Peru's mining investment portfolio swells to US$70 billion
According to a report released by Peru’s Energy and Mines Ministry (MEM) the country’s mining investment portfolio has swelled to a record high of more than US$70 billion. The portfolio is aimed at ensuring the development of mining by ramping up new explorations and projects.
Jorge Merino, MEM's head, said mining projects portfolio in the Peruvian regions of Arequipa, Apurimac and Cajamarca currently amount to US$ 42 billion, accounting for 60 percent of the total.
"Investments that have arrived to Peru are becoming increasingly important as the country's economy has been developing based on mining companies' input," the minister told Andina news agency.
Merino stressed that presidents Ollanta Humala's administration has enabled a positive environment for further attracting investment from companies that are more socially and environmentally sound in order to foster the mining industries in the country's inner regions.
According to the MEM report, the Cajamarca region has a current project portfolio worth US$23 billion with mega-projects such as La Granja, Michiquillay, Congo and Galeno, while the regions of Arequipa and Apurimac together hold a project portfolio value at US$20 billion.
Merino praised the leadership role of Arequipa in undertaking large mining projects such as Cerro Verde and Majes-Siguas along with the development of its road infrastructure.
Likewise, the minister highlighted the US$5.2 billion Las Bambas project which has reached a 50 percent completion in the Apurimac region.