Peru is the home to 49 current mining projects that are worth a total of $58 billion, according to Energy and Mines Minister Francisco Ismodes.
Ismodes detailed the numbers in a Monday press conference but added that the numbers could be higher as they don’t include expectations for companies who are exploring their options on whether to invest in Peru mines or not.
Ismodes said he was confident this investment will help the surrounding region and could even close widening social gaps in the rural regions of Peru.
The country ranks fifth in the world in terms of exploration investment, Ismodes added. Peru received a staggering 7 percent of the world’s exploratory budget, according to Andina news agency, which meant $524 million worth of investment.
During Monday’s presser, Ismodes added that President Martín Vizcarra’s administration is going to emphasize the economic benefits of mining while also being mindful of environmental and social concerns that stem from the industry.
Peru just began working with foreign companies on the “Quellaveco” copper project that is worth more than $5 billion and should yield more than 300,000 tons of copper each year.
Previously, Ismodes had reported that Peru’s mining investments and prospects done by outside companies will be worth $20 billion up until 2022.
“These actions are very important because they will allow us to consolidate a relevant amount of investment that could result in more tariffs and wider opportunities in terms of employment,” Ismodes said in April.