Roberto Sanchez Reaches Peru Runoff With 12.03% as New Constitution Plan Rattles Investors
Updated
Updated · Reuters · May 15
Roberto Sanchez Reaches Peru Runoff With 12.03% as New Constitution Plan Rattles Investors
12 articles · Updated · Reuters · May 15
Official results put left-wing lawmaker Roberto Sanchez into Peru's June 7 presidential runoff after he won 12.03% of the first-round vote, beating the third-placed candidate by nearly 21,000 votes.
Keiko Fujimori led the first round with 17.18%, but polls point to a tight second round between the conservative frontrunner and Sanchez, a surprise contender from the Together for Peru party.
Sanchez is campaigning for a new constitution, a referendum on a constituent assembly, and tougher state oversight of mining and gas contracts, including windfall taxes and a wealth tax.
Those proposals, along with his ties to jailed former president Pedro Castillo, have unsettled investors in major copper producer Peru; Sanchez says he opposes expropriation but wants a rebalancing toward local communities.
If elected, Sanchez would still face a right-wing congressional majority, while a judge is due on May 27 to decide whether financial-crime allegations tied to campaign disclosures go to trial.
With China controlling its mines, can Peru's next president reclaim its mineral wealth for its own people?
Can a radical new constitution end Peru's chronic political chaos, or will it ignite an even deeper crisis?
Peru 2026: Runoff Election, Congressional Gridlock, and the Future of Mining and Markets
Overview
Peru is heading into a high-stakes presidential runoff on June 7, 2026, after a first round failed to produce a clear winner. This election comes amid a decade of deep political instability, with eight presidents in ten years and recent turmoil such as the jailing of former President Pedro Castillo after his failed attempt to dissolve Congress. The current chaotic election continues this trend of uncertainty. Despite the political volatility, markets are watching the projected conservative tilt in Congress, which could help steady economic policy and temper immediate market reactions, even as the country faces ongoing challenges.