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Reactivation of large-scale mining to boost Peru's GDP

Bnamericas Published: Friday, June 05, 2020
Reactivation of large-scale mining to boost Peru's GDP

Peru continues to advance with its economic recovery plan and 91% of large-scale mining operations have now complied with the requirements to lift the suspensions imposed because of COVID-19.

The energy and mines ministry (Minem) said the figure corresponds to 41 mining companies that operate 61 units and two projects of national interest, which have presented plans for surveillance, prevention and control of the pandemic.

According to the ministry, the revival of large-scale mining will mobilize 87% of the metal mining industry’s contribution to GDP, which represents 101,000 direct jobs nationwide.

Large-scale mining is included in the first stage of the revival plan of the Martín Vizcarra government. Minem proposes to move next to the resumption of medium-sized mining, included in the second phase.

Mining companies in Peru have adopted various strategies to resume activities. Yanacocha said in a statement that the gold mine in Cajamarca region is operating with 30% of the workforce and that percentage will rise until reaching 70% of its basic production, taking into account the capacity of its camps.

In recent days, Buenaventura announced that it would restart operations on June 16 at its Orcopampa, Julcani and La Zanja gold and silver mines.

On May 16, the company resumed activities at Tambomayo, Uchucchacua, El Brocal and Coimolache.

Mining represents around 10% of Peru's GDP.

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