In Q3 2019, mining production is expected to have fallen by almost 2% in comparison to 2018, which would be the sixth consecutive quarter in decline. Particularly, the decrease in Q3 2019 is explained by diminished gold and zinc extraction. Copper, after stagnating in the second quarter, partially compensated diminished extraction of other metals. In the remainder of the year, significant improvement of mining production isn’t expected, despite a strong growth in iron ore extraction (due to the expansion of Shougang). Thus, in 2019 the total mining production would diminish by around 1% in comparison to 2018.
In contrast with production, mining investment had grown by a little over 20% by Q3 2019. APOYO Consultoría estimates that mining investment flows will reach almost US$ 6,000 million in 2019, its highest level since 2015. This is explained by the construction of megaprojects Quellaveco and Mina Justa, as well as the Toromocho expansion. Overall, these will invest around US$ 2,600 million during 2019, just over 6% of total private investment expected for 2019.