BCRP: Mining investment would grow more than 8% in 2022, only for projects that are already underway

Mining investment in Peru by 2022 would grow by more than 8% for projects that are already underway, according to the president of the Central Reserve Bank of Peru, Julio Velarde. The director of the monetary entity also specified that for next year there would be no growth in private investment in the country.

“For next year, we expect 0% growth (in investment) with an investment mining growing 8.3% by projects that are already underway. Most of Quellaveco’s investment has not been made yet, so much of it would be done next year ”, he pointed out at the inauguration at the 2021 Economic Forum, organized by AmCham.

Non-mining investment

Along the same lines, Velarde announced that the figures for non-mining investments will be negative for 2022. According to the BCRP forecasts, would fall 1.1%. “We could correct the projections slightly upwards because the expectations would be less and less negative, but we will see what the next few weeks hold,” he said.

Investments in 2021

Regarding the investment scenario this year, Velarde commented that they have performed well. Thus, until December it is estimated that they will grow by 24.5%, In mining, investments are expected to rise to 26%, while in other sectors it will reach 18%.

Mining investment in figures

Mining investment in Peru in August reached s USD 482 million, that is, 59% more than the same period in 2020, when it registered USD 302 million, according to the latest Mining Statistical Bulletin of the Ministry of Energy. Thus, the accumulated to the eighth month of the year amounted to USD 3.015 million.

The mining company Anglo American Quellaveco SA maintained the first location with USD 789 million, representing 26.2% of the total investment, mainly for the Quellaveco project. It is followed by Minera Antamina SA (USD 266 million) and Southern Peru (USD 189 million) with stakes of 8.8% and 6.3%, respectively.