The expansion of mining production or mining GDP in Peru would be between 8% and 10% this year, thanks to the recovery of mineral extraction by companies in the sector, Mining Deputy Minister Guillermo Shinno affirmed.
He said the output of different minerals and companies such as Toromocho started to grow this month, and the coming into operation of projects such as Las Bambas is getting closer.
“Toromocho is not producing at normal rates, because it has faced metallurgical problems due to high content of arsenic in its compositions, but it will operate at almost 100% of its production capacity in the final two months of the year, which leads us to average mining GDP growth of between 8% and 10%,” he stated.
According to Shinno, mining investments will range between US$8 billion and a little less than that, since investments are 15% lower so far this year.
“What attracts investments here is Las Bambas, which is to be completed this year. The Cerro Verde thing we have until the middle of next year comes next. The expansion of Toquepala is going to result into a new investment and the share of investment is going to increase. In addition, we have smaller and medium-sized projects that can help maintain investment growth,” he commented.
(END) JCC/JCC/RMB
Published: 8/1/2015