Argentina's copper surge and Peru's gold decline shape 2026 mining outlook

Argentina's mining export basket for 2026 is being driven by rising copper and gold revenues. Gold prices above US$3,100 per ounce have boosted earnings from operating mines such as Veladero, while large copper projects – Josemaría, operated by Lundin Mining, and Los Azules, developed by McEwen Mining – are moving toward commercial production, positioning copper as the next major export engine. Lithium shipments remain steady from the north‑western salars.

In Peru, formal gold output fell 5.6% in May and 4.4% over the first five months of 2026 despite spot prices near US$4,074 per ounce and forecasts of a return to the US$5,000‑plus range. Production declines were seen at six of the ten largest miners, while companies such as Yanacocha, Veta Dorada, Paltarumi and Summa Gold posted increases.