Peru - Country Commercial Guide
Mining Equipment and Machinery

This is a best prospect industry sector for this country.  Includes a market overview and trade data.

Last published date: 2022-08-17


Peru’s mining industry is essential to the country’s economic development.  It accounts for nearly 10% of GDP, while mineral export revenues reached $27.2 billion in 2021, representing 60% of the country’s total exports.  Peru is the world’s second-largest producer of copper, silver, and zinc and Latin America’s largest producer of gold.  Peru is among the primary producers of mineral commodities in the world.  Abundant mineral resources such as copper, gold, silver, and lithium are found mainly in the mountains. 

Substantial additional investment has flowed into the sector over the past 20 years, and international investors are vital to the growth and success of the country’s exploration and mining sector.  However, Peru fell for the third consecutive year in the index of most attractive countries and regions for investments in mining, according to the latest Annual Survey of Mining Companies 2021 prepared by the Fraser Institute – largely attributed to the political situation in the country.  Nevertheless, according to the Ministry of Enery and Mines (MINEM), in 2021, Peru’s investment in the mining sector exceeded $5.2 billion, surpassing the projected goal.  Four investment areas reported positive growth: mining equipment (+65%), exploration (+76%), infrastructure (+43%) and development/preparation (+52%).

Peru has approximately 200 operating mines and several large projects ready for development.  In March 2022, direct employment in the mining sector in Peru came to over 237,850 workers, exceeding 2021 by 4.5%.  According to the 2021 Portfolio of Mining Construction Projects from the Ministry of Energy and Mines, Peru has 43 main projects in different stages of development targeting a variety of metals and minerals, representing a total investment of more than $53 billion.  Copper projects represent 69% ($36.5 billion), gold 15%, and iron ore 11 %.

The UK is Peru’s largest foreign mining investor, followed by China, Canada, the United States, and Mexico.  Eleven countries have project portfolio investments:

Table 1: Foreign Project Portfolio Investments


Number of Projects

% of market Participation

Approx. Investment


7 projects including Quellaveco


$ 11 584 million


7 projects


$ 10 775 million


10 projects


$ 8 321 million


2 projects


$ 7 050 million


3 projects


$ 6 500 million


1 project


$ 2 900 million


5 projects


$ 2 007 million


5 projects


$ 2 035 million


1 project


$ 1 290 million


1 project

1.1 %

$ 590 million

S. Korea

1 project


116  million


43 projects


53,168 million



Copper prices rebounded sharply in 2021, increasing by more than 70% in the last 12 months to reach over four dollars a pound in May, 2022, its highest level in 10 years.  However, in recent months copper prices have decreased by approximately 10%.  To meet projected world demand, the world  needs more than $91 billion in new copper mine investment between now and 2030, presenting substantive opportunities for Peru, a top producer.

Aside from the political uncertainty and social conflict challenges discussed earlier and further below, Peru is generally an attractive destination for mining investments, with large mineral and metal reserves, including major undiscovered deposits.  Peru offers mining investors significant commercial advantages and ample freedom to import machinery, equipment, and services that they require for their mining activities at a lower cost and with fewer bureaucratic requirements than before.  In addition, Peruvian laws, regulations, and practices do not discriminate between national and foreign companies.  The Peruvian government guarantees foreign investors legal stability per income tax regulations and dividend distributions.  A clear legal framework, readily available cadastral and geological information, and a stable economy have all spurred foreign investments.

We recommend that U.S. exporters and potential investors establish a local branch office or appoint a local representative and secure legal counsel that is knowledgeable of the Peruvian market and its mining sector legal framework.  If U.S. exporters prefer to work with local distributors, they should clarify the expertise and track records of the companies they choose to work with.  When selling mining equipment to Peru, it is essential to offer post-sale services required by most mining companies, such as assembly, maintenance, parts, and operational training.


President Castillo and the Free Peru party criticized the extractives industry during his presidential campaign, raising fears he would nationalize or expropriate companies in the sector.  Such action has not occurred, but private sector mining investment beyond normal operations has taken a noticeable pause. 

Political instability, social conflict, and excessive bureaucracy hamper the industry.  Mining remains the source of most social-environmental conflicts, with approximately 60 ongoing.  In these, the local communities express two main concerns: environmental degradation (including water and land contamination) and the lack of benefits (e.g., health, education, and infrastructure services) to their communities affected by mining despite the enormous wealth generated by the mining industry.  The government and mining companies often make many attempts to resolve these conflicts, but these have generally been piecemeal, short-term solutions. 

Table 2: Mining Equipment and Machinery

Mining Equipment and Machinery




Total Exports




Total Imports




Imports from the US




Total Market Size




Units: $ millions; Total Market Size = (Total Local Production + Imports) – Exports; Source: Global Trade Atlas

Leading Product Imports Within Sector (2021)

Table 3: Leading Product Imports Within Sector (2021)

HTS Code



Parts of Mach for Sorting Etc. Earth Stone Ores Etc.


Mech Shovels Excavators Etc. W 360 Degree Sprstruc


Truck, Diesel Eng, Gvw > 20 Metric Tons


Mech Front-End Shovel Loaders, Self-Propelled


Parts and Attachments NESOI for Derricks Etc.


Spark-Ignition Reciprocating Int Com Pistn Eng Pts


Filter/Purify Machine & Apparatus Parts


Mech Shovels, Excavators and Shovel Loaders NESOI


Air/Gas Pumps, Compressors and Fans Etc., NESOI


Bulldozers and Angeldozers, Self-Prop, Track Lay


Dumpers Designed for Off-Highway Use

Key Industry Events

Perumin: 35th Mining Convention, September 26-30, 2022, Cerro Juli, Arequipa.

Perumin: 36th Mining Convention, September 2023, Cerro Juli, Arequipa.

Organizer: IIMP

Expomina Peru: Setiembre 2024, Jockey Center, Lima.


Sociedad Nacional de Minería, Petróleo y Energía – SNMPE

(National Mining, Oil, and Energy Society)

Francisco Graña 671, Magdalena del Mar. Lima 17, Tel.: (511) 215-9250


Ministry of Energy and Mines

Av. Las Artes 260, San Borja. Lima 41, Tel.: (511) 411-1100


Instituto de Ingenieros de Minas del Peru - IIMP

Calle Los Canarios 155, La Molina. Lima 12, Tel: (511) 313-4160


Energy and Mining Regulatory Agency – Osinergmin

(Supervising Agency for Investment in Energy and Mining)

Jr. Bernardo Monteagudo 222, Magdalena del Mar. Lima 17, Tel.: (511) 219-3410


Environmental Assessment and Control Agency – OEFA