Peru's top 5 explorers in 2012

Although the number of mining exploration permits was up 51% in 2012, Peru only saw a 3% increase in exploration spending last year, according to the mines and energy ministry's ( MEM) most recent data. The top five explorers in the country invested a combined US$291mn, 32.7% of the total amount. Topping the list is Peruvian miner Buenaventura (NYSE, BVL: BVN), which increased exploration spending by 13.8% last year to US$91.6mn. Buenaventura also obtained the third highest number of exploration permits in 2012, receiving 100 of the 585 granted. Multinational resource group Rio Tinto's (NYSE: RTP) local subsidiary Rio Tinto-La Granja dropped its spending by 7.43% in 2012 to US$75.1mn, losing first position and coming in second. In third place was Peru's Milpo (BVL: MILPOC1), which increased its exploration spending 215% in 2011 and a further 69.6% in 2012. Last year Milpo spent US$46.1mn on exploration, pushing it up from fifth spot in 2011. Fourth and fifth place explorers were new to the rankings. Cedimin, a Buenaventura subsidiary, took fourth place with a nearly 200% increase to US$40.5mn. In fifth place, Minera Aurífera Retamas ( Marsa), upped its exploration spending by 159% to US$37.8mn. Exploration spending accounted for 10.4% of total mining investments in Peru last year, down from 11.9% in 2011.