Peru's copper production will grow at least 30% in the coming five years, Energy and Mines Minister Gonzalo Tamayo affirmed.
"We project copper production will increase from 2.35 million tons in 2016 to nearly 3.1 million by 2021," Tamayo said during his participation at the 16th World Copper Conference in Santiago, Chile.
The government official noted Peru is the second-largest copper producer in the world and holds the third-biggest copper reserves.
Mining project portfolio
He explained that 61.34% of the domestic portfolio, valued at US$46.99 billion, comprises copper projects worth US$28.82 billion.
"World-class projects such as Toromocho, Constancia and Las Bambas prove Peru's capacity to boost mining investments and continue on a sustained growth path through an environmental-social regulatory framework," the minister added.
He went on to say mining accounts for close to 65% of Peruvian exports. Likewise, copper makes up 42.16% of mining shipments.
He ended his speech by saying Peru has a comprehensive strategy that will lead to successful investments from technical, administrative and social points of view.
CRU's World Copper Conference is the leading conference for the copper supply chain by exploring commercial and governmental strategies shaping current and future copper markets.
The three-day event regularly attracts more than 500 delegates from 40 countries. Its international attendees represent the complete copper value chain going from miners, to smelters, traders and end-users.