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Mining projects for US$10,555 million will be unlocked

Mining projects for US$10,555 million will be unlocked

The government of Dina Boluarte He has in mind to prioritize the unlocking of nine mining projectswhich total a portfolio of US$10,555 million, ratified Prime Minister Alberto Otárola during his presentation in Congress to request a vote of confidence.

These projects, including the expansion of Toromocho, Sulfuros Yanacocha and the extension of Antamina, are at various levels of progress and will be completed in a difficult year for the investment private (see infographic).

It is worth noting that for the Central Reserve Bank of Peru (BCRP) private investment would now grow 1% and mining would contract 16.6%, after falling by -6.0% during 2022. For 2024, a decrease of -9.2%.

From the Ministry of Economy and Finance (MEF), they told this newspaper that private investment in general would have fallen 0.5% in 2022.

About, Julio Velarde, president of the BCRP, recently warned that the outlook is grim for mining because “no major new mining project is seen on the horizon.”

Thus, Otárola promised to work “personally” in the unlocking of operations, and assured that they will ensure respect for socio-environmental regulations and that the conditions are met to respect the environment and the communities surrounding the mines.

MEF will “clean up” the image of the country

Alex Contreras, head of the MEF, told the press that it is crucial to reverse the negative impact of the sociopolitical crisis —which stains the Boluarte administration with blood—, and for this reason they will travel abroad in the coming days together with the chancellor Ana Cecilia Gervasi to regain the trust of agents officials and foreign investors.

“We have already made many trips to different regions, but we have to go abroad to tell them that Peru is back and wants to be the country that grew at high rates,” he said.

Data

Context. The international value of the most important metals in the Peruvian market continues to rise: gold (US$1,884.3 a troy ounce), silver (US$23.9 a troy ounce), tin (US$12.1 a pound) and copper ( US$4.1 a pound).

Impact. Reopening of the Chinese market, the main destination and commercial partner of the exports Peruvian copper, It has pushed up the value of the red metal by increasing its demand.

Source: Larepublica

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