Commodities Buzz: Peru Expects $20.8 Billion In Mining Investments

The Peruvian Ministry of Energy and Mines announced today that it expects to reach $ 20.8 billion in investments between 2018 and 2022, with 10 per cent of such investments filling up the countrys coffers by the end of this year. Next year, Lima expects to receive $ 2.9 billion in mining investments, which would represent a growth of 36 per cent compared to 2017.

The countrys forecasts are based on the evaluation of projects that are in different stages, namely Anglo Americans Quellaveco copper mine, Jinzhao Minings Pampa de Pongo iron ore project, Chinalco Perus Toromocho copper mine expansion, Minsurs copper oxide project Mina Justa, among others.

Former Mining Minister Rn++mulo Mucho told Andina that, if all of these projects are able to move forward without major hurdles, Perus copper output could reach 3 million tonnes by 2021. Currently, the South American country produces about 2.4 million tonnes. Mucho also said that gold production could reach 180 tonnes by 2021. Peru is the worlds No.2 copper producer and the sixth largest producer of gold.