Peru Expects About $7 Billion of Mining Investments in 2023-24

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Researched by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Peru's Ministry of Mines and Energy expects to see billions of U.S. dollars' worth of mining investments between 2023-2024, despite the political unrest that disrupted the Peruvian Metals & Minerals Industry earlier this year. S&P Global Ratings recently named Peru one of its top six countries for mining investments for 2022.

Oscar Vera Gargurevich, Peru's minister of energy and mines, said during a conference earlier this month that the South American nation expects to see more than US$6.92 billion of investment toward the construction and development of mining projects in 2023 and 2024.

For this year, Vera Gargurevich foresees nearly US$3 billion toward the development of four mining properties: Corani (in Peru's Puno department), Magistral (Ancash), Romina (Lima), and Reposicion Antamina (Ancash).

The remaining US$4 billion will go toward the Zafranal (Arequipa) and Yanacocha Sulfuros (Cajamarca) developments next year.

"We are committed to improving our position worldwide by promoting new mining projects and the sustainability of existing operations; and promoting modern, responsible, sustainable investment, in harmony with the surrounding communities," Vera Gargurevich said during the event.

The announcement comes after widespread unrest disrupted mining operations in southern Peru, as civilians protested the arrest of former president Pedro Castillo and demanded early elections.

Peru, the world's second-largest copper producer, closed 2022 with 2.44 million metric fine tons of copper, about 4.8% more than in the previous year. Tin and iron production also registered higher production volumes in 2022 when compared with the previous year. However, Peru's 2022 output of gold, zinc, silver, lead and molybdenum was below 2021's records.

Peru has a mining portfolio of 47 projects for 2023, including metallic and non-metallic mining projects. The roughly US$3 billion projected in investments for this year only represents 5.5% of Peru's overall portfolio of planned mining projects.

The mining portfolio for 2023 also includes 37 projects that do not yet have defined dates for the start of construction, as they are in their early stages. These 37 projects represent 83.2%, or about US$44.7 billion, of the total portfolio.

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