Peru’s growth is expected to slow this year, to 3.3% from 9.8% last year according to Bank of America. Metals prices, still well off of highs hit in the last few years, have shown signs of rebound but should remain volatile. “It’s reasonable to expect that companies relying on base metals won’t do as well this year as last year,” says Victor Flores, analyst at HSBC. Miners with the high exposure to gold are best positioned.

“Little by little confidence is returning,” says Carlos Galvez, ...