Mining to invest $8.9 million in Peru in 2013
Mining investment in Peru is expected to hit US$8.9 billion by the end of 2013 with the same investment forecast for 2014, the National Society of Mining, Petroleum and Energy (SNMPE) announced.
SNMPE’s president, Evangelina Arias, noted the mining industry in the Andean nation has been severely affected this year with the slump in mineral prices, having decreased by 25 percent in the case of gold, while prices in silver and copper felt by 21 percent and 8 percent, respectively.
The gold price will remain volatile in 2014, Arias added, and if it goes down to US$1,200 an ounce, some mining companies in the country will have to close down.
With regard to the recently-started up of the Toromocho copper mine, Aries highlighted that the mine’s first-year production is forecast at 170 kt.
Likewise, SNMPE’s head pointed out that investments in the Peruvian oil sector will amount to US$1.3 billion.