Copper production can reach a historic record in 2018. Mining Procedures Regulations would be revised.
On Wednesday we were reporting the possibilities of another mining boom in 2018 and according to the projections published by the Ministry of Energy and Mines (Minem), national copper production is expected to reach 2.3 million fine metric tons this year.
If this level of production of the red metal is achieved, the 2018 figure will represent a historical record according to the annual records of the Minem. The price of copper rose 31% in international markets in 2017. It is expected that this upward trend will continue, which will favor investment and the performance of mining companies. In line, Ricardo Labó, deputy minister of Mines, considered that this year will be the start of new mining projects”.
In addition to the $2billionUSD Michiquillay project, which will be awarded on February 20 according to Minem, Mina Justa has a portfolio of $1.3millionUSD, which is about to conclude the feasibility stage to be evaluated by the Minsur board of directors. It is also expected that Anglo American will make a definitive announcement in the first half of the Quellaveco project of $5millionUSD.
Another initiative on the agenda is the expansion of the Toromocho mine, in which Chinalco plans to disburse $1.5millionUSD.
To promote the development of projects, Minem is working on the execution of an internal reorganization and plans to continue with the modification of the current legislation. Another fundamental aspect will be the creation of the new General Direction of Mining Promotion and Development, which will work directly with investors in the sector.