Peru’s mining production rose by 15.3pc in March annually due to higher production of iron ore, zinc, and copper.
Iron ore production rose by 76.5pc, zinc output climbed by 26pc, and copper production increased by 19.6pc in March this year as compared to 2020, the National Institute of Statistics and Informatics (Inei) said in a statement on May 1, without disclosing volume.
Peru’s central bank has lowered 2021 growth expectations for the mining and manufacturing industries. Mining industry forecasts for the South American country have now set to 11pc this year, from 14.4pc estimated last year, due to lower anticipated production from the main miners in 2021, according to Peru’s central bank.
Mining investments in the country fell by 15.5pc to $558mn in January and February, from $660mn invested in the same period of the prior year. The biggest reduction in the mining investments was in the areas of mining equipment, plants, and exploration, according to a report from the Peruvian Ministry of Energy and Mines (Minem).
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.