Investment in exploration, equipment and processing plants continues to rise.
Peru plans to reach US$4.6 billion in mining investment by the end of this year following the positive results that the sector has been showing in recent months, according to the Ministry of Energy and Mines (Minem).
According to the Mining Statistical Bulletin (BEM), prepared by the General Directorate of Mining Promotion and Sustainability of Minem, in August 2024, mining investments exceeded US$ 406 million, equivalent to a growth of 3.6% in contrast to what was declared in July (US$ 392 million).
The August result, combined with what was achieved in the previous months of 2024, contributed to the accumulated investment up to the eighth month of the year amounting to more than US$ 2,918 million dollars, which meant a positive variation of 7.5% when compared to the result obtained in the same period of 2023 (US$ 2,715 million).
In a statement, the Minem added that the investment executed in mining reported a positive year-on-year variation in the areas of Processing Plant (10.9%), Exploration (35.1%) and Others (17.7%), which opens up favorable prospects for achieving the stated goal by the end of 2024.
The ministry said that between January and August, investment in mining equipment registered a significant increase of 30.8% compared to what was reported in the same period of 2023, indicating a commitment to more advanced and efficient technologies.
Investment in mining exploration, which is essential for the discovery of new resources, also grew by 24.7%, indicating a commitment by companies to diversify and expand their operations.
Growth was also reported in the processing plant category, evidencing a continued interest in improving processing capacity; and in the "other" category there was a notable increase of 67.4%, reflecting the diversification of investments and their direct impact on the modernization of the mining industry.
Regarding mining owners, those who reported the highest amount of investment executed by August 2024 were Compañía Minera Antamina, due to its Economic Administrative Unit "Yanacancha 1" and its Processing Plant "Huincush".
Anglo American Quellaveco was ranked second, due to its "Quellaveco" Economic Administrative Unit; and Minera Las Bambas was ranked third, largely due to the investment made in its "Las Bambas" Processing Plant and its "Chalcobamba" Economic Administrative Unit.
Finally, Sociedad Minera Cerro Verde was in fourth place, due to the largest investment made in its "Cerro Verde 1,2,3" concession and its "Cerro Verde" beneficiation plant. These four mining companies together accounted for 36.5% of the mining investment executed at a national level.
For Minem, these results reflect investors' confidence in the sector's potential.
