Andina

Peru: Mining potential for the State estimated at US$547 bn by 2050

Las Bambas

Las Bambas

10:30 | Lima, Mar. 2.

Peru has unused mining potential that would yield US$547 billion for the State by 2050, Peru's Geological, Mining, and Metallurgical Institute (Ingemmet) Chairman Oscar Bernuy affirmed Friday.

"Under a conservative hypothesis that includes price reduction, increasing costs, natural phenomena that may affect production, upcoming projects, as well as advanced exploration and exploration to 50% of the potential, there is US$547 billion left for the Peruvian State by 2050," the Ingemmet Chairman said.

Bernuy explained the main purpose is to "sow the seeds of hope in each and every Peruvian that we can accumulate massive economic value for the nation from the development of mining potential and, above all, how this wealth would benefit each and every one of them."

In this sense, the Ingemmet officer underlined this potential revenue would translate into more jobs and basic services for the population. 

The estimate is based on the assessment of mines in operation. This data allowed for five matrices by 2050 through inferred mining resources from public information. 

"It also takes into account over 2,000 exploration projects, each with its corresponding environmental impact statement for consolidation into advanced exploration projects," Bernuy added. 

Remarks were made during the presentation of Ingemmet's "Peru's metallic mining potential estimate and its accumulated economic contribution to the State by 2050." 

(END) CNA/MVB

Published: 3/2/2018
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