Peru will soon become the second largest copper producer in the world

According to senior officials in Lima, the main reason for reaching such heights is China's initiative. Last month, MMG, a subsidiary of China Minmetal, acquired a $ 7 billion stake in the Las Bambas copper mine for the Glencore project in Peru, strengthening ties between the two countries.

The deal shows that Chinese backers are stubborn and want to buy shares in at least a third of all new mining projects in Peru, which the country has valued at $ 61 billion. China is aware of the approaching global shortage of copper, which is so necessary for the production of cables demand for products, therefore, strives to have access to the main copper mines. Before the arrival of Chinese companies, the largest investors in Peru were the giants Freeport-McMoran and Newmont Mining. But now new projects by Chinese investors are valued higher than American and Canadian together.

The Deputy Minister of Mines said Peru will increase production by 1.2 million tonnes, thus pushing the country away from China, which is currently the second largest copper producer. The Peruvian government believes that relations between countries are not just financial, but are socially responsible, unlike transition companies that play their game on the market.

Las Bambas, one of the largest copper mines in Peru, will produce 450,000 tons annually when it reaches its maximum production. MMG plans to start production on time stated in the Glencore project, that is, the end of 2015. The project was initiated by Xstrata and later acquired by Glencore. In addition to the Glencore project, China has taken over a number of other mining projects in Peru.