Peru's Deputy Mines Minister Ricardo Labo said the Government's 2021 target is to attract US$37 billion in mining investment through a series of measures.
One of these measures involves increasing Peru's share in the global mining exploration budget from 6% to 8% thru 2021.
"This will help us remain one of the major destinations for investment, and the first one in the region," he underlined.
Another 2021 goal is to increase annual copper production by 30% —since more than 60% of the portfolio is focused on copper-related projects— and therefore break the record high of 3 million fine metric tons.
"Achieving these goals will lead to drawing at least US$37 billion for projects," he affirmed.
With respect to mining formalization, he said the aim is to help 15,000 miners become formal. They are already in the process.
He said the Energy and Mines Ministry (MEM) has four objectives: boosting new explorations, making existing projects viable, ensuring continuity of explorations, and implementing the mining formalization strategy.
To that end, the sector will work on red tape reduction, update the regulatory structure and promote a mining investment-oriented social environment.
The government official also informed of the progress made during his administration, which has to do with the extension of concession deadlines as an economic recovery measure.