Óscar Vera: “Large mining companies will continue to invest in expansions”

The head of Minem, Óscar Vera, is sure of the recovery of the investment in mining despite the turmoil in the south and the sociopolitical crisis. He also teased that the southern mining corridor will be unlocked later this week.

— After the mining convention in Canada, what is expected of the sector?

— We are very satisfied with the results. We have given investors the message of confidence that Peru is a feasible country to continue making investments. We have important resources and great potential in minerals due to its geographical location and low costs for mining. mining investment. We offer you stability so that your investments are not at risk.

— With which companies have agreements been reached?

— The same companies that had exploratory activities and doubts about investing have given us their confidence. The big mining companies, like Las Bambas or Quellaveco. All of them have expansion projects and will continue to invest. We have found a favorable echo. We are going to continue reviewing the permit procedures, which are a little more rigorous.

— How much would be generated with the new mining projects?

— We have two types of investments: exploration and when the company itself invests in the construction of its facilities. We have projected investments of around 7,000 million dollars this year: two projects this year and two next year. And the portfolio that we have with 47 projects is of the order of 53,000 million dollars. In explorations we are talking about 600 million dollars. This remains firm and will generate work for Peruvians.

— Regarding the southern mining corridor, what strategies have been adopted and when would it be unlocked?

— The information we handle is that practically it will be free in the next few days, if not, this week, and the transfer of minerals from Las Bambas would be restarting, which has been withheld for a long time. This would give another scenario to the country. We have already told the general manager of Las Bambas that it remains to press the accelerator and make up for lost time so that development and work can continue this year.

— Commodities continue to rise, what opportunity does it represent for the country?

— What we produce the most is copper and it is on the rise, not only in price, but also in production. This is favorable for the country. In terms of energy transition, it puts us at the forefront and with the expectation of continuing to produce copper, which is what will be consumed the most from now on. We must now invest in the projects and continue with the explorations to ensure that we have more investments in the short term. We are very optimistic. Better times are coming not only in mining, but also with companies that want to invest in hydrocarbons. Logically, a responsible investment with respect for communities and nature.

— But this year the BCRP forecasts that private investment in mining will fall by around 17%…

— We are safe. Probably, the forecasts were made based on what has happened in recent months, but we all know that it was something specific that is already fading away, and the recovery trend has already begun. This must continue. I am sure that in the coming months it will change (…) After this event, we are receiving the confidence of investors.