2483 Table 2 – Strategic Investments in the Northern Cluster (2025–2026) Project Region Primary Metal Estimated Investment (US$) Stage / Status Yanacocha Sulphides Cajamarca Copper / Gold US$ 2,500 million Construction (Projected 2026) Antamina Replacement Áncash Copper / Zinc US$ 1,604 million Construction / In Execution Michiquillay Cajamarca Copper US$ 2,500 million Construction (Projected 2026) Tantahuatay Replacement Cajamarca Gold US$ 127 million Construction Start 2025 Huancapeti Expansion Áncash Polymetallic US$ 324 million Construction Start 2025 La Granja Cajamarca Copper US$ 5,000 million Feasibility / Engineering When cross-referenced with the Antofagasta and Pilbara benchmarks, the Northern Cluster’s pipeline reveals a distinctive characteristic: whereas both international models consolidated around a small number of already-producing anchor operations, the Northern Cluster is being formed around a combination of projects at construction and feasibility stages, with a high concentration in Cajamarca and significant representation from Áncash, with significant prospects in Piura and Lambayeque. This multi-stage composition increases the complexity of coordination but also creates a unique window for infrastructure codesign—one that, if seized through an enabling policy environment, could allow the cluster to embed shared infrastructure from the outset rather than retrofitting it onto pre-existing operations. In this sense, the Northern Cluster’s formative stage is not a weakness relative to its mature international counterparts; it is, rather, a structural opportunity that distinguishes and potentially advantages the Peruvian model, provided the institutional conditions are put in place. 5. INDIRECT INVESTMENT: COPPER AS THE ARCHITECT OF THE TERRITORY The central argument of this proposal is that copper mining possesses intrinsic physical characteristics that make it the ideal partner for closing infrastructure gaps. Unlike underground gold mining, large-scale copper is an industry of massive earthmoving and heavy logistics. This generates greater investment in infrastructure and, consequently, a larger multiplier effect. 5.1. From Extractive Operation to Public Connectivity Open-pit copper mining requires moving millions of tonnes of waste rock and ore. This operational need can be transformed into a public solution through the “Indirect Investment” mechanism. • The Logistic Challenge: Projects like Cañariaco (Lambayeque) or Río Blanco (Piura) are located in geographically difficult areas, and quite unlike the arid conditions in Southern Perú. To export concentrates, they require efficient access to the coast. • The Synergistic Solution: The mine’s machinery and engineering capacity can be used to open and maintain the Cajamarca–Piura–Lambayeque Mining Corridor. • Dual Benefit: This road infrastructure should not be exclusive. By opening as a high-specification public highway, it connects to the ports of Paita and Eten. This drastically reduces logistical costs for local agriculture, allowing rural producers to access export markets. Thus, the mine ceases to be an enclave and becomes a driver of territorial integration.
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