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Peru exploration investment up 62% in 2019

Citation:Mining Journal Date:2020-4-14 10:02:23

Investment in mineral exploration in Peru has jumped 62% to an estimated US$496.2 million in declared investment from $306.5 million in 2018, according to a report by the DGPSM mining promotion agency of the Ministry of Energy and Mines

The 2019 report details 63 projects compared with 54 in the 2018 edition, of which 53.3% are exploring for copper. Arequipa is the leading province with eight projects totalling investment of $167 million, followed by Pasco with $54 million.

Committed investment in copper exploration totalled $264.7 million in 18 projects in 2019 followed by gold, which saw $89.9 million in investment in 21 projects, followed by $73.6 million in silver across 11 projects.

However, a newly created conservation area near Cusco, which aims to protect glaciers from extractive operations. Mining is not directly banned within the conservation area but mining projects are unlikely to get approved within it.

The 66,000-hectare Ausangate Regional Conservation Area was created by the National Service of Protected Natural Areas to protect glaciers and Andean grasslands including the Quelccaya glacier and the Vilcanota River, which provides half of Cusco's drinking water and most of its hydroelectric power, as well as providing power for Puno and Apurímac.