Peru set to see US$7.3bn of mining projects start construction
» Peru set to see US$7.3bn of mining projects start…
Six mining projects will begin construction next year in Peru and another two will follow in 2021.With combined investment of US$7.3bn, the projects are seen as essential to revive the country’s economy amid an institutional crisis and much political uncertainty.
According to the latest data from the energy and mining ministry (Minem), investments of US$3.93bn are expected next year with the сonstruction of four brownfield projects, namely the optimization of Inmaculada, the expansion of Pachapaqui, and the integration of Coroccohuayco and Yanacocha Sulfuros, as well as greenfield projects Corani and San Gabriel.
In 2021, construction of the Pampa del Pongo and Zafranal projects in Arequipa region is expected to start with combined investment of US$3.35bn.
The US$110mn Santa María expansion project, which is operated by Compañía Minera Poderosa in La Libertad region, began construction this year, according to Minem.
Tailings B2 San Rafael (US$209mn) and Mina Justa (US$1.6bn), both belonging to Minsur, are also under construction, as is the US$300mn Quecher Main of Yanacocha.
At the execution stage is Anglo American’s Quellaveco (US$5.3bn) project and the US$1.35bn expansion of Toromocho, which belongs to Chinalco.
“It’s noteworthy that the joint investment at this stage is US$8.9bn, representing 28% of the total portfolio,” Minem said.
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