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Peru remains mining investment hot spot
May 22, 2012

Peru’s deputy minister of mines, Guillermo Shinno, told attendees of an Australian mining conference that despite recent troubles to advance major projects, his country’s mining sector continues to attract investment interest.

Shinnoa said an estimated $35.6 billion is currently committed to new projects, of an expected $53 billion-plus forecast to be spent there in the next few years Dow Jones Newswires reported.

“Peru still has enormous potential,” Shinno said. “Currently Peru has an estimated investment portfolio of more than $53 billion. There are many opportunities of investment that Peru offers the world.”

Sustainable development is a key pillar of the government’s strategy, he said.

“This is a task that must be undertaken by both government and the private sector,” Shinno said.

These latest comments, however, follow more cautious remarks from Miguel Palomino, the head of the Peruvian Economic Institute, who last month said there had been a sharp slowdown in private-sector investments in Peru.

A number of companies, particularly in the mining sector, are having difficulty advancing projects due to community opposition, he said. Newmont Mining Corp.'s (NEM) $4.8 billion Minas Conga copper and gold deposit, in particular, has been delayed by strong opposition from residents and local politicians in Cajamarca region, where the project is located.

Finance Minister Luis Miguel Castilla at the time said the government was working to resolve the disputes in the mining sector and that he was confident private-sector investments can post double-digit growth again in the near future.

 

 

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