ess Reports|PRE-RELEASE EDITIONFor Marcelo Caddeo,general director at Thiessen del Per(TDP),the broader adoption of desalination in Peru could potentially boost the companys business there,as representatives of McElroy,a manufacturer of HDPE pipe fusion equipment:Mines operate as hydraulic systems r

298、eliant on fluid movement.There are multiple projects in both Chile and Peru where we have supplied HDPE piping and desalination opens a major opportunity for us,he said.Indeed,water is a controversial issue,especially in a country where mining and agriculture take place in close proximity.Ta Mara is

299、 one such case.Located above the Tambo Valley in southern Peru,it has long sparked conflict,with the slogan Agro s,minera no(Agriculture yes,mining no)becoming a rallying cry.Authorities,such as former minister Rmulo Mucho,have attempted to ease tensions by assuring the society that both industries

300、can coexist.In fact,once operational,Ta Mara will use desalinated water.While some consultancies are finding innovative ways to support desalination and cut water use,others are tackling challenges tied to tailings,with a different goal:democratization.That is the case with WWL(Water,Waste&Land).Rox

301、ana Ugaz,WWLs director,explained that the GISTM introduced rigorous standards that large mining companies can adopt thanks to their strong capital support,which not all mining companies have:Through AI,we make the expertise of senior Engineering of Records who may have over 40 years of experience ac

302、cessible without the need for constant onsite presence or disproportionate costs.This has opened up new opportunities and subservices that allow us to stand out in the market,she added.Big fishIn 2024,we saw strategic moves with new acquisitions and alliances,highlighting how copper is essential for

303、 the energy transition and has become a strategic resource,commented Pamela Florian,country manager of Hatch.High commodity prices are only rewarding when costs do not rise simultaneously.For Florian,Perus copper industry is at a turning point where competition drives the need to boost productivity,

304、improve efficiency,and reduce operational costs.In a market where the big fish are eating the smaller ones,every mining unit must become more efficient and competitive.Reducing delivery times and optimizing the supply chain directly impacts operational costs and enables companies to be more agile an

305、d better respond to market demands,she added.Angie Sakata,Perus recently appointed country manager at Stantec,pointed out that declining ore grades and other challenges make it difficult to maintain longterm sustainability goals:We need a strategic approach that allows companies to capitalize on hig

306、h prices without comprising the viability of their projects.”For Lara Consulting,which specializes in designing,constructing,operating and closing tailings facilities,2024 was an outstanding year according to its general manager,Jos Luis Lara:We outperformed the sector,achieving 30%growth.The compan

307、y is now planning to launch a laboratory in Peru that will analyze and replicate the conditions of mining operations to develop innovative technologies for storing tailings with reduced water usage and help with the costs of operations.The idea is to create an experimental space that focuses on the

308、real needs of operators,something that is often missing in more specialized labs.We want this lab to serve as a hub for research and innovation,allowing us to develop our talent by attracting local and international projects and offering our clients safer and more costeffective tailings facilities,L

309、ara explained.There is room for everyoneThe Peruvian contractor segment is served by a mix of local and international companies,with new companies like Milicic and Construplan from Argentina and Mexico also entering the market.For STRACON Group,Peru accounts for 40%of the companys activities.Accordi

310、ng to Steve Dixon,STRACON Groups CEO,Peru still offers plenty of room for growth:We have a very robust backlog,of around two and a half times our annual sales,and so we are focused on performing for those clients Of course,we keep adding new clients too.In 2024,STRACON designed and built a water tre

311、atment plant at Cerro Corona for Gold Fields,and we have been working on Cerro Verdes new input crushing system.These are new services with new clients and part of our growth and diversification.Grupo JJC is another Peruvian contractor that specializes in EPC projects.According to Sebastin Martin,th

312、e companys general manager,it is experiencing an exciting time:Largescale mining projects are coming back,with key projects such as the extension of Antaminas mine life,the return of Ta Mara,the launch of Zafranal,and new investments“Technologies like High-Density Sludge(HDS)help improve project saf

313、ety,efficiency,and operability,all while reinforcing our commitment to sustainability and ongoing productivity gains.”Virgilio Gonzales,General Manager Peru,WSPIf the upcoming elections do not negatively impact mining investment,we will see a wave of long-paused projects moving forward,driving deman

314、d for EIAs,baseline studies,and other key assessments.Guillermo Barreda,General Manager,Knight Pisold PeruIf we followed strictly GISTMs criteria about the capabilities an EoR must have,there would not be enough of them.Many firms have the expertise but not the means to cover all projects.Roxana Uga

315、z,Director,Water,Waste&Land(WWL)3 1 3130PRE-RELEASE II|PERU MINING 2025Global Business Reports|PRE-RELEASE EDITIONGlobal Business Reports|PRE-RELEASE EDITIONPERU MINING 2025|PRE-RELEASE IIin Quellaveco.They are moving forward thanks to ongoing bidding processes,which are creating a sense of optimism

316、 across the sector.Construplan has been working with Nexa Resources at the Atacocha and El Porvenir mines,which has allowed it to generate US$90 million in revenue.Rafael Ros,Construplans country manager,explained how Construplan adjusted its entry criteria to include more local talent and provided

317、them with specialized technical training:The challenge was not only technical but also strategic.We had to keep the corporate team calm amid an unprecedented situation when the project was halted by community blockades.This scenario demanded creativity,patience,and extraordinary effort.Without a dou

318、bt,it was an experience that left us with valuable lessons,a sense of satisfaction,and two years of work in Cerro de Pasco marked by a level of social peace that had not been seen in a long time.According to Marian Milicic,general manager of Milicic,the Argentinian contractor focuses on mediumsized

319、projects,often by partnering with Peruvian players:We are already exploring some joint ventures with Peruvian companies,both larger and smaller than us,to complement our capabilities.We excel in earthworks and civil construction,while other companies focus on structural assembly.This allows our clie

320、nts to have a full solution.We have always had a collaborative approach,which has been key to our growth in Argentina.Alejandro Vsquez,commercial manager at Mur,noted that bidding processes have become more aggressive as the market becomes more dynamic:We are taking advantage of all the opportunitie

321、s emerging,commented Vsquez.Underground contractorsAs we get deeper into the value chain and it becomes more specialized,it is interesting to observe that while rising commodity prices increase the demand for studies from engineering and consultancy firms,the effect on more niche companies like unde

322、rground contractors is less pronounced:As a specialized company,we do not depend directly on commodity prices.For us,they are more of a reference point.Our focus has always been on delivering more value with the resources we have.Instead of solely focusing on price,we aim to do more with the same,or

323、 even less,ensuring that everything is done safely,with the highest quality possible,commented Guillermo San Miguel,AESAs CEO.INCIMMET is another underground contractor whose CEO,Eduardo Cossio Chirinos,concurs:Higher mineral prices have a positive impact,but it is marginal.A price increase can revi

324、ve or boost the value of greenfield and brownfield projects,but that does not necessarily translate to better prices or margins for service providers Selling more does not necessarily mean higher profitability Managing more or larger projects can mean hiring more people,which brings the labor shorta

325、ge challenge.As a service provider,the real benefit comes from efficiency and maintaining a healthy project portfolio.It seems that while high mineral prices are certainly beneficial,postCOVID inflation has driven up operational costs,especially salaries and equipment prices,which have led to adjust

326、ments in mining tariffs.In Peru,the shotcrete market is small,with no more than 20 mines requiring it.That is why adaptability and efficiency are key to delivering sustainable solutions and expanding our services to other countries,explained Robocons CEO,Enrique Sattler.To remain flexible and compet

327、itive,Robocon manufactures its own shotcrete and narrowvein equipment,customtailored to its clients needs.It allows us to optimize ground support in line with the production cycle and ensure safety and efficiency.We provide specialized compact equipment and concrete plants,but we also collaborate wi

328、th leading suppliers to develop and improve conventional tools,Sattler concluded.GEMIN Associates began as a consulting and engineering firm but identified a niche for growth as an underground contractor after working with Redpath on Newmonts Yanacocha Sulfuros project.According to Marco Zavala,the

329、companys general manager,2024 marked a turning point as GEMIN solidified its position in this segment through its work at Equinox Golds Aurizona underground mine in Brazil.Throughout the year,the company focused on designing critical infrastructure,primarily ventilation and pumping systems.This proj

330、ect strengthened our expertise in underground operations and built on our experience in Peru,where we have conducted inspections and designed vertical shaft extraction systems,Zavala explained.Now,GEMIN wants to grow its geographical footprint in Central America,starting with Costa Rica.“From a fore

331、ign investors perspective,Peru stands out as one of the most solid and stable options in South America,which is impressive given the challenges it faces.”Javier Mendoza,General ManagerPeru and Ecuador,Anddes Vistenos enVII INTERNATIONAL MINING CONFERENCECONFEMINATHE MOST IMPORTANT BUSINESS EVENT FOR

332、 THE MINING SECTOR3 Business roundtablesDont be left out!Set up your booth!EXPOMINEROS Y PROVEEDORESM I N P R O-2 0 2 5PARTICIPATE IN THE MOST COMPLETE MINING TRADE FAIR IN THE MINING SECTORExhibition,conferences and business rounds,in one event!Last booths Visit us inSilver Sponsor:Copper Sponsor:O

333、fficial magazine:24-25JuneLima Convention CenterRethinking constructionand mining.Peru,A Diversified Metal Producer3060901201500.51.01.52.02.53.020062010200920122014201620182020202220243.472.730.00.51.01.52.0200620102008201220142016201820202022202420062010200820122014201620182020202220242006201020092012201420162018202020222024234567GoldSilverCopperZincMillion mt-0.73%2023-2024 change+6.77%2023-202