Andina

Peru: Cerro Verde's contribution accounts for 2.3% of GDP


09:12 | Lima, Sep. 14.

Cerro Verde mining company's contribution to Peruvian economy totaled US$4.921 billion, accounting for 2.3% of 2017 GDP, APOYO Consultoria's Applied Economics Project Manager Vincent Poirier informed.

According to him, the company contributed with US$3.151 billion to Arequipa region in 2017, thus representing 31% of its GDP.

Furthermore, the specialist indicated copper production at this mining unit increased twofold, from 246,973 FMT (2014) to 501,815 FMT (2017), after Cerro Verde's expansion. 

Meanwhile, molybdenum output quadrupled from 3,299 FMT (2014) to 12,402 FMT (2017). 

"It should be noted the mining company's total investment in plant expansion amounted to US$5.10 billion," Poirier said.

Canon and royalties

Furthermore, APOYO Consultoria indicated that Cerro Verde provided US$1.622 billion in canon and royalties between 2005 and 2017. 

Tax contribution 

On the other hand, taxes paid by Cerro Verde in 2017 accounted for 50% of the total collected by Arequipa region and 2% by the Inca country. 

Remarks were made during Expomina 2018 held in Lima. 

(END) MDV/DTK/MVB

Published: 9/14/2018