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Mining investments in Peru surpass US$1bn in Q1

Bnamericas Published: Thursday, May 14, 2020
Mining investments in Peru surpass US$1bn in Q1

Investments in the Peruvian mining sector totaled US$1.05bn in the first quarter of the year.

According to the latest statistical bulletin from the mines and energy ministry (Minem), 38.8% of the funds came from London-based Anglo American and local miner Marcobre, while the Peruvian unit of Chinese firm Chinalco contributed 9.5%.

In Peru, Anglo American is responsible for the US$5.3bn Quellaveco copper project, while Marcobre owns the Mina Justa copper project, valued at US$1.6bn, and Chinalco is conducting the expansion of the Toromocho mine, which will require more than US$1.35bn.

According to the Minem report, in March alone mining investment reached US$394mn.

The ministry noted that transfers to the regions for mining royalties and concession fees totaled more than 1.73bn soles (US$500mn) between January and April.

It added that, in the midst of the COVID-19 pandemic, those resources will allow "the fortification of health services to deal with the pandemic and accelerate the country's economic recovery," Minem said in a statement.

The regions that managed to obtain most funds were Áncash, Arequipa and Tacna.

With an economy running at 44% of its capacity, on May 3 President Martín Vizcarra's government issued a supreme decree with guidelines to progressively resume economic activities after a series of restrictive measures applied to curb the spread of COVID-19.

In the case of mining, the reactivation will start with large-scale operations and projects considered to be of national interest, such as Quellaveco, Mina Justa and the Toromocho expansion.

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