-
Solid Q1 for Mining in Peru
Mining investment increased 17.2% y/y in Q1-24, surpassing our estimates. Although the greatest increase in investment came from Quellaveco, up 46% y/y, this was expected. What was less expected was the rapid execution of several brownfield projects, including Toromocho Expansion Phase II (Chinalco), Yumpag (Buenaventura), Inmaculada Replacement (Ares), and Antamina Replacement (Antamina). These projects drove spending on mining equipment up 114%. The 23% increase in exploration was also a little bit of a surprise. There are other brownfield projects that are in the pipeline but are still awaiting permit approvals, ... (full story)