The Ministry of Energy and Mines reported that this government seeks to make more than US$ 4.6 billion in investments viable through seven projects that will contribute to promoting the economic reactivation of the country.
Favorable prospects. As a result of a better environment for international mineral prices, the contribution of the mining sector to the Peruvian economy is expected to improve this year.
The president of the National Mining Congress (Conamin) 2024, Edgardo Orderique, projected that the contribution of mining activity to the gross domestic product (GDP) will reach 9.5% of the total this year. Last year it would have reached 9%.
“Mining continues as an engine of growth for the country and an axis of national strategic development,” he declared to the Suplemento Económika of Diario El Peruano.
The Ministry of Energy and Mines (Minem) recently reported that this government seeks to make more than US$ 4.6 billion in investments viable through seven projects that will contribute to promoting the economic reactivation of Peru.
“We hope that this year the Chalcobamba project will start on the side of Minera Las Bambas. It will allow it to improve its grades and expand its production capacity,” he said.
He highlighted that the mining industry welcomes the interest of international capital to invest in Peru. “We see how they seek not only to maintain their activities, but also to expand operations seeking new opportunities.”
Orderique mentioned the best international prices recorded for copper, our main export mining product.
“The red metal is priced at US$4.15 per pound, which is a very good price that will directly benefit mining exports, 5% in volume. In 2023 an increase of 19% was reported,” he said.
According to Credicorp Capital, 15% of global copper demand comes from the energy transition and this percentage is expected to be 18% by 2025 and 23% by 2030.
Greater competitiveness
In relation to the construction of the Chancay port, Orderique maintained that it will increase the competitiveness of the Peruvian mining sector.
“We welcome the development of this project, which, although it is for all types of goods, will have a very favorable impact on the export of minerals,” he said.
He commented that not passing through the Panama Canal to reach the Asian market will significantly reduce maritime logistics costs.
“At the end of this year it should come into operation. It will mainly favor mining exports from the center and north of the country,” he noted.
Reaching the Asian market in better conditions will definitely benefit the industry because almost 90% of mining exports go to Asia.
Conamin contribution
Regarding Conamin 2024 in Trujillo, which will be held from June 24 to 28, Orderique mentioned that one of the main topics that will be discussed is the development of a mining hub in the north of the country.
“For this edition, the presentation of around 150 technical works is expected. This is a record, last year the figure was 90 plans,” he commented.
He also mentioned that there will be keynote conferences and a series of forums, among which small-scale mining, artisanal mining and illegal mining will stand out. This, in addition to the logistics forum and inclusion of women in mining activity.
“It is not only about being heard, but also about carrying out a work agenda that will be proposed to the Ministry of Energy and Mines,” he highlighted.
Sector innovation will be promoted through the greater incorporation of new technologies such as artificial intelligence that generates new efficiencies, favoring the sustainability of operations.
“It is important to move forward in reducing emissions in accordance with the established international objectives to which Peru is committed,” added the president of Conamin 2024.
