The Peruvian mining sector has witnessed a significant surge in investments, with June recording the highest figures for the year.
According to a recent release by the Ministry of Energy and Mines (MINEM), the mining investment for June stood at a robust US$ 378 million. This represents a notable 9.6 per cent increase compared to the figures from the previous month.
The first half of 2023 has already seen an accumulated investment surpassing US$1.9 billion in the mining sector. If the current trend continues, the total investment by the end of the year is projected to exceed US$ 4.7 billion.
The data, sourced from the Mining Statistical Bulletin prepared by MINEM’s Directorate of Mining Promotion, further highlighted the key players contributing to this growth.
Minera Antamina led the pack with significant investments in its Yanacancha 4 and Yanacancha 1 administrative-economic units located in the Áncash region.
Antamina is owned by BHP Billiton (ASX: BHP) (33.8 per cent), Glencore PLC (LON: GLEN) (33.8 per cent), Teck Resources (TSE:TECK.B) (22.5 per cent) and Mitsubishi Corporation (TYO :8058) (10 per cent)
Following closely were the Anglo American plc (LON:AAL) subsidiary Anglo-American Quellaveco, which operates the Quellaveco Mining Unit in Moquegua and Southern Perú Copper Corporation (NYSE: SCCO) with investments in its Conc. de Botiflaca Benefit Plant and Cuajone Accumulation in Moquegua.
Sociedad Minera Cerro Verde S.A.A. (LSE: CVERDEC1) also made its mark with major investments in its Cerro Verde Benefit Plant in Arequipa.
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Breakdown of the investments shows positive trend across various sectors
Mining equipment saw investments rising to US$64 million, marking a 20.7 per cent month-on-month growth.
Infrastructure investments touched US$ 89 million in June, up by 11.1 per cent from the previous month, while the development and preparation sector reported an investment of US$ 73 million, a 12.5 per cent increase compared to the preceding month.
On a regional scale, the city of Moquegua emerged as the top beneficiary of these investments, attracting over US$298 million in the first half of 2023, accounting for 15.8 per cent of the total investment.
Áncash followed with an investment of more than US$249 million, driven primarily by Antamina’s Huincush benefit plant and Yanacancha 1 administrative economic unit.
Cajamarca secured the third spot with investments amounting to US$ 187 million, with Minera Yanacocha S.R.L.’s Chaquicocha Accumulation being a major contributor.
With these rising investments, the Peruvian mining sector is poised for significant growth and development in the next few months.
