The current mining investment portfolio in Peru, amounting to US$53,130 million spread over 46 projects (25 of them copper), would be enough to displace the neighboring country of Chile as the first global supplier of the red metal, assured the Ministry of Energy and Mines (Minem).
During the decentralized session of the Energy and Mines Commission of Congress, developed in Cajamarca, the minister of the branch, Óscar Vera, assured that, in this region, there are six large projects for US$18,427 million that place it as the place with “the highest potential in the country.” These are La Granja (US$5,000 million), Conga (US$4,800 million), Repuesto Tantahuatay (US$127 million), Michiquillay (US$2,500 million), Galeno (US$3,500 million) and Yanacocha Sulfuros (US$2,500 million).
In turn, the vice minister of Mines, Jaime Chavez-Rivaexplained that the total execution of the portfolio, which is developed in 17 departments and that only has three projects in execution (Santa María, San Gabriel expansion and Toromocho expansion) would allow exceeding 5.5 million fine metric tons (TMF) of copper that are produced in Chile. Currently, Peru extracts about 2.5 TMF.
“If the US$53.13 billion are executed, we would bypass Chile and we would be the first global producer in the world,” argued Chávez-Riva.
Conga in sight
For his part, the director of the General Directorate of Mining Promotion and Sustainability, Walter Sánchez, pointed out that, until September, the transfers for fees, royalties and the right of surveillance and penalties for S/203 million for Cajamarca (although they are already above the pre-pandemic level) they remain well below other regions such as Áncash (S/1,783 million), Arequipa (S/1,121 million), and Ica (S/959 million), even though it previously led the ranking.
In this sense, the official revealed that the Government maintains its interest in unblocking the Conga mining project (Yanacocha mining), paralyzed in 2011, because “Peru’s mining potential is below its deposits.”
“We are interested in the other component, which is the investment climate, the mentality of the people. The deposits are there, they are not going away. We continue to accompany the company to see how to improve the investment climate of the project,” Sánchez stressed.
Data
- Vein. With US$18,427 million, Cajamarca holds 34.7% of Peru’s total mining investment.
- Unlock. There are another 70 exploration projects nationwide, whose investment reaches US$521 million.
- Term. Digital single window for mining would be ready in December.
Source: Larepublica
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