Peru Considers $6 Billion Mining Projects Amid Protests

LIMA, Peru — President Dina Boluarte announced on Monday that Peru is considering approving 134 mining projects worth a total of $6 billion. This move aims to boost the government’s revenues from the crucial mining sector.

In her Independence Day address to Congress, Boluarte explained that her administration is evaluating these exploration and exploitation projects. Peru, known as the world’s third-largest copper producer, has been facing protests from informal miners who blocked a transport corridor used by major companies like MMG and Glencore in late June.

Miners temporarily halted their protests as negotiations continue over a new law affecting the sector. Tensions have risen after over 50,000 informal miners were removed from a formalization scheme, leaving only 31,000 miners who the government aims to regulate by year-end.

Boluarte highlighted her plans to create a private mining fund designed to help small formal miners access better financing. This announcement comes as police clashed with hundreds of protesters marching towards Congress, many of whom carried cardboard coffins, symbolizing the unrest and deaths documented early in Boluarte’s presidency.

Recent polls indicate Boluarte’s approval ratings have plummeted to between 2% and 4%, making her one of the least popular leaders globally. She noted the expected growth of the formal small-scale mining sector which could generate over $5 billion in annual sales by the end of the year and aim for $4.7 billion in projects to begin construction by 2026.

In addition to her mining initiatives, Boluarte announced an agreement with Ecuador’s state oil firm, Petroecuador, to connect Ecuadorian oil fields to a pipeline in Peru, enhancing the logistics to the Talara refinery.

Peru’s economy has shown signs of recovery from a recession caused by anti-government protests, but poverty levels remain near 30%. Since Boluarte took office in late 2022, the country has experienced political instability with six presidents since 2018. The next general election is scheduled for April 2026.