The Ministry of Energy and Mines (Minem) has published its latest listing of mining projects by the source of the investment. However, not all the projects are ongoing; the future of some are in serious doubt. The totals therefore do not necessarily provide a very accurate guide as to which projects will be pursued and when they are likely to come on stream. It is therefore something of a wish list.

UK registered firms top the list with investments totalling US$11.58 billion. Of these by far the most significant is Anglo American’s Quellaveco (US$5.3 billion) and Rio Tinto’s La Granja (US$5 billion). However, Rio Tinto has repeatedly postponed a decision on whether to develop La Granja. In 2019, it considered entering into a partnership with Canada’s First Quantum Minerals.

Second on the list is China with investments of US$10.78 billion. This includes Chinalco’s project to expand Toromocho (US$1.35 billion) and develop Don Javier (US$600 million)

It is followed by Canada with US$8.3 billion. Projects include Haquira (First Quantum Minerals, US$1.8 billion), Cañariaco (Candente Copper, US$1.6 billion) Cotabambas (Panoro Minerals, USD$1.5 billion) and Corani (Bear Creek Mining, US$579 million).

In fourth place comes the United States, with Newmont Mining having the lion’s share, with Conga (US$4.8 billion) and Yanacocha Sulfuros (US$2.2 billion). Conga has been suspended for the last ten years.

Mexico comes in fifth place, basically Southern Peru Copper Corporation, owned by Grupo México, with projected investments of US$6.5 billion. Its main projects are Las Chancas (US$2.6 billion), Michiquillay (US$2.5 billion) and Tía María (1.4 billion).