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Peru hosts 5% of world's gold reserves, 24% of silver

08:30 | Lima, May. 30.

Peru holds 5% of the world's gold reserves, whose optimization will generate economic benefits and improve Peruvian citizens' life quality, 13th International Gold & Silver Symposium Organizing Committee Chair Manuel Fumagalli affirmed.

In this sense, Fumagalli pointed out the Inca country also hosts 24% of the planet's silver reserves.

According to him, the Andean nation's main challenge is to place value on the large gold and silver reserves.

Within this context, he recalled Peru is the world's sixth-largest gold producing nation and ranks second in terms of silver output.

Besides, gold is the second top-export product in the South American country, only surpassed by copper.

Fumagalli also remarked both the private sector and the Government have expressed interest in working jointly on mining sector investment promotion.

"Mining is still a growth engine for the national economy. This activity is key to increasing not only reserves but also benefits for the country," he added.

Demand 

In addition, Fumagalli highlighted the increase in demand for precious metals by the industrial sector.

"While gold remains a reserve metal, the industrial activity is demanding gold and silver for the manufacturing of electronic products such as smartphones, as well as for nanotechnology in the health sector, and solar panels with gold particles in the energy sector," he concluded.

(END) JAA/MVB

Published: 5/30/2018
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