Peru: Mining investment to continue growing, to reach US$6.1 billion in 2020

00:00 | Toronto (Canada), Mar. 6.

Mining investment in Peru will amount to US$5.7 billion in 2019 and US$6.1 billion in 2020, Central Reserve Bank (BCR) Governor Julio Velarde has projected.

Peru will receive US$5.7 billion in mining investment this year, surpassing last year's figure of US$5 billion, the official said at a Prospectors & Developers Association of Canada (PDAC) 2019 Convention in Toronto.

According to the BCR head, mining investment is recovering after a few years of decline.

Likewise, he indicated 2013 was a peak year for mining investment reaching around US$9 billion.

However, the figure dropped to US$3.3 billion in 2016 and has been making a slow recovery since then.

Velarde also noted mining investment exceeds 12% of GDP and that copper production experienced impressive growth.

"We expect nearly 3.3 million tons by 2023. Cash costs will be low as well (…). Compared to other countries in the world, Peru has seen a stronger growth," he stated.

Speaking in Toronto, Velarde reaffirmed that Peru is an attractive country for mining investment.

Therefore, the Andean nation is attractive for world-leading companies in the sector like Anglo American, Hudbay or Barrick, he concluded.

(END) JJN/RMB/MVB

Published: 3/6/2019

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Peru: Mining investment to continue growing, to reach US$6.1 billion in 2020

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