Andina

Trade conflicts not to affect mining investment in Peru

09:37 | Lima, Jul. 12.

Mining investment in Peru will not be affected by the decline in copper price due to recent trade tensions abroad, privately-run National Society of Mining, Oil, and Energy (SNMPE) has pointed out.

"Investments will not be affected as long-term interests and fundamental elements of the metals market will prevail. They enable us to foresee copper price will show an upward trend," SNMPE General Manager Pablo de la Flor noted.

"I do not consider this situation may have negative implications for the consolidation of mining investment projects in the country in the short term, and we expect Quellaveco to move forward this year," he added.

Nevertheless, the officer warned there is the risk that trade tensions may be a prelude to a trade war, further affecting copper price, which would be worrisome as Peru is an important exporter of said metal.

In this regard, De la Flor remarked there could be dire consequences if tensions worsen.

"However, we believe that wisdom will prevail and these disputes will come to an end, thus returning to a normal situation," he said.

(END) MMG/JJN/JAA/MVB

Published: 7/12/2018