Walter Tejada: Reduction of concession terms will affect exploration and development of formal mines
The geologist and former president of proEXPLO warns that the proposal to be debated in Congress does not consider the real timelines required to develop a formal mining project from exploration.
Lima, March 30, 2026. Just days before Congress debates the bill proposing to reduce the expiration period of mining concessions without production from 30 to 15 years, geologist Walter Tejada, former president of proEXPLO, warned that the measure will impact the development of formal mining projects in the country, as it fails to account for the time required to advance a project from its earliest stages.
“Exploration and the development of modern, formal mining take decades. Globally, for example, it is estimated that developing a copper porphyry deposit from discovery takes on average around 20 years. In Peru, this timeframe is usually longer due to social and regulatory complexities,” he said in an interview with the Peruvian Institute of Mining Engineers (IIMP).
In this context, Tejada cautioned that the proposed changes could send strong signals of uncertainty for long-term investments, considering that the exploration phase can take several years before confirming the viability of a deposit.
“We live in a competitive world, and we see that different countries—not only traditional destinations, but also new jurisdictions—are attracting mining exploration investments, such as San Juan and Mendoza in Argentina. Saudi Arabia is another destination receiving significant exploration investment. Peru cannot afford to fall behind,” he noted.
Stability to sustain competitiveness
Tejada emphasized that the stability of the legal framework has been key to attracting investment into the country. “Respect for the Mining Concessions Law has been fundamental to maintaining the country’s competitiveness and promoting modern, formal mining investment in recent decades. It is critically important because exploration and mine development are processes that can take decades,” he told the IIMP.
The specialist also highlighted that, beyond the regulatory debate, the country must strengthen enabling conditions to increase investment, such as modernizing geoscientific information and adopting new technologies to expand exploration frontiers.
Regulatory challenges in exploration will be part of the agenda at the 15th International Congress of Prospectors and Explorers – proEXPLO 2026, an event that will bring together industry leaders, experts, and decision-makers. The congress will take place from May 4 to 6 at the Jockey Exhibition Center, and registration is now open at proexplo.com.pe/es.