Mining investment in Peru reached US$2.372 billion in January-July 2017, thus growing 1.5% over the same period the year before and reversing three straight years in the red, the Energy and Mines Ministry (MEM) reported Monday.
According to MEM's report, nearly all mining investment items increased in the first half of the year: exploration
(25.2%), mining equipment (25.1%), preparation (23.6%), infrastructure (22%), processing plant equipment (12%) and exploitation investments (10.5%).
Investment in mining exploration
grew the most due to better metal price prospects and Peru's competitive edge, as well as mining sector measures to cut and simplify proceedings.
Mining exploration thus posted US$237 million, including US$35 million in investments by Buenaventura Mining Company, US$25 million by Poderosa (La Libertad region) and US$20 million by Marcobre (Ica).
Mining equipment investment (US$236 million) was driven by Southern Peru Copper Corporation (US$47 million) in Toquepala and Cuajone mines in southern Moquegua and Tacna regions, respectively.
Mining infrastructure investments stood at US$611 million in the same period and accounted for 26% of the total.
Southern Peru Copper Corporation led the sub-sector at US$230 million, followed by Antamina Mining Company in Ancash region (US$67 million) and Hudbay Peru in Cusco (US$46 million).