Mining investment increased 6.5% y/y in June, according to the Ministry of Mining (chart 1). On a cumulative basis, mining investment increased 10.9% y/y in the first semester. {chart} Anglo-American, with its Quellaveco project, continued to lead investment, which increased 10.1% in the cumulative January–June period y/y. Construction of Quellaveco is scheduled to conclude in the second half of the year, although the company has already announced its first output of copper concentrate in July. Investment will continue in H2-2022 until construction is completed and commercial operations begin. We expect the first ... (full story)