Peru to Play Key Role in Supply of Renewable Energy Raw Materials

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Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Peruvian Minister of Mines and Energy Romulo Mucho recently stressed Peru's importance in the transition to renewable energies at a conference in the United States. Peru is not only a key supplier of copper but could soon develop its lithium production, he said.

The South American nation currently produces eight critical minerals, with copper at the helm. The price of the red metal recently reached a record high amid strong demand, partly due to the transition to cleaner energies and a tight output.

Peru is the second-largest copper producer in the world, and it is contending for the spot with Congo.

Peru produced 641,140 fine metric tons of copper between January and March this year, about 3.5% more than during the same period in 2023, according to the mining ministry's latest data.

"Countries that have these critical minerals become very interesting because, without them, we cannot combat global warming," said Mucho.

The recent discovery of lithium reserves in Peru has opened the opportunity for further mining developments. According to the minister, between 6 million and 7 million tons of lithium reserves have been discovered in the country.

American Lithium Corporation (NASDAQ: AMLI) (Vancouver, Canada) last October announced that it had discovered resources of 5.53 million tonnes of lithium carbonate equivalent in its Peruvian Falchani project. This is currently the most developed project in the country, according to an interview recently posted by the newspaper Andina. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project and Plant databases can click here for a detailed project report on the Falchani project and click here for the plant profile.

More importantly, Peru has 51 mining projects in its portfolio, many of them focused on copper extraction. Seven are considered mega projects with investments above US$5 billion.

During the U.S. conference, Mucho also said Peru seeks to attract investments to develop its mining resources, "We are going to promote with our ambassador in a roadshow to show our potential and conditions for investments. We will try to do our best in the government to provide these conditions."

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