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Peru: Mining exploration to pick up in 2nd half of 2017

Las Bambas

Las Bambas

19:00 | New York (U.S.), May. 31.

Peru's mining exploration flow will start gathering momentum in the second semester of the year driven by the upcoming approval of new regulations, Deputy Mines Minister Ricardo Labo projected on Wednesday.

The government official explained such measures will allow for better exploration conditions, thus making this activity more attractive to mining investors. 

Likewise, he stressed the new rules do not involve relaxing environmental standards. 

Faster permits

One of the measures' highlights, the economist said, is the speeding up of the permitting process for explorations, which used to be lengthy and cumbersome.

"The new set of rules will shorten permit approval times, leading to a more dynamic flow of [mining] explorations," the Deputy Minister said during inPeru's 12th Toronto-New York Road Show, held on May 29-31.

New regulations will enter into force in the second half of the year.

Positive Road Show

Regarding the event, Labo noted the tour proved highly positive for Peru's mining, which has drawn the attention of leading firms from the sector willing to invest —or to continue investing— in the Inca country. 

"Overall, this Road Show has been remarkably positive. I have met with investment funds and banks, as well as mining companies, all of which are deeply interested in investing in Peru," he indicated. 

Said meetings also served to present the said legislative adjustments, which were well-received by participating institutions.

In this sense, Labo affirmed the government would continue to meet with these enterprises to foster confidence and keep them updated on the national mining sector. 

To conclude, the Mining representative underscored the field managed to stay clear of recent corruption scandals, which also favors the arrival of new investments. 

(END) CCR/JJN/DHT/MVB

Published: 5/31/2017
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