Peru has the potential to double its copper production and to take advantage of the fact that current prices are significant, said Miguel Cardozo, director of the
Institute of Mining Engineers of Peru (IIMP).
"We have the possibility to nearly double or more than double our copper production, which is one of our principal metals. Besides, 70% of our portfolio of mining projects is focused on copper," he remarked.
"Copper is our country's principal commodity and its prices are significant, more than US$4 per pound at the moment, (…)," Cardozo added.
However, he noted that investment in mining exploration might reach only US$500 million this year, far below the figure reported in 2012 (US$1.050 billion).
Moreover, the IIMP director affirmed that some mining projects are moving ahead.
"The Prime Minister himself has pointed this out at Congress. However, there are limitations that will be addressed in the future. I mean, we now have a portfolio of slightly more than US$3 billion in investments supporting new projects for 2024," he stated.
According to Cardozo, in addition to these projects, there are investments by mining companies that are part of their operation in order to improve and optimize their production.
"Another factor must be taken into account, which is investment in exploration, where we have faced some difficulties for a long time," he noted.
(END) NDP/RES/RMB/MVB
Publicado: 9/4/2024