Mining as a Platform for Prosperity
During the “Economic Growth” session of CADE Executives 2025, economist and former Minister of Economy and Finance Luis Carranza presented his vision for building what he called the “edifice of prosperity”—a metaphor for Peru’s path toward sustainable development. The first floor, he explained, is macroeconomic strength; the second, market efficiency; and the third, the productive sectors that drive long-term prosperity. Mining, he argued, occupies this top level as one of the country’s most transformative engines, not merely for fiscal revenues but for its capacity to stimulate industrial linkages and innovation.
The Multiplier Power of Mining Suppliers
Carranza emphasized that the real value of the mining sector lies in its network of national suppliers, which today account for roughly 4% of Peru’s GDP—compared to 7% in Chile and 10% in Australia. Two-thirds of these supplier companies are relatively new, illustrating the sector’s vitality and potential for technological growth. Each mining job, he noted, generates an estimated 15 additional jobs across the supply chain. Strengthening this cluster, Carranza argued, could enable mining to represent up to 8% of the national GDP within two decades, driven by advanced technology, higher productivity, and skilled employment.
Turning Momentum into Sustainable Development
With a mining project portfolio valued at over USD 64 billion, Peru faces a defining opportunity for the next 15 to 20 years. Carranza cautioned, however, that chronic delays—like the 12-year pause of Quellaveco or the 15-year standstill of Tía María—cannot be repeated. The key, he said, lies in converting mining momentum into broad-based progress: investing in education, innovation, and inclusive territorial development. “Mining alone does not eliminate poverty,” Carranza concluded, “but when its benefits are reinvested in people and knowledge, it becomes the foundation of a productive and sustainable nation.”