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Mining investment will grow 7.8% this year, estimates Julio Velarde

Mining investment will grow 7.8% this year, estimates Julio Velarde

Increased demand for metals such as copper made the sector’s exports grow nine times more than more than two decades ago, according to the president of the BCRP.

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Julio Velarde, president of the Central Reserve Bank of Peru (BCRP), estimated that mining investment will end the year with an increase of 7.8%; and he recalled that since 2000, he covered 13% of total private investment.

The banker pointed out that mining shipments grew nine times more compared to the amounts exported at the beginning of this century thanks to the greater demand for metals such as copper.

However, he considered during his participation in the XV International Mining Meeting organized by the SNMPE that “to increase competitiveness we have to simplify the processes.”

Likewise, he highlighted that another factor not estimated until five years ago is the demand for electricity for artificial intelligence. “This means that the demand for copper will not increase only because it replaces fossil fuels and its contribution to the energy transition, but also because of artificial intelligence itself, which is already a reality,” he signed.

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Source: Larepublica

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