Andina

Peru: Mining investment to recover in 2017

Explotación minera. Foto: ANDINA/ archivo.

08:00 | Lima, Nov. 9.

Mining investment will recover this year in Peru and reach a 7% expansion —after three years of decline—, and related growth will accelerate to 30% in 2018, Maximixe Consult group CEO Jorge Chavez projected.

During his participation in Peru Mining Business 2017 forum last Wednesday, the officer stressed these figures will allow mining investment to reverse the constant declines registered in the previous years: 2014, 2015 and 2016. 

As is known, said investment dropped from US$9.9 billion to US$4.3 billion between 2014 and 2016.

Likewise, Chavez projected this kind of investment may reach US$6 billion by end-2018, thus leading to a 30% rise compared to estimates for the current year (US$4.6 billion).

He also pointed out the estimate for 2017 represents a 7% rise over 2016 (US$4.3 billion).

According to the officer, medium-sized projects will revitalize mining investment in 2018. As an example, he mentioned Mina Justa (operated by Minsur), Corani (Bear Creek), Marcona expansion (Shougang), Magistral (Milpo), among other important projects.

"The higher prices of copper, zinc, and gold have generated greater investment in exploration," he expressed.

"Besides, there is the possibility of launching Quellaveco mine construction and Toromocho expansion, which will invigorate the sector," he added.

Recovery

On the other hand, the CEO indicated that copper production may increase 3.8% (2017) and 6.2% (2018), thanks to the implementation of Toquepala and El Brocal expansions.

(END) RGP/JJN/JAA/MVB

Published: 11/9/2017