Andina

Chinese mining investments in Peru reach nearly US$15 billion in last 11 years

14:11 | Lima, Sep. 9.

The Ministry of Energy and Mines (Minem) affirmed that Chinese investments in the Peruvian mining subsector totaled almost US$15 billion between 2009 and July this year.

"(…) which confirms the Asian Giant's significant participation in the development of this important and sustainable industry," it stated.

US$295 million of the total mining investment (US$2.274 billion) executed in Peru, between January and July, came from China, which was mainly earmarked to the execution of the Toromocho expansion project in Junin region.

The highest investment amounts were observed between 2012 and 2015, a period that saw the construction of Las Bambas copper project operated by MMG Las Bambas, a subsidiary of China's MMG Limited, which is one of the largest copper mines in the world.

In this regard, Energy and Mines Minister Miguel Inchaustegui highlighted that besides being Peru's main trading partner, China is one of the largest mining investors and one of the biggest consumers of the metals exported by the South American country.

"The recovery of the Chinese industry and the projections for the improvement of its economy after the pandemic allow us to foresee a greater demand for the mining products we export," the minister explained.

Remarks were made in the virtual conference "Mining as a driver of the 2020-2021 economy," held by the Peru-China Chamber of Commerce.

(END) NDP/MDV/RMB/MVB

Published: 9/9/2020
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