change may occur anytime, nothing can be ruled out while we transition from a fading rules-based world to the realpolitik of geopolitics and national security priorities, much remains to be seen yet. The Peruvian connection Over the reviewed period (1971-2026), regardless of its place in the political spectrum (left, centre, right), or the origin of their mandate (democratic, military, care-taking) of the incumbent administration, the economy of the country continued to be primarily reliant on mining and agricultural exports, industrialisation efforts died out with the interventionist military regime (1968-1980). Ownership is no longer the divisive issue it used to be, foreign investment has now a strong presence in medium-scale operations, besides its traditional large-scale niche. What seem to matter most these days is tax collection and fulfilment of commitments (social and environmental). Democratic mismanagement of an open market economy led one of the largest hyperinflations the world has ever seen (1990), after a painful reconstruction process, around 2008, the country elevated its status from a lower-middle-income to an upper-middle-income country. The outstanding sustained growth of the Peruvian economy in the 21st century was driven by a commodities boom (copper, gold), sound macroeconomic policies, and increased domestic demand, transforming the until recently deemed as failed country into one of Latin America’s top-performing emerging markets. But, despite remarkable economic growth, no less than 20% of the population lives under poverty conditions, with significant regional fluctuations. At least 70% of the workforce operate outside formal regulations, in the so-called informal economy; rising criminality figures are a major concern. All these are signs of fragility. The Peruvian copper portfolio includes Tía María (Arequipa, Southern Peru), Zafranal (Arequipa, Teck Resources), Pampa de Pongo (Arequipa, Jinzhao Mining), Trapiche (Apurímac, Molle Verde). Ccoroccohuayco and Sulfobamba may not begin production anytime soon, this is the point where resource conflicts, heavily rooted in the historic lack of state presence in rural areas and a dysfunctional or non-existing relation between the political and economic elite and the ordinary citizen is a factor to be reckoned with for future mining projects. Some of the lessons learnt in the social field, over the period under review, are that mining requires a long-term proactive approach prioritizing, from an early stage, local community engagement, environmental stewardship, and transparent governance, for the sustainable development discourse to be filled with content. But all of this is no guarantee for success; some opposition, disguised as staunch defence of the rights of humble peasants and communities, against the almighty mining company, may be ideologically- or profit-seeking 135
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