De Vinatea: Without Further Exploration and New Deposits, Mining Will Not Capitalize on the Favorable Cycle

Lima, January 12, 2026. In 2026, Peruvian mining faces a scenario that combines historically high prices with structural risks that could prevent the country from fully capitalizing on this favorable cycle. According to Gustavo De Vinatea, General Manager of the Peruvian Institute of Mining Engineers (IIMP) and a member of the proEXPLO 2026 Organizing Committee, the main bottleneck lies in the limited pipeline of new projects and the need to accelerate mineral exploration.

“We fail to realize that the last major mining project developed in Peru was Quellaveco,” De Vinatea warned in an interview with El Comercio, emphasizing that the absence of new copper and gold deposits limits the country’s ability to increase production and take advantage of the current strength of metals.

Exploration Recovering, but Still Insufficient

Figures show an improvement, although still far from what the sector requires. As of October 2025, investment in mineral exploration reached US$597 million, a trend that, according to De Vinatea, “will continue and increase in 2026.”

The IIMP executive believes this rebound is key to reversing several years of decline in the search for new deposits, caused by “poor public policies that slowed the attraction of capital.” However, he cautions that the country is still growing below its potential, despite the upward cycle in copper, gold, and silver.

Illegal Mining: The Main Risk

Beyond technical and regulatory challenges, De Vinatea identifies a threat that could compromise the sector’s outlook: the expansion of illegal mining.

“The major challenge for mining in 2026 is to decisively confront illegal mining, while continuing to support small-scale and artisanal miners who genuinely want to formalize,” he stated.

This phenomenon is no longer affecting only gold mining; it is beginning to impact large-scale copper operations as well, increasing risk for long-term investments.

A Window of Opportunity for Peru

The international context favors the country. High metal prices and macroeconomic stability continue to support investor interest and underpin exports, which in 2025 are on track to reach a new record. However, for the proEXPLO 2026 spokesperson, these favorable conditions alone are not enough.

Without a clear policy to accelerate exploration, unblock projects, and contain informality, Peru risks missing a historic opportunity. In De Vinatea’s words, the challenge is simple yet urgent: to turn favorable market conditions into more mines, greater production, and stronger growth for the country.

About proEXPLO 2026

The 15th International Congress of Prospectors and Explorers (proEXPLO 2026), the most important mineral exploration event in Latin America, will be held from May 4 to 6, 2026, at the Centro de Exposiciones Jockey in Lima.

For more information and registration, please contact Helen Loaiza at helen.loaiza@iimp.org.pe or by phone at +51 951 294 314.