Peru targets increased copper production through permit reforms

Peru is implementing strategic measures to boost its mining sector, particularly copper production. The Ministry of Energy and Mines has announced a plan to simplify bureaucracy by eliminating 27 sectoral permits. This initiative aims to increase annual copper production by one million tons within five to six years, moving beyond the current plateau of 2.5 to 2.7 million tons.

In the southern region, Camino Minerals has received environmental approval from the Ministry of Energy and Mines to expand its Costa de Cobre project. This expansion increases the exploration area by 94%, from 6,012.5 to 11,671.9 hectares, and enables an additional 212,500 meters of drilling capacity.

However, industry leaders have raised concerns regarding fiscal stability. The Institute of Mining Engineers of Peru (IIMP) warned that proposed changes to mining royalties and special taxes must be technically analyzed to avoid harming national competitiveness and long-term investment. Additionally, the president of PERUMIN 38 emphasized the need for greater agility and predictability in the permitting process to reduce mining informality.