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Peru seeks to attract US$21B in mining investments by 2023

Peru President Martín Vizcarra seeks to attract US$21 billion in mining investments before his term ends in 2023, Mining.com reported Sept. 22, citing state-owned news agency Andina.

According to the report, Peru's energy and mines minister Francisco Ísmodes said at the Perumin 34 conference that the figure is the expected amount to be in place before the end of Vizcarra's term, out of the projected US$57 billion from 48 mid to long-term projects.

Ísmodes claimed that mining investments have steadily grown for four years in a row, with a 25% increase in the first seven months of this year against figures from last year. The transactions have totaled over US$3 billion.

However, despite its high geological potential for copper-gold deposits, findings from a Fraser Institute study showed Peru ranked 14th in terms of investment attractiveness in the sector, due to a low ranking in terms of transparency and straightforwardness of its policies.

"This is why we need to improve our public policies and regulatory framework so that we can boost the competitiveness and sustainability of the mining sector, and become more attractive to investors," Ísmodes said.

Meanwhile, Ísmodes said the country's copper output is expected to jump 27% while gold production is anticipated to rise 12% in the next three years to 2022, according to a separate Sept. 19 Reuters report.

The minister added that 2019 has been Peru's best year for copper production so far as it is on track to produce 2.5 million tonnes of copper, compared to 2.44 Mt in 2018.