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Peru overtakes China, Russia in attracting mining investments

Cobre

Cobre

11:19 | Lima, Feb. 28.

Peru attracts more mining investment than giants China and Russia, and expects to continue luring major capitals in the sector in 2017, Deputy Mines Minister Ricardo Labo affirmed.

"We attract more investment in [mining] exploration than China and Russia, which are also leaders in the sector," the official highlighted.

"Last year, we attracted 6% of the global [mining] explorations budget, and we must maintain this leadership," he told State-run TV Peru station.

In Latin America, the Inca nation tops mining exploration investment destinations with neighbor Chile, beating Brazil and Mexico, and nearly in lockstep with the United States. 

Canada

On the other hand, Labo referred to Peru's upcoming participation in the Prospectors and Developers Association of Canada (PDAC) 2017 International Convention, Trade Show and Investors Exchange. 

The annual PDAC Convention is regarded as the premier international event for the mineral industry. It has attracted more than 25,000 people from 125 countries in recent years and will next be held March 5-8, 2017 in Toronto. 

In this sense, he said Peru's goal is to reaffirm its position as a leading destination for said capitals. 

"Nearly 1,400 companies participate and we aim to consolidate the country as a major destination for mining investments," he indicated. 

2017 mining projects

The Deputy Minister also addressed mining ventures for this year. In this respect, he said the Private Investment Promotion Agency (ProInversion) will soon announce a bidding process for Jalaoca and Colca mining projects.

Likewise, he informed Milpo mining company has submitted a private initiative for Michiquillay mining venture.  

Lastly, he stressed Peru is the third largest copper producer in the world and plans to further expand its output. 

"We expect to exceed 3 million tons [of copper] by the end of [President Kuczynski's] 5-year term. Today, we produce 2.4 million tons and we've already grown from 1.7 million to 2 million in recent years," he concluded. 

(END) DHT/MVB


Published: 2/28/2017
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