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Economy | 21 September, 2009 [ 12:46 ]

Mining Investments in Peru signal end of Economic Crisis


LivinginPeru.com
Katrina Heimark

Rising metals prices have sparked the aggressive investment of mining companies in resource-rich Peru, which is a marked change from last year. These investments are the first in the sector since the onslaught of the economic crisis, which caused a collapse in metals prices last year.

Miners are expected to plow $30 billion in projects over the next decade. A $2.2 billion copper project in Chinalco and a $5.1 billion Antapaccay project are set to start next year.

These investments “affirm Peru’s position as an attractive place to invest,” says Pedro Sanchez, Peru’s Mining and Energy Minister. However, as investments increase in mining areas, so does community opposition. These conflicts often delay production, and, sometimes, have caused projects to be abandoned. These conflicts and protests stem from the perception of many locals in the poorer areas of Peru that they are not receiving their fair share, or that their resources are being exploited.

Last week Arequipa hosted the 29th biannual Perumin Mining Convention, and many of the proposed developments were on display. Investments in the mining sector are soaring, which provoked many at the conference to believe that the economic crisis is dissipating, at least within Peru.

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1 Comment

# Splaktar says :
22 September, 2009 [ 00:12 ]

"These conflicts and protests stem from the perception of many locals in the poorer areas of Peru that they are not receiving their fair share, or that their resources are being exploited."

I don't think that quite covers it.  They also come from a long history of pollution by mines that have destroyed ecosystems, farming communities, and entire river valleys.  They have created one of the most polluted places on earth in Peru. 

Many farmers, villages, etc have been forced to move off of fertile land that their parents and grandparents farmed for many years.  Mostly because of comtaminated water that poisons the crops and the people who drink it.

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