Peruvian mining investments fell to $2.27bn in the first seven months of this year, from $3.01bn in the prior year period.
Of the total amount, $295mn came from Chinese companies to develop the Ampliación Toromocho copper project in Junín capable of processing 170,000mt of ore per day, Peru’s Ministry of Energy and Mines (Minem) said in a statement. The agency also noted that Peru is currently developing five mining projects – Ampliación Toromocho, Pampa de Pongo, Javier, Galeno, and Río Blanco, by investing $10.1bn
Peru’s copper production decreased by 20.4pc to 1.1mn mt in H1 2020, compared to 949,217mt in H1 2019, due to lower production from Cerro Verde and Compañía Minera Antamina. Iron ore production also declined by 36.6pc to 4.4mn mt from 2.8mn mt in the same comparative period caused by operational halts in April and May by Shougang Hierro Perú and Minera Shouxin Perú due to COVID-19 pandemic.
The mining industry is one of the most important economic activities in Peru, which represents about 9pc of GDP and 60pc of the country’s exports. Copper and gold are the most important metals exported by value.