Peru's Energy and Mines Minister Gonzalo Tamayo affirmed Las Bambas mining project relies on an investment program worth S/2 billion (around US$614.4 million) to develop 299 ventures in its influence area.
Said projects are aimed at providing better quality of life to Peruvian citizens.
From the total investment, S/425 million (around US$130.6 million) corresponds to agriculture projects.
Medium-term plan
The cabinet member underlined the government seeks to develop a medium-term plan to improve life quality of communities involved in the project.
The mentioned plan comprises water and sanitation, rural electrification, as well as housing projects for the benefit of residents.
Likewise, the official stressed the creation of 18,000 direct jobs thanks to Las Bambas plant construction.
Las Bambas
Las Bambas —situated in southern Apurimac region— is one of the most important mining projects developed in the Andean country and is likely to become one of the largest global producers of copper.
It has an ore reserve of 7.2 million tons of copper and a mineral resource of 12.6 million tons. It is expected to produce more than 2 million tons of copper in concentrate in its first five years.
Las Bambas accounted for 18% of total Peruvian copper production. In addition, it generated US$40 million in royalties in 2016, and the amount is expected to total US$60 million in 2017.
Mines contribution
Tamayo also highlighted Las Bambas, Constancia and Toromocho mining projects helped the country become the world's second-largest mineral exporter last year.
(END) RGP/JJN/JHM/MVB