Largest mining companies in Peru 2023, by investment value

Compania Minera Antamina S.A. was the leading mining company in the Peruvian mining sector in 2023, based on investment value. That year, the company’s investments amounted to more than 600 million U.S. dollars, representing almost twelve percent of mining investments in Peru. Anglo American Quellaveco came in second place with an investment of 567 million U.S. dollars in 2023.

Peru’s copper empire

With an output of approximately 2.2 million metric tons, Peru was the second largest copper producer worldwide in 2023, 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 Sociedad Minera Cerro Verde 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 2023, copper mine production in Peru recovered somewhat, registering a year-over-year growth of twelve percent, finally surpassing pre-pandemic levels.