Peru to Monitor 27 Mining Projects Worth US$2.8 Billion by 2025

The Peruvian government plans to monitor 27 mining projects totaling US$2.8 billion by 2025, featuring key sites like Las Bambas and Quellaveco. Minister Salardi outlined a 2024 project portfolio valued at US$54.556 billion, with significant investments focused on copper extraction. Peru is poised for 4% growth, addressing industry challenges and encouraging competitiveness in the mining sector.

The Peruvian government, represented by Minister Salardi, announced plans to monitor 27 mining projects with total investments reaching US$2.8 billion by 2025. Among these projects are well-known sites such as Las Bambas, Quellaveco, and San Gabriel. Salardi emphasized the country’s commitment to fostering mining investment by enhancing trust and collaborating directly with project stakeholders to resolve challenges.

In addition to monitoring existing projects, Salardi noted that Peru possesses a portfolio of 51 upcoming mining projects slated for 2024, collectively estimated to attract investments of US$54.556 billion. Approximately 73% of these initiatives focus on copper extraction and are dispersed across various regions of Peru.

Furthermore, the Minister pointed out that nine projects will commence between 2024 and 2025, with investments totaling US$481 million, while five additional projects are anticipated from 2026 to 2029, projected to garner US$5.006 billion. This significant investment trajectory highlights the government’s proactive stance toward mining sector growth.

Concerning mining exploration, Peru has identified 75 projects across 11 regions, involving potential investments of US$644 million. Most of these exploration initiatives target copper and silver deposits, reflecting the country’s potential in the mining industry. This information was presented during Peru Day, organized by the Peru-Canada Chamber of Commerce, which attracted numerous investors.

Minister Salardi articulated Peru’s aspiration to assume a leadership role in regional economic growth, projecting an estimated 4% expansion fueled by rising domestic consumption, private investment, and elevated public investment levels. He expressed confidence that 2025 will be an economically favorable year for Peru, despite looming 2026 elections.

Amidst growth opportunities, the mining sector faces challenges such as enhancing competitiveness, simplifying administrative processes, addressing social and production disparities, and formalizing artisanal mining. The government remains committed to eradicating illegal mining activities and fostering conditions conducive to a new cycle of investment expansion.

The Peruvian government is taking significant steps to enhance its mining sector, with plans for strategic monitoring of numerous projects attracting substantial investments. The projected economic growth, alongside proactive measures to improve competitiveness and address socio-economic challenges, positions Peru as a regional leader in mining and economic development. The government’s initiatives showcase a strong dedication to overcoming obstacles and attracting further investment in the sector.

Original Source: andina.pe