Peru expects billions of dollars in investment in the mining sector

Peru is the world's second largest copper producer and the sixth largest gold producer.

The Peruvian Ministry of Energy and Mines announced today that it is expected to reach $ 20.8 billion in investment between 2018 and 2022, with 10 percent of such investment filling the country's treasury by the end of this year.

In a press release issued by the state news agency Adina Peruvian, the government agency said the funds will be generated by three projects that are nearing completion and nine others that are beginning to build.

Next year, Lima expects to receive $ 2.9 billion. Investments in mining companies will grow by 36% compared to 2017.

The country's projections are based on project assessments that are at different stages, namely: Quellaveco Copper Mine, Jampzho Mining Iron Ore Project in Pampa de Pongo, Tonacocho Copper Mine Expansion in Chinalco Peru, Minsur Mina Khusta Copper Oxide Project and others.

Former Mines Minister Romulo Mucho told Andina that if all these projects can move forward without major obstacles, copper production in Peru could reach 3 million tons by 2021. The South American country currently produces about 2.4 million tonnes. Mucho also said that gold production could reach 180 tons by 2021.