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Mining investment rebounded during the first half of 2022

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In the first half of this year, mining investments accumulated a total of US$2,342 million, a figure that represents an increase of 10.9% compared to the same period in 2021, according to data from the Ministry of Energy and Mines (mine).

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Likewise, during June alone, investments reached US$455 million, 16.5% more than in May; while at the interannual level it increased by 8.4% (see infographic).

According to Minem, the firms that invested the most are Anglo American Quellaveco SA, with US$620 million (26.5%); Antamina SA, US$177 million (7.6%) and Southern Peru, US$144 million (6.1%).

“Mining boom”

The economist and researcher CooperAction José de Echave explains to La República that mining is a solid sector despite the pandemic, given that during 2021 mining companies recorded extraordinary income in the order of US$21,000 million.

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“There is an image about mining that does not correspond to reality. It is not a paralyzed sector as it is intended to be reported, and rather it is in a prosperous situation. Exports also broke records in 2021 due to the effect of prices, as well as the increase in their profits”, he said.

Along these lines, De Echave points out that, after what was seen in the first half, it is very likely that this year the US$5,242 million of 2021 will be exceeded, despite the fact that private investment is estimated to register a variation of 0%. The BCRP non-mining private investment is expected to reach US$45,283 million.

employment grows

During the analysis period, the production of gold, zinc, silver and lead weighs down negative figures due to the stoppage of activities due to the social conflicts surrounding the mining companies (see infographic).

However, direct employment reached its highest level in June, generating 244,241 jobs; and achieving an average of 239,700 jobs, a figure greater than that seen in the last decade.

“The conflict must be viewed with concern, but, in general terms, the situation is positive despite the long stoppages such as in Cuajone and Las Bambas. A paralyzed sector would not hire more people”, De Echave concluded.

L-R infographic

L-R infographic

L-R infographic

Source: Larepublica

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