Peru President: Mining investment to exceed US$15 billion in 2018

Peruvian President Martin Vizcarra on Saturday highlighted mining investments will exceed US$15 billion in 2018 and contribute to the Inca country’s economic reactivation.

Within this context, the most important mining investments —announced for 2018— are:

• Michiquillay Project (US$2.5 billion).
• Toquepala Expansion Project (US$1.2 billion).
• Marcona Expansion Project (US$1.3 billion).
• Toromocho Expansion Project (US$1.3 billion).
• Quellaveco Project (US$5.3 billion).
• Mina Justa Project (US$1.3 billion).
• Corani Project (US$580 million).
• Pampa de Pongo Project (US$2.5 billion).

“This can’t be a country that has a huge wealth underground but poverty on the surface,” the Head of State underlined in his Address to the Nation on the occasion of Peru’s 197th Independence Day anniversary.

The poverty rate in Peru rose one percentage point from 20.7% to 21.7% in 2017.

Thus, mining and hydrocarbon industries denote an opportunity towards achieving development in the Inca country.

Yet, said activities cannot be conducted without a social- and environmentally-responsible commitment, he pointed out.

The top official went on to add that not only major mining operations are important; small-scale and artisanal mining activities are also relevant.

In this sense, the Head of State affirmed efforts will be aimed at achieving their insertion into the economy, while relying on an environment-friendly approach, guaranteeing people’s safety, and seeking mining formalization in a decentralized manner.

As is known, President Vizcarra took office last March to replace resigning Pedro Pablo Kuczynski.


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