Mining investment in Peru will total US$6.1 billion this year thanks to the start of large projects and resource allocation for operations’ expansion and modernization, EY has projected.
According to the international consulting company, mining investment surpassed all expectations in 2018, as it posted a 26% increase, whereas the Economy-Finance Ministry (MEF) and the Central Reserve Bank (BCR) had estimated a 19% rise.
“For this year, a 23% expansion is projected (…),” Tax Services Division Partner at EY in Peru Marcial Garcia expressed.
“The announcement of the start of operations at Quellaveco and Mina Justa (mining projects) last year could mark a new beginning for heavy mining investments (…),” he added.
Likewise, Garcia pointed out that —according to the latest Energy and Mines Ministry (MEM) report— there is a portfolio of 48 pending projects to be executed, which exceed US$59 billion.
With these projects, mining investment in the Inca country could enter a new growth stage, thus accumulating three years of continuous expansion.