Peru: leading mining companies 2020, by investment value

Anglo American Quellaveco S.A. was the leading mining company in the Peruvian mining sector in 2020, based on investment value. That year, the company’s investments amounted to more than 1.3 billion U.S. dollars, representing almost one third of mining investments in Peru. Quellaveco is a copper mine under development in the country’s Moquegua region, with production planned to start in 2022.

Peru’s copper empire

With an output of approximately 2.2 million metric tons, Peru was the second largest copper producer worldwide in 2020, ranking only behind its South American neighbor Chile. Perhaps unsurprisingly, mining investments in the country are mainly focused on the development of the copper segment. Nine out of the top ten mining companies in Peru that year in terms of investment operated in the production of copper and represented altogether over 73 percent of the country’s mining investments. Among them were Southern Copper Peru, Sociedad Minera Cerro Verde, and Cía. Minera Antamina, which combined concentrate more than half of Peru's copper mine production.

How has COVID-19 impacted Peru’s copper sector?

The first COVID-19 case in Peru was reported in the first week of March 2020. Less than two weeks later, a state of emergency was declared in the country, including mandatory social distancing. As a result, most mining companies were forced to suspend a great part of their operations, maintaining only critical activities. Despite its economic importance, copper production was severely impacted, dropping by more than 30 percent in April and May of that year. During the remainder of the year, the copper production of leading companies started showing signs of recovery, albeit still below 2019 levels.