Peru booms as does its mining industry

first_imgPeru’s Ministry of Energy and Mines (MEM) estimates record exports of $21 billion in 2010. MEM has also estimated the investments required for the mining projects startups in the pipeline at $41 billion for the next ten years. Half of these projects will materialise between 2011 and 2015.The Vice Minister of Mines, Fernando Gala, announced that mining exports in 2010 reached an historic record value of $21 billion, during the closing ceremony of the Mining Engineer Week, in the premises of the CD Lima of the Peruvian College of Engineers (CIP).The Central Reserve Bank of Peru (BCRP) reported that mineral exports, during January-November 2020 amounted to $19,294 million and represented 60.9% of Peru’s total exports. This is 32.4% more than that recorded in the same period of 2009.Copper led the pack of best-selling metals at $7,899 million, followed by gold at $6,986 million, lead at $1,377 million, zinc at $1,449 million and molybdenum at $407 million.Mining investment reached $3,391 million between January and November 2010, according to MEM, approximately 20% higher than the $2,821 million recorded in the same period of 2009. Of that sum, $696 million were allocated to infrastructure construction, $650 million to mineral exploitation, and $538 to exploration works to replenish reserves, etc.Cusco came first in attracting mining investments, with $557 million during the January-November period of 2010, due to the commencement of construction activities of Xstrata’s  Antapaccay mine. Following behind were Arequipa, with $479 million; Cajamarca with $476 million; Ancash, with $323 million and Pasco with $318 million.If an updated estimate were made, the portfolio of mining projects could reach an investment amount of $50 billion, suggested Carlos Santa Cruz, Vice President of South American operations for Newmont Mining, MinerAndina.e  reports. Santa Cruz stated that, in the best scenario, the annual mining investment in Peru would climb to $50,000 million from 2011. “This is equivalent to constructing two Antaminas each year,” he said.Maximixe, Lima, a multidisciplinary Latin American research and consulting group, has projected gold exports fromPeru to grow by 24.7% in 2011, in other words, up to $9,220 million compared to the $7,395 million recorded in 2010.last_img

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