Mining exploration foresees higher investment, but still lacks the momentum the country needs
César Riofrio, member of the organizing committee of the 15th International Congress of Prospectors and Explorers, states that one of the challenges in mining exploration is generating new discoveries.
Lima, November 13, 2025.- Mining exploration in Peru is showing signs of recovery after several years of slowdown; however, activity still remains below the country’s geological potential, said César Riofrio, member of the organizing committee of the 15th International Congress of Prospectors and Explorers (proEXPLO 2026).
According to the Ministry of Energy and Mines (MINEM), the 2025 Mining Exploration Project Portfolio currently comprises 80 projects with a total investment of US$ 727.5 million, representing an increase of more than 40% compared to 2024, when investment amounted to US$ 518 million across 74 projects.
Riofrio stressed that while the figures reflect a rebound, “the pace of exploration remains moderate compared to what the country needs to fully capitalize on its geological potential.”
Compared with the initial portfolio published this year, which included 84 projects valued at US$ 1.03 billion, the August 2025 update shows the withdrawal of four projects and adjustments in investment figures. However, within the same period, 16 new exploration projects were authorized with a committed investment of approximately US$ 74 million.
“It is not enough to announce figures; we need to translate them into actual discoveries, solid investment conditions, and a regulatory and social environment that provides certainty. Without new and viable exploration, there will be no new mines or expansions, and the productive cycle will stagnate,” warned Riofrio.
Outlook for 2026
Looking ahead to 2026, the Ministry of Energy and Mines (MINEM) has identified 32 potential projects that could be included in the next edition of the exploration portfolio, with an estimated investment of US$ 185.7 million. Key projects include Michiquillay (US$ 26.2 million, Cajamarca), Falchani (US$ 15 million, Puno), Elida (US$ 15 million, Áncash), Colquemayo (US$ 13.5 million, Moquegua), and Cañón Florida (US$ 13.2 million, Amazonas).
“These initiatives reflect sustained interest from mining companies in diversifying their exploration portfolios and strengthening the foundation of new projects that will ensure the continuity of the sector in the medium and long term,” the geologist commented.
The spokesperson for proEXPLO 2026 added that, for the country to resume a path of sustainable mining growth by 2026, current progress must be consolidated, and further efforts must be made in permitting, community engagement, and transparency. “Only then will the projected investment be realized, allowing mining to remain a key driver of the country’s economic development”.