Mining Projections for 2018

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This year the investment in mining projects to be executed in Peru will be of 3,900 million dollars, and exploration will reach US$ 500 million.

It is expected that this year will be very positive for the mining sector, both in execution, exploration and exploitation, even considering that the bidding of the copper project Michiquillay in Cajamarca was delayed to February because of changes in the Ministry Council.

Thanks to the copper price increase in 2017, projects that had been paralyzed for years will be resumed. This will end a negative tendency in investment, since many companies in the mining business had opted to reduce their production costs during this period.

According to many analysts, the increase in copper price is due to the scarcity of the metal globally. This is why even higher prices are expected in the years to come, which will impact positively Peru’s and Chile’s economy, principal producers of copper in the world.

José Pérez, Commercial Director of the Industrial Automation División of ABB in Peru says that the principal mining projects these years are: Justa Mine; Bofedal 2; Toromocho Extension; Quellaveco Project; Corani; and Pampa de Pongo.

Pérez explains that the investment in exploration projects will be of 500 million US dollars, 30% more than in 2017. Regarding the investment in mining he says that it will be around 3,900 million dollars, a similar amount to last year’s.

“Mining projects will have a real and direct impact in the economy’s growth, since they move the entire value chain”, Perez explains to El Comercio, referring to: the enterprise or project; workers; providers; community; and Government.

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(Source)
(Cover Photo Pixabay)

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Ermelinda Maglione

Ermelinda is a journalist from Caracas, Venezuela. She has a Master’s degree in Digital Journalism and has recently finished a technical degree in Veterinary Assistance because of her love for animals. She likes to do sports, but especially ballet, which she has practiced for more than 17 years. Her passion is to read, write, and blog about different topics, as well as travel whenever she can.