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08:03 Peru’s mining investments rise 70% to $2.95bln in first half 2011
 
Lima, Aug. 10 (ANDINA). Investment in the mining sector in Peru totaled 2.95 billion dollars in the first half of 2011, an increase of 70 percent compared to the same period last year, the Ministry of Energy and Mines (MEM) said Tuesday.
Mining companies in Peru invested $2.95 billion in the first half of 2011. Photo: ANDINA/Archive
Mining companies in Peru invested $2.95 billion in the first half of 2011. Photo: ANDINA/Archive

Some of the positive effects of this growth include the creation of direct job opportunities (up 14.2 percent), which represents 167,820 people currently working in the mining sector, the ministry reported.

In the January to June period, miners spent $457 million on preparation activities for projects, $446 million on infrastructure, $436 million on mining equipment, $421 million on processing plant equipment, $405 million on production and $382 million on exploration.

Thanks to the decentralized nature of the mining activity, total investment during the period include 22 regions.

Cajamarca region had investments of $524 million, representing 17.8% of the total expenditures in the period. It was followed by Cuzco at $431 million, Apurimac at $411 million, Ancash at $348 million, Junin at $315 million and Arequipa at $179 million.

The ministry said that the regions benefit from the mining activity in different ways, not only with the creation of job opportunities, but also with the purchases made by companies in the sector for their exploration and exploitation activities, including the provision of specialized services.

Companies investing in the sector include Xstrata PLC, which has the Tintaya mine and the Antapaccay and Las Bambas projects in southern Peru. At Tintaya, Xstrata invested $418 million and at Las Bambas it invested $330 million, the ministry said.

Gold producer Minera Yanacocha had investments of $249 million, while Compania Minera Antamina SA invested $197 million and Chinese-owned Minera Chinalco Peru SA invested $182 million.

(END) JPC/RRR/LGV/EEP

Date: 10/08/2011
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