The critical differentiating variable is institutional quality. Closing this gap—through regulatory simplification, legal security, and a coherent cluster policy framework—is therefore not merely a technical reform objective, but the prerequisite condition for the Northern Cluster to transition from the pre-formation stage into a consolidating cluster capable of delivering the financial surpluses and territorial outcomes modelled in preceding sections. 4.4. Strategic Investment Pipeline: The Northern Cluster (2025–2026) Beyond the theoretical cluster scenario outlined above, a concrete investment pipeline is already taking shape within the Northern corridor. Table 2 presents the principal projects currently in construction or advanced feasibility stages, constituting the empirical foundation of the proposed cluster. Together, these projects represent a combined capital commitment of approximately US$ 12.06 billion—a figure that, when set against the international benchmarks established in Table 1, positions the Northern Cluster as a credible candidate for accelerated formation, provided the institutional conditions are addressed. This pipeline is not a prospective simulation; it reflects decisions already being acted upon by major mining operators in the region. 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 co-design—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 19
RkJQdWJsaXNoZXIy MTM0Mzk2