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Peru to attract 8% of global investment in mining exploration by 2021

14:50 | Lima, Sep. 28.

Energy and Mines Minister Francisco Ismodes affirmed Peru is expected to capture 8% of global investment in mining exploration projects by 2021.

His remarks were made in an interview with El Peruano official gazette.

Ismodes took stock of his first six months in office and highlighted the announcement of capitals to finance Quellaveco and Mina Justa, as well as the concession for Michiquillay.

For instance, the sector has shared information on recently-developed projects, which confirm investors' interest in the country and the importance of mining resources, thus attracting capitals.

"Projects like Quellaveco (Moquegua) and Mina Justa (Ica), the signing of Michiquillay (Cajamarca) concession contract, and the start of Toromocho's (Junin) expansion give us an insight of what is currently underway in the country," he pointed out.

According to the minister, these investments will lead to increased employment and payment of higher taxes in the future, thus resulting in lower poverty gaps and improved education.

To the Government —he claimed— mining activity should go hand in hand with sustainability, which explains the recent inauguration of the Convergence and Good Energy-Mining Practices Center (Rimay).

As for environmental liabilities, the official said his sector is implementing a new approach to prioritize their remediation.

Thanks to this measure, a special fund of S/155 million (around US$47 million) —that is three times the five-year budget for this task— will be available this year.

He went on to say 2018's mining project portfolio amounts to approximately US$58 billion, and the Government expects at least US$21 billion in mining investment for the following three years.

(END) DOP/CAN/RMB/MVB

Published: 9/28/2018

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Peru to attract 8% of global investment in mining exploration by 2021

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