Peru is expected to become the world's fourth biggest gold producing country and to regain its standing as the world’s second largest silver producer by 2017, the Andean nation's Energy and Mines Ministry has said.
"We estimate that gold output will surpass the 4.9 million ounces produced in 2013 to 6.6 million ounces in 2017, approaching the world's fourth biggest producer, Russia," said Eleodoro Mayorga, Peru's Energy and Mines Minister.
The senior Ollanta Humala's administration official, speaking at the 11th International and Silver Symposium held in the nation's capital Lima, noted silver production will likely rise to 146 million ounces in 2017, up from 118 million ounces projected for 2014.
The minister stressed the Andean Nation is currently the fifth largest producer of gold in the world. "In the region, we are the first producers of almost all metals except copper. Perus is the world's third largest producer of the red metal.
China is the world's top producer of gold, followed by Australia, the U.S. and Russia while Mexico is the largest producer of silver, followed by China and Peru.
On the other hand, Mayorga pointed out that Peru has a pipeline of mining projects worth 60 billion, of which about 8,000 million will be allocated for gold and silver projects.