Largest mining companies in Peru 2021, by investment value

Anglo American Quellaveco S.A. was the leading mining company in the Peruvian mining sector in 2021, based on investment value. That year, the company’s investments amounted to more than 1.3 billion U.S. dollars, representing almost one quarter 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 2021, 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. The top six mining companies in Peru that year in terms of investment operated in the production of copper and represented altogether over half of the country’s mining investments. Among them were Southern Copper Peru and Cía. Minera Antamina, which combined concentrate roughly 40 percent of Peru's copper 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, with most mining companies forced to suspend a great part of their operations. Despite its economic importance, copper production was severely impacted, dropping by more than 30 percent in April and May of that year, and with an annual decline recorded for most of the following months of the year. In 2021, copper mine production in Peru recovered somewhat, registering a year-over-year growth of seven percent, although still remaining below pre-pandemic levels.