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Peru: Copper mining projects to see investment worth US$28.266 billion

Cobre

Cobre

15:04 | Lima, Jan. 25.

Investors will allocate US$28.266 billion to Peru's copper mines from a total of US$46.411 billion aimed at mega mining projects, the Energy and Mines Ministry (MEM) reported.

Among main copper projects, Quellaveco (Moquegua region), Tia Maria (Arequipa), Magistral (Ancash), La Granja (Cajamarca), Quechua (Cusco), Cañariaco (Lambayeque), Rio Blanco (Piura), Toquepala (Tacna) and Toromocho (Junin) stand out.

It must be noted national copper production reached 210,718 fine metric tons (FMT) in November 2016, a 32.82% increase over the same month the year before. 

Meanwhile, copper output totaled 2,154,425 FMT between January and November 2016, up by 42.7% from the same period the previous year. 

Antamina, Southern Peru, Cerro Verde, Antapaccay, Chinalco, Hudbay, Milpo and El Brocal were main producing companies during that period of time.

In this sense, copper production exceeded 2 million FMT, thus positioning the country as the world's second largest copper producer behind Chile, which held the first spot.

According to estimates, Peru's entire production may have reached 2.5 FMT in 2016.

Other metals

Peru's investment portfolio also includes polymetallic mining projects worth US$6.90 billion. 

Likewise, investments will be made in iron (US$5.30 billion), phosphate (US$1.99 billion), gold (US$1.93 billion), zinc (US$816 million), silver (US$735 million), uranium (US$300 million) and tin (US$165 million) mine projects.

(END) CNA/CNA/JHM/MVB

Published: 1/25/2017
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