has stated that the Executive Branch estimates approving three exploration projects every month.
The official affirmed that 2023 was a complicated year; however, there were positive signs from the mining sector.
During an interview with the Institute of Mining Engineers of Peru's (IIMP) "Dialogos Mineros" (Mining Dialogues) program, he underscored that there were about 28 exploration projects approved by the Mining General Directorate, which translate into investment worth US$350 million.
Under that premise, the director general remarked that there are 70 exploration projects which total US$560 million.
Soto Yen added that in the first months of 2024, nine projects, worth an amount greater than US$50 million, have been approved.
"I believe that, if we continue this trend of at least three monthly approvals, we can exceed that amount of $350 million registered last year," he told the IIMP.
When asked about the zone where these projects are located, he explained that it is important to highlight the function of Peru's Coastal Batholith, which enables the country to rely on a wide variety of minerals.
"From the point of view of geology, we should feel proud that we have minerals in almost every part of Peru," he expressed.
Likewise, the official said the regions that always stand out in terms of mining are Arequipa, Apurimac, Ayacucho, and Lambayeque —with the latter two being the spaces where most exploration is being carried out.
Companies
The Minem official pointed out that many times companies get the green light for their projects, but they delay executing the exploration.
In response, he indicated that Peru offers guarantee of legal and tax stability.
The other aspect is that the country has lived through many years of social conflicts; however, (local) populations have currently a different idea of mining, Soto Yen said.
"I think that the will is already in place by many populations, but what we surely lack is good communication, and that is an important topic on which companies must put their maximum effort to obtain these exploration authorizations," he explained.
In addition, the director general commented he expects these projects to be completed soon, thus leading to optimal results.
"If it hits the target, we might be talking about, at least, another Quellaveco (mining project) emerging, and thus we might be exceeding our GDP, (number of) jobs, and taxes for the country," he concluded.