The Ministry of Energy and Mines (Minem) highlighted that, after a series of meetings with businessmen in the sector, Several mining companies operating today in the country plan to advance the processes to extend the useful life of its mines, which would stop the drop in investment expected this year after the delivery of quallaveco.
Minister Oscar Vera indicated to La República that the steps have been taken to calmly see the horizon of US$53,000 million by 2030.
“We have taken an important step to resume activity and a message of confidence for investment has been provided. The large mining companies that are in the process of expansion and the projects that we had to execute this 2023-2024 are continuing. The same owners of the projects have come to visit us and tell us about their interest”, highlighted the minister.
In an interview with La República, the head of Minem assured that private companies have been given confidence for investment. Photo: Jhon Reyes/The Republic
This is the case of Antamina, which raised to US$2,000 million, from the initial US$1,600 million, its estimated investment in its plan to extend the useful life of its deposit until 2036. There is also La Granja, in Cajamarca, whose investment passed from US$2,000 to US$2,400 million after the alliance between Rio Tinto and First Quantum.
There are four projects underway, three of which are extensions: Toromocho Expansion (US$1,355 million), San Gabriel (US$470 million), Shouxin Expansion (US$140 million) and Santa María Expansion (US$121 million). In addition, the execution of six new projects is expected, until 2024, for US$6,920 million.
“This year we will present other announcements that we will discuss with the owners of the mines. They are additional projects that will allow us to recover everything lost in the first quarter”, highlighted Vera.
Only last year, our country produced 2,438,631 tons of copper at an international average price of US$3.9902 per pound. This production was 4.8% higher than that of 2021 and very close to its all-time high that was achieved before the pandemic.
Today, copper, Peru’s main export mineral, is once again around US$4 a pound, awaiting the reactivation of activities in the main global consumer, China, and on days when Goldman Sachs anticipates a new super cycle.
The data
Mine. Magistral, Antamina Replacement, Corani and Romina are the projects planned for 2023. In 2024, Zafranal and Yanacocha Sulfuros come.
Balance. Peru returned this month to the global extractive transparency initiative EITI.
Source: Larepublica
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