This is stated by the Institute of Mining Engineers of the Andean country.
Peru has the potential to double its copper production and take advantage of the fact that this metal currently has significant prices, said today the director of the Institute of Mining Engineers of Peru (IIMP), Miguel Cardozo.
"We have the possibility of practically doubling or more our production of copper, which is one of our main metals. In addition, 70% of our portfolio of mining projects is copper. Copper is the main commodity of our country and has important prices , more than US$ 4 a pound at this moment, and they should go out,” he said.
However, he mentioned that investment in mining exploration would only reach US$500 million this year, far from the figure reached in 2012 with US$1,050 million.
He maintained that there are some mining projects that are advancing. “The Prime Minister himself has pointed this out in Congress. However, there are limitations going forward. In other words, we now have a portfolio for 2024 of a little more than US$3 billion in investments in new projects,” he indicated.
He stated that these projects include investments by mining companies that are part of their operation to improve and optimize their production. “The other factor must also be added, which is the investment in exploration, where we have had some difficulties for a long time,” he noted.
PROJECTS
He reported that by 2025 the Zafranal and Pampa del Pongo projects will be worth more than 3 billion dollars in total investment. “The figure is a little more than US$3 billion in total investment, but it is still not clear whether these projects will be able to come out or not. In 2026 we have a project, only Trapiche, with more or less US$ 1,000 million,” he specified.
“In 2027 we have Coroccohuaicco Integration, which is a US$ 1.5 billion project. For 2029 we finally have the Coimolache project with US$ 600 million. So that's all. We don't have to think about what's this year and what's next year. These are given figures and we are going to exceed US$ 4,000 and 5,000 million in general investment, understanding all the elements, but later we are going to have problems,” he added through the Regional Communication Network (RCR).
He considered the situation of investments in mining exploration to be critical. “In 2023 and surely this 2024 we will have US$ 500 million of investment in mining exploration. We are probably going to be in the ranking of countries, in seventh or eighth place. If we compare ourselves with a very positive year for our mining, in 2012, where US$ 1,050 million was invested in Peru and we also had twice as many projects, we must recognize that we are not handling things appropriately,” he said.
He specified that from 2019 to 2023 Peru has moved away by more than 60% from the rest of the countries that are in mining investment processes.
“The geological potential in our country is recognized worldwide and everyone would like to invest here, but if I have to have a project, to start drilling I will need two, three, four years to obtain a permit. What investor is going to put money there. This is a very serious issue. The issue of regulations, negative administrative silence and the issue of prior consultation in the exploration stage are terribly harmful for mining, for exploration and for the country,” he stressed.
