Investments in the mining sector will total US$4.8 billion this year, which means an increase of 12% compared to the amount registered in 2020, Scotiabank's Economic Studies Department projected on Tuesday.
"Among our assumptions for this forecast is the 'super cycle' linked to the price of raw materials that has been registered since the beginning of the year, namely of copper," said the financial institution's analyst for commodities and primary sectors, Katherine Salazar.
The officer explained that this situation would encourage the start of construction of new projects involving copper —the most important mineral in Peru— adding that it explains 25 of the 46 projects existing in the portfolio.
"Besides, it would positively impact the exploration business," she stressed.
Likewise, Salazar said that mining investment fell 29.6% to US$4.333 billion during 2020.
Salazar also mentioned that the Ministry of Energy and Mines (Minem)
updated its Mine Construction Projects Plan by 2020 with a total of 46 projects and a potential investment of US$56.158 billion.
It must be noted that —despite the sharp fall during 2020— investment expanded above 70% in December compared to November, as the construction of the three main projects (Mina Justa, Quellaveco, and Toromocho Expansion) remained in place.