In this way, it seeks to regain its position as the second largest global copper producer.

The portfolio of copper production projects in Peru amounts to US$ 40 billion, said the director of the Institute of Mining Engineers of Peru (IIMP), Carlos Homar Lozano.

He said the mining projects portfolio is worth around US$54 billion. "But US$40 billion corresponds to copper and US$12 billion to gold," he said.

He noted that 75% of Peru's mining project portfolio is copper.

He also mentioned that the exploration project portfolio totals around US$ 400 million.

POSITION

Lozano stressed that, given the imminent decline from second to third place as the largest copper producer worldwide, it is necessary to speed up new mining projects, especially those involving copper.

“This year, the Democratic Republic of Congo would be overtaking us, and Peru would move up to third place as the world’s largest copper producer. Being the best in the world always costs money, and we have the potential. We are seeing a slight decrease in strategic metals such as copper and gold, due to a decrease in grades in some of the most important mining companies,” he said.

The IIMP spokesman added that the mining industry in the country does not survive only on metal prices but on production, cost control and competitiveness.

INVESTMENTS

Lozano also encouraged private entrepreneurs to continue investing in Peru.

He also mentioned that Peru has highly sought-after resources such as copper and lithium, which meet the demand for the energy transition, which “is a reality.”

He commented that, on average, an electric car uses three times more copper than a conventional car, which increases the demand for this metal.