The US Court of Appeals for the Ninth Circuit has declined to overturn a 2019 decision that blocked Hudbay Minerals' Rosemont copper project in Arizona.
The mining sector in the Andean nation faces uncertainty as the country drafts a new constitution, which could lead to tighter environmental regulation for key minerals.
Even as consumption growth for other commodities like grain probably will trail off in the next 30 years, metals will remain in high demand, the bank said.
Las Bamas acknowledges that 20% of its obligations under a resettlement agreement are outstanding, including the purchase of new lands for the community.