The year ends with a smile for Minas Buenaventura with the purchase of 19% of its shares by the Chilean Antofagasta, a Luksic Group company. However, Roque Benavides, president of the Peruvian mining company, still sees a long way to go in the local extractive industry, although he recognizes slight progress.
-What does 2023 leave us?
-I think that the star, of course, has been the entry into production of Quellaveco. It must be understood that its construction period greatly boosted the economy as a whole. Unfortunately, we have been careless. I would say that for some years now, and of course aggravated by political and economic instability.
-And today we no longer have big projects moving forward.
-In Peru we should have a couple of large projects under construction all the time. In that sense, Zafranal is coming, they are building San Gabriel, which is a much smaller mine. We are talking about US$500 million compared to Quellaveco, which is US$5.5 billion. An abysmal difference. We should have a package of projects under construction permanently of US$5,000 million and at this moment we do not have it.
-Why don’t we have it?
-We don’t have projects, I would say – because we shouldn’t blame this administration. [la de Boluarte]–, a product of Mr. Castillo’s period. It was very bad, but also the political instability during Mr. Kuczynski and the lack of conviction of Mr. Ollanta HumalaI believe that this is a process that has been deteriorating and that growth must be resumed with formal and responsible mining. And not necessarily having to live with what we are experiencing in Pataz with informal mining that is colluded with crime.
-What projects should be promoted?
-I hope that by 2024 we will promote the project Aunt Maria, which is a project that is ready to be built. They tell me that all the equipment is boxed, ready to be installed, that must be promoted. Moving Tía María forward is a 1.5 billion dollar project.
-How is the pulse of the miners going for 2024?
-We noticed a positive attitude in the sector, demonstrated, of course, with the presence of the Prime Minister, the Minister of Economy, the Minister of Energy and Mines, the Minister of the Environment, the Minister of Culture. That is an important message. What would have happened in Mr. Castillo’s government? It was unthinkable. There is a redeemable attitude that, of course, could be better, but there is a change in attitude.
-Do you feel better represented by this Government?
-At the sector level, we are noticing that the project facilitation office that has installed the MEF It is acting as a single window to receive the needs of the projects so that they advance and, in turn, coordinate within the Government. Yes ok we are not having immediate results, we, at Buenaventura, see that permits are flowing much faster than they flowed before. So I can’t be mean in that sense.
-News such as the arrival of Antofagasta to Peru helps.
-I think so. It must be understood that between Peru and Chile we produce 40% of the world’s copper, and that Peru is the country that has the most copper projects in the world, even more than Chile. The Antofagasta Minerals company is specialized in that. So, I think it is good news that there are people who have confidence in investing through a company that is celebrating 70 years of foundation, such as Buenaventura, and that has a notable mining tradition. That, in some way, reinforces the message that Peru wants to convey today.
-The stock market jumped that day.
-Yes, that has put focus for investors. If Mr. and Mrs. Luksic have seen value in the assets, in the Bonaventure, because the market reacts and the share price rises for the benefit of everyone. We believe that he is a qualified investor in the sense that he is a successful miner.
-More foreign investment.
-It is not just about foreign investors. You have to understand that In Peru the main investors are Peruvians, and that the State has the obligation to give us peace of mind and confidence. Of course, foreign investment is important, but ultimately micro and small businesses are the ones that must be supported.
-And speaking of copper, Congo could soon become the second global producer.
-That is purely statistical. I don’t think we should lose sleep, far from it. The Congo It is a country that is producing a similar amount to Peru, but you have to understand that it is in the center of Africa and has to travel 2,000 kilometers to reach the ports to export.
-Does Peru maintain an advantage?
-Peru is much closer thanks to ports like Chancay, which must be highlighted, as it allows us, Peruvian producers, as well as the mining companies that operate in Peru, to be much more efficient. So, it would be more expensive to bring Congolese copper than Peruvian copper to China. There is not the slightest doubt.
Source: Larepublica
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