The Ministry of Energy and Mines (Minem) reported that Peru has a portfolio with 43 mine construction projects, whose global investment amounts to US $ 53,168 million.
To detail, 35 projects are going to start construction of mines (greenfield), while the remaining eight projects seek expansion or replacement of existing mines (brownfield).
In addition, there are five projects that are in the construction stage for an investment of US $ 7,056 million, while three are in the detailed engineering stage (US $ 4,229 million), 11 are in the feasibility phase (US $ 10,497 million) and 24 in the pre-feasibility (US $ 31,386 million).
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Upcoming investments
After this year the construction of the Shouxin Expansion projects began in Ica and Pampacancha in Cusco, which together add up to an estimated investment of US $ 210 million, and the Pampacancha project has started its operations during the first half of 2021; Construction of seven mining projects is scheduled to begin next year, which would imply an investment of US $ 4,417 million.
This group includes the Chalcobamba Phase I, Corani, Optimización Inmaculada, San Gabriel and Yanacocha Sulfuros projects. As well as the start of construction of the Magistral copper project in Áncash and the Río Seco Copper Plant refinery project in Lima, according to Minem projects.
What’s more, At least four mining projects are expected to begin their construction phase for the period 2023-2025 that add up to an investment of US $ 7,336 million (see infographic).
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It is important to mention that there are 28 mining projects that have not yet determined the construction start date because they are at an early stage. An estimated investment of US $ 11,753 million is concentrated in this last group.
Mining regions
Although the portfolio of mining projects is found in 17 regions throughout the national territory, Cajamarca is the one that has the largest share of the portfolio’s global investment, as it houses five projects estimated at US $ 18,050 million. The one that stands out the most is Yanacocha Sulfuros, which would precisely begin construction next year.
Apurímac ranks second with seven projects for a joint investment of US $ 10,199 million.
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Mining tax regime with IMF advice
The head of the Ministry of Economy and Finance (MEF), Pedro Francke, pointed out that they are waiting for the International Monetary Fundl (IMF) send its report with recommendations for a new mining tax in Peru.
The official explained that the IMF’s advice is key because it is intended that this reform does not affect the competitiveness of mining.
He also said that the government is looking for mining companies to invest through tax works in surrounding areas.
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The numbers
10,342 million dollars would be invested in 2021-2025, according to the Minem.
73.4% of the total investment of the project portfolio would be executed after 2025.
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