Andina

Peru may attract over US$500 million in mining exploration investment every year

00:00 | Lima, Dec. 17.

Peru is likely to attract more than US$500 million in mining exploration investment every year, taking into account its geological potential, the increased demand for copper driven by the manufacturing of electric cars worldwide, and the global scenario, former Deputy Mines Minister Romulo Mucho has projected.

The United States and China reached a preliminary agreement within the framework of the trade war, in what appears to be a truce to their tariff war that lasted more than a year and a half.

"We are supposed to draw over US$500 million in mining exploration investment every year. That is an acceptable amount, because it creates jobs for exploration companies, geologists, sample collectors, and other experts. It is quite an industry," Mucho expressed.

"In Canada, this is known as exploration industry and attempts to highlight the importance of extractive projects that seek more resources (raw material)," he added.

Mucho noted that the exploration of mining projects in Peru is not making the expected progress, but what moves forward is the expansion of existing projects that seek higher resources.

"This year, the country will receive US$350 million in exploration investment, which is little considering our potential and because we need to continue exploring to find additional resources. Our geological environment is positive to undertake new projects in the south, center, and north of the country," he explained.

"It is being said that we have explored only 20% of the country's geological potential, so we have a lot of work to do in this respect," he told Andina news agency.

(END) CNA/JJN/RMB/MVB

Published: 12/17/2019
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