⚡ Copper × Mining-Region Conflict Convergence

Las Bambas (MMG), Antamina, and Cuajone copper mines have all faced multi-month community blockades since 2021. Mining accounts for ~60% of Peru's export earnings — when copper revenue stalls, fiscal stability and presidential approval both compress. China-bound copper concentrate flows are particularly exposed.

🪙 Silver × Presidential Instability

Peru is the world's #3 silver producer with the largest silver reserves globally per USGS. Antamina (also #1 zinc), Inmaculada, and Uchucchacua anchor Andean polymetallic operations. Multiple presidents since 2022 (Castillo → Boluarte → ongoing succession crises) creates structural mining-policy uncertainty — silver supply risk premium is partly a political risk premium.