Delays causing "irreversible" damage to Peruvian mining projects, industry group says
Bnamericas Published: Wednesday, August 07, 2013
Gold Zinc Tungsten Tin Copper Molybdenum Iron ore Metals processing, smelting, refining and metal products Silver Government program
Government foot-dragging has caused "irreversible" damage to mining investment projects in Peru, according to the country's largest industry group Confiep. President Ollanta Humala has lost the trust of the business community after major projects were held up by permit delays and other bureaucratic obstacles, said Confiep president Alfonso García Miró. "This has caused an irreversible problem and has done a lot of damage to Peru by paralyzing projects," García Miró told Lima-based Canal N on Tuesday. "Global mining conglomerates now find it less attractive to invest." Permitting delays are holding up about US$22bn in investment projects, including in the mining industry, according to an economy ministry commission appointed to eliminate bureaucratic obstacles. Permit delays have held up projects by companies including Anglo American (LSE: AAL), Newmont Mining (NYSE: NEM) and Southern Copper (NYSE: SCCO). The Andean country has lined up US$54.7bn in mining projects over the next decade, according to the energy and mines ministry ( MEM).
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