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14:39 Mining investments in Peru triple totalling US$13.7bln
 
Lima, Jul. 12 (ANDINA). Peru’s Minister of Energy and Mines (MEM) Pedro Sanchez said that mining investments in the country have tripled during the current administration reaching 13.78 billion dollars when compared to the number reached in the previous administration (4.4 billion dollars).
Mining in Peru.
Mining in Peru.


“Investments in the mining sector in 2006-2011 have been very positive compared to those of 2001-2005,” said the minister.

Sanchez highlighted the importance of the mining sector for the Peruvian economy, as it represents 8 percent of the Gross Domestic Product (GDP), 72 percent of the total exports and 50 percent of the income tax.

“Therefore, Peru's mining provides the resources needed to develop infrastructure and public services in the country,” said the minister to TV Peru.

According to the minister, investments in production expansion for the next five years total 5 billion dollars, while investment projects with environmental impact assessments (EIA) already approved total 16 billion dollars.

Moreover, some 42 billion dollars have already been invested in several important projects such as Toromocho and Las Bambas, which guarantee to triple copper production in Peru by 2016, placing the country as the second largest copper producer in the world.

(END) MDV/RRR/LGV/LVT

Date: 12/07/2011
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