Andina

Peru eyes US$10 bn in mining projects in 2018

Cobre

Cobre

14:58 | Lima, Oct. 31.

Peruvian mining is in a good moment, and the sector may materialize projects valued at US$10 billion by the end of 2018, Energy and Mines Minister Cayetana Aljovin affirmed Tuesday.

"Expectations for major investments in mining projects are doing great. It is clear that metal prices make a number of projects feasible and companies' boards feel much more comfortable [in this sense]," Aljovin explained.

The projects in question are Corani (Puno region), Mina Justa (Ica), Quellaveco (Moquegua), the expansion of Toromocho (Junin) and Pampa de Pongo (Arequipa).

The government official noted the ventures consider "a copper price of US$3 per pound, which catalyzes halted investment decisions regarding projects so that these are a lot closer to being realized." 

Social Pre-Payment Fund

The Mines head also underlined the government's work in identifying the areas that will benefit from the Social Pre-Payment Fund, which involves investing in basic infrastructure to close social gaps among populations settled in mines' influence areas.

"We have already been working with communities in certain projects in order to determine the areas that will benefit. We are not waiting until the FY2018 budget law enters into force," she pointed out. 

Tackling Informal Mining

On a different note, Minister Aljovin highlighted the government's role in combatting informal mining, as reflected in the 13,000 informal miners who have joined the formalization fast track. 

In this sense, she said coordinates of close to 80% of miners in the formalization process are already been georeferenced. 

To conclude, Aljovin anticipated the publication of the new Mining Administrative Proceedings Regulation, due this week. The document sets out more specific deadlines and allows for minor works such as camp building and earthworks. 

(END) JJN/JJN/MVB

Published: 10/31/2017
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