Julio Velarde at the XVI SIMPOSIO: “With the Mining Projects in Its Portfolio, Peru Could Double Its Copper Production and Surpass Chile”
- The president of the Central Reserve Bank of Peru (BCRP) stated that the current cycle of high mineral prices represents a historic opportunity to accelerate private investment, unblock projects, and restore competitiveness. He affirmed that excessive red tape and political instability are hindering the sector’s potential.
Lima, May 28, 2026. The president of the Central Reserve Bank of Peru (BCRP), Julio Velarde, stated that Peru is experiencing one of the most favorable periods in recent decades due to high mineral prices and maintained that, with the execution of the projects currently in the pipeline, the country could double its copper production and even surpass Chile, the world leader in copper production.
During his participation in the discussion titled “Financing the Engine of the Country’s Growth”, held as part of the SIMPOSIO – XVI International Mining Meeting organized by the National Society of Mining, Petroleum and Energy (SNMPE), Velarde highlighted that the country has nearly US$ 47 billion invested in copper projects.
“Peru has the potential to rapidly increase its production by over 3 million tons, and if we successfully complete all the projects, we could even surpass Chile in copper production”, he stated.
The head of the Central Reserve Bank of Peru (BCRP) emphasized that the country’s periods of greatest economic growth have historically been linked to the expansion of mining investment. He recalled that between 2005 and 2013, Peru registered an average growth of 6.6%, accompanied by a significant reduction in poverty, increased tax revenues, and expansion in other economic sectors. “Years of strong mining investment are what generate the greatest economic dynamism. Production may come later, but it is investment that drives growth”, he explained.
However, he warned that the main risk to capitalizing on this opportunity is the increasing red tape and lack of regulatory predictability. He indicated that a mining project currently must go through approximately 29 public entities and more than 260 administrative procedures. “There has been an explosive growth in the number of required procedures. A pending task will be to review this framework and consider simple yet effective regulations”, he stated.
Velarde cautioned against the effects of political instability on investment, stating that frequent changes in leadership disrupt the continuity of public policies and adversely impact business confidence. In this regard, he underscored the necessity of establishing a strategic roadmap to facilitate mining projects and enhance the country’s competitiveness, especially considering Peru’s significant geological potential.
Positive view of local banking
The discussion featured key participants, including Luis Felipe Castellanos, CEO of Intercorp Financial Services; Miguel Uccelli, CEO of Citibank Peru and regional director for Peru, Chile, and Ecuador; and Sebastián Arcuri, CEO and Executive VP of Scotiabank Peru. The session was moderated by Adolfo Vera, president and CEO of Southern Peaks Mining LP.
Sebastián Arcuri emphasized the banking sector’s strong commitment to financing the mining industry, noting that his institution has over US$ 1.7 billion in approved credit lines for the sector. “We are dedicated to being the bank that finances Peru’s ascent as the world’s leading copper producer”, he stated.
Luis Felipe Castellanos highlighted the positive impact of mining on regional supply chains, employment, and territorial development. Meanwhile, Miguel Uccelli pointed out that Peru possesses the macroeconomic, geological, and financial conditions necessary to accelerate mining investments, but he stressed that the key challenge lies in reducing bureaucratic obstacles and enhancing government efficiency.
Participants agreed that the international context offers a historic opportunity for Peru, especially given the growing global demand for copper linked to the energy transition and electrification. However, they emphasized that the country is currently competing with markets such as Chile, Brazil, and Argentina, which are accelerating reforms to attract new mining investments.
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