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Mines Min highlights Peru's economic stability for mining investments

Ministro Tamayo inaugura Stand Peruano en feria PDAC 2017 en Canadá. Foto: MEM

Ministro Tamayo inaugura Stand Peruano en feria PDAC 2017 en Canadá. Foto: MEM

00:03 | Toronto (Canada), Mar. 8.

Peru's Energy and Mines Minister Gonzalo Tamayo on Tuesday gave his last presentation at the Prospectors and Developers Association of Canada (PDAC) 2017 Convention highlighting the South American country's outlooks as a safe destination for mining investments.

"In Latin America, Peru leads not only in mining potential, but also in macroeconomic stability. We have a low inflation rate and high growth compared to other countries in the region," he pointed out. 

The government official also emphasized measures promoted by President Pedro Pablo Kuczynski's administration for the development of the country in coming years. 

"It is a set of four key measures: economic reactivation, anti-corruption fight, citizen security and improving citizen services," he detailed.

New legal framework

Concerning economic reactivation, Tamayo said the government is promoting a new legal framework for mining investment, as well as the elimination of bureaucratic hurdles. 

In this respect, he underlined the establishment of the Vice Ministry of Territorial Governance, a body created within the Presidency of the Council of Ministers to deal with social conflict management. 

Measures adopted also include a mining project support team and the set-up of the Social Pre-Payment Fund, an initiative aimed at reducing social gaps in investment project areas.

On the other hand, Tamayo stressed the mining sector accounts for 60% of Peruvian exports. In this sense, he noted the Inca nation's mining project portfolio currently stands at US$46 billion. 

"53% of this portfolio is composed of projects at an advanced stage of exploration, which amount to US$25 billion," he indicated. 

Remarks were made during the CEO & Investors Luncheon, a business lunch that convened close to a hundred senior executives of leading mining companies and investment firms from around the world.

Following the event, the mines portfolio head participated in the closing of trading hours of the Toronto Stock Exchange joined by leading mining executives and members of the national delegation. 

(END) DHT/MVB


Published: 3/8/2017
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