Mining investment was USD 398 million in January 2026 (+8.9% YoY, chart 1). Spending continued led by companies with projects in execution in the portfolio of the Ministry of Energy and Mines, including Las Bambas, Southern Peru and Antamina. January came in as expected. For 2026, we project USD 7.1 billion in mining investment, about 15% higher than last year. In January, Las Bambas led with USD 41 million (+82.3% YoY), reflecting the start of execution of its Ferrobamba Replacement project (USD 1.753 billion). The project is designed to extend mine life to 2039 while maintaining copper and molybdenum output. ... (full story)