Mining Business

Thursday, August 6, 2015

Latin America mining industry has a problem, Citibank says.

And that problem is the lack of major projects beyond 2017 as slumping metals prices and permitting delays discourage investment.

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If Peru continues to push through stimulus packages to ease bureaucratic obstacles, it will be better positioned for recovery than the rest of the region, said Munir Jalil, Citibank's chief economist for the Andean region.

Peru, the world's third largest copper, zinc and tin producer, has invested billions since 2011 and lined up US$64bn in mining investment projects, but few companies have set a start-up date beyond 2016.

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