Mining investments in Peru fell by 15.5pc to $558mn in January and February, from $660mn invested in the same period last year, a report from the Peruvian Ministry of Energy and Mines (Minem), indicated.
Investments in mining equipment, plants, and exploration witnessed the most significant reduction during the period under review, according to the Minem report, with outlays for mining equipment dropping by 60pc to $48mn from $121mn in January-February 2020, and plant investments falling by 22.9pc to $183mn from $237mn in the same time frame.
Investments in the development and preparation of mines declined by 19.4pc to $60mn in the first two months of the year, from $74mn in the same period of the prior year, while exploration outlays decreased by 17.1pc to $37mn from $44mn.
In February, mining investments declined by 18.2pc to $285mn, from $349mn annually, Minem reported.
Copper mining budgets down
Copper mining saw the largest reduction in investments in the first two months of the year on an annual basis. Marcobre reduced its outlay by 29pc to $63.3mn in January and February, from $89.3mn in the same period of the prior year, while Minera Chinalco reduced its mining budget by 57.2pc to $33.6mn from $78.6mn in the same period.
Cerro Verde’s investments fell by 59.7pc to $18.5mn in January and February, from $46mn in the same period last year and Las Bambas dropped its outlay by 37.5pc to $20.4mn from $32.7mn.
Peru’s mining production fell by 5.3pc in February on an annual basis due to lower production of iron ore and lead.