Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Peru’s mining industry will invest $5.2bn this year to develop several mining projects across the country, according to Jaime Gálvez, Peru’s Minister of Energy and Mines. 


In a media statement on March 8, Gálvez noted that mine funding will grow by 20pc from $4.3bn last year. Investments will grow to around $6bn in 2022, he added, without disclosing further details. In the next five years, the mining industry is expected to develop 13 projects. Among them are Yanacocha Sulfuros, Corani and San Gabriel to be developed this year and the Magistral project which will be developed the next year. The Zafranal mining project is scheduled for 2023 while Los Chancas and Michiquillay will be developed in 2024 and 2025, respectively, he added.


Peru may produce 3mn mt of copper per year by 2025 after it starts production at the the mines in Mina Justa, Quellaveco and Ampliación Toromocho, Gálvez noted. Last year, Peru’s copper production fell by 12.5pc to 2.15mn mt, compared to 2019. In January, mine production fell by 8.4pc from a year ago. During the same month lead output fell by 13.1pc, zinc production fell by 3.5pc, and iron ore increased by 13.2pc against January 2019. 

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