Peru will invest $5.4bn to develop new mining projects next year, up 28.5pc from $4.2bn invested in 2020, Jaime Galvez, minister of energy and mines, said in a statement on Monday 23, without disclosing further details.
This year, the mining industry invested $2bn on equipment maintenance to improve mining operations, down by 33.3pc from $3bn invested in 2019, Galvez said. Last month, Galvez said that the Peruvian mining industry will invest $7.39bn to develop seven mining projects across the country between 2021 and 2023.
Peru’s mining production decreased by 12.2pc in September on an annual basis due to lower demand from the metallic mining sector.
Mining is one of the most important economic activities in Peru, making up about 60pc of the country’s exports. Copper and gold are two important metal exports for Peru.