Peru and Canada
Press Release

Minister Contreras: “Mining investors ratify their confidence in Peru. Betting on Peru is betting on the future”

Bnamericas
Minister Contreras: “Mining investors ratify their confidence in Peru. Betting on Peru is betting on the future”

Statement Ministry of Economy and Finance

March 7, 2023

This is an automated translation of the press release issued in Spanish

The Minister of Economy and Finance, Alex Alonso Contreras Miranda, reported that private investment is expected to start to recover again from the second quarter, during the CEO Luncheon, held within the framework of PDAC 2023, which brought together executives from the mining sector from different parts of the world.

“We want private investment to be a partner in the country's growth. A high-level commission will be installed in the Council of Ministers under the leadership of PCM to coordinate opportunities for improvements to the regulatory framework and identify the aspects that hinder investment and continue advancing in the unlocking of projects", explained the head of the Ministry of Economy and Finance (MEF).

He said that the country has an impressive portfolio of potential investments, with two central axes: mining and infrastructure. He added that it is expected, through ProInversión , to be able to break the record for public-private association (PPP) awards this year, and that this will help close the gaps in infrastructure.

Likewise, Minister Contreras said that work is being done on how to improve the allocation and execution of the public budget. “It is a priority for the following years to guarantee the financing of the National Infrastructure Plan , which includes sectoral projects that are aligned with the vision of the country; and all available mechanisms will be used to speed up its execution, respecting, of course, the parameters of the fiscal rules”, he said.

Peru mining potential

The minister was a speaker at the CEO Luncheon, held within the framework of PDAC 2023 held in Toronto, Canada, which brought together executives from the mining sector from different parts of the world. In this appointment, the head of the MEF reported the enormous mining potential of Peru.

“We are world leaders in different mining products and we want to take advantage of that competitiveness, that leadership. Likewise, we want to develop new growth engines, but without neglecting mining. We are working on investment incentives, which is a key agenda, and we ask you to continue to trust Peru. The mining sector will be the great beneficiary of the energy transition, so betting on investing in Peru is betting on the future," said Minister Contreras.

He mentioned that the MEF works on the development of incentives and through the executive committees it seeks to improve the regulatory framework of the mining sector and advance in the reduction of social conflict. In this way, it is expected to strengthen the competitiveness achieved by the mining sector in recent years.

“In order for mining production to continue growing, we need new projects and we are seeing that from now on. We try to identify the main trends, and if we don't make important changes in the regulatory framework we are going to have modest growth, we are working on those improvements”, he explained.

In addition, the head of the sector explained that a great effort is being made for economic reactivation with the 'Con Punche Peru' Plan , through the rapid recovery of public investment, while the conditions for the recovery of the private sector are generated.

Activities in the PDAC 2023

Minister Contreras held an active agenda within the framework of the PDAC, in addition to being a speaker at the CEO Luncheon, today he participated in the Peru Roundtable Meeting of the Toronto Stock Exchange (TSX Toronto) moderating a table with private investors, in addition to holding other meetings with officials of mining companies.

Yesterday the head of the MEF continued his meetings with directors of mining companies such as Southern Peru , Anglo American , Hochschild , Zafranal and Las Bambas - MMG , who announced the situation of the main projects they manage in Peru and their projections , as well as the possibility of expanding its operations.

Likewise, Minister Contreras, together with the other members of the Peruvian delegation, participated in the meeting with Mary Ng, Minister of International Trade, Export Promotion and Small Businesses and Economic Development of Canada, with whom they discussed trade policy and Canadian mining investments in the country.

Subsequently, the head of the MEF and the entourage met with important investment funds, who were informed about the situation of the Peruvian economy and the prospects for development and growth.

On Sunday, March 5, Minister Contreras met with representatives of the World Bank's Global Energy & Extractives Practice with the aim of bringing coordination closer to promoting the projects that this international organization develops in the country in terms of regulatory competitiveness and sustainability of mining investments, which seek to modernize the sector and its policies.

In addition, he met with senior managers of BHP 's Minerals Americas, one of the largest mining companies in the world, with a presence in the country at the Antamina mine, a producer of copper and zinc. The strengthening of presence in Peru and its exploration portfolio were discussed.

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