Lima, October 22, 2024. Mining exploration, the first link in the mining chain, continues to rise, according to the latest Statistical Bulletin of the Ministry of Energy and Mines (MINEM). From January to August, this phase accounted for 11.6% of all mining investment. Investment in processing plants came in first place with 22.7%, followed by resources allocated to infrastructure with 21.7%.

Through August of this year, mining investment totaled US$ 338 million, an increase of 24.7% compared to the same period in 2023 (US$ 271 million). MINEM expects to close 2024 with US$ 4,600 million investment throughout the mining sector.

In August, investment in exploration amounted to US$ 53 million, an increase of 20.2% over the previous month (US$ 44 million). Likewise, the activity reported a positive variation of 35.1% with respect to August of the previous year (US$ 39 million), due to the higher investment made by Compañía de Minas Buenaventura, in its “San Gabriel” project; Compañía Minera Zafranal in its Administrative Economic Units “CMZ 3” and “CMZ 4”; and Anglo American Quellaveco S.A.

In this regard, Walter Tejada, president of the 14th International Congress of Prospectors and Explorers - proEXPLO 2025, described the MINEM's figures as positive, but above all he highlighted the upward trend in exploration.

The leader of the meeting dedicated to exploration and geology highlighted not only the increase recorded this year, but also the fact that investment in prospecting for new deposits has increased by 24.7% compared to 2023. “Hopefully this trend will continue and accelerate,” he told the Peruvian Institute of Mining Engineers (IIMP).

Tejada also highlighted the fact that in recent months three exploration start-up authorizations have been approved for a total amount of US$ 61 million. These are the Willay project of Vale Exploration Peru, the Quelccaya project of Macusani Yellowcake and the Palca project of Compañía Minera Poderosa.