Andina

Peru: Mining investments to total US$4.8 billion in 2020

The image depicts Las Bambas Project located in Apurimac region. Photo: Andina/Difusion

The image depicts Las Bambas Project located in Apurimac region. Photo: Andina/Difusion

14:38 | Lima, Aug. 26.

Energy and Mines Minister Luis Miguel Inchaustegui on Wednesday reported that —despite the negative impacts of the COVID-19 pandemic— mining investments worth US$4.8 billion will be executed in Peru this year.

"The (mining) activity has experienced an important recovery in terms of production and employment in June, if compared to May, given the economic reactivation boosted by the Government," he said last week during his virtual presentation before Congress' Energy and Mines Commission.

The high-ranking official explained that —only in the sixth month of this year— investments in the mining sector amounted to US$350 million, which meant a recovery of 43.7% compared to the figure recorded last May.

Likewise, the Cabinet member stressed that said investments reached US$1.910 billion in the first half of 2020. However, it meant a 25% decrease compared to the number registered in the same period of 2019.

Projects

According to Minister Inchaustegui, the mining sector reported 152,581 direct jobs in June, which implied an increase of 19% compared to the number registered last May.

Furthermore, he indicated that mining exploration will be boosted, as will the projects which are currently in the portfolio and that do not face any conflict scenarios.

Besides, the sector's operations will be guaranteed, thus strengthening the environmental and social sustainability of this industry.

Moreover, the Cabinet member specified that there is a portfolio of 48 mine construction projects for the 2019-2028 period, which totals US$57.772 billion.

Of this set of plans, 45% will be developed in the north of the country, 10% in the center and 45% in the south.

"Most of these projects are related to the production of copper, gold and zinc," the minister said.

Inchaustegui also stressed that the development of projects —which already rely on social acceptance and have Environmental Impact Assessments (EIAs) approved— will be boosted. 

(END) SDD/JJN/MVB

Published: 8/26/2020