Central Reserve Bank (BCR) Governor Julio Velarde projected that mining exports will hover around $47 billion this year due to better mineral prices in the international market, implying a 7.4% growth compared to last year's figure (US$43.733 billion).
"If the prices registered two days ago remain unchanged, projections suggest that mining exports will near US$47 billion this year," he said at the 15th International Mining Meeting - Symposium organized by the National Society of Mining, Oil, and Energy (SNMPE).
Thus, the forecasts issued at the beginning of 2024 would be revised upwards.
The BCR had projected that mining shipments would reach US$40.541 billion by the end of 2024.
The latest figure means a 15% increase in BCR's projections for mining exports this year.
Greater demand
On the other hand, Velarde explained that the use of AI is generating greater demand for electric energy.
"The greater demand for copper not only comes from the issue of substitution with renewable energies but also from the use of new technologies that increases electric energy consumption. It is a factor that was not being considered in the provisions five years ago," he indicated.
Velarde commented that this shift will provide significant boost to metals such as copper.
(END) SDD/MVB
Published: 5/24/2024