He Central Reserve Bank of Peru (BCRP) it expects mining investment to fall by close to 20% this year, in a context where total private investment fell 8% towards the second quarter.
Julio Velardehead of the issuing entity, recalls that the lack of large-scale projects affects this indicator, which in 2019 mobilized US$5,909 million and for the present, it is estimated to close at US$4,670 million.
“Mining investment is falling because there is no new large project. Quellaveco was built last year but it has already started operating. Now the investment that is available is maintenance and expansion of existing mines, basically,” he mentioned at the 2023 Economic Forum. Made by Amcham Peru.
At the banker’s discretion, Projects such as Zafranal and Inmaculada are “relatively small” and therefore “it is a pity” the current moment of mining investment because the demand for copper is going to recover “strongly” despite the economic slowdown in China, since the manufacture of electric cars requires four times more copper than to make a traditional car. To this must be added the electrical infrastructure required to enable this service.
“Copper prospects are good, it is a product that still does not have an important substitute,” stated Julio Velarde.
Source: Larepublica
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