Peru and Chile dominate in global copper projects

Peru and Chile have copper mining projects that will require a total investment of $120 billion in the next few years, according to Codelco President, Nelson Pizarro, speaking at the 12th International Gold and Silver Symposium in Lima. During his speech at this event organised by Peru’s National Society of Mining Petroleum and Energy, Pizarro noted that Peru and Chile will likely account 43% of world investment in copper mining by 2020.

Pizarro was confident that Chile will continue to progress its copper project portfolio, of which Codelco will invest $22 billion.

He also noted a Peruvian copper portfolio valued at $42 billion and with the major projects set forth they will yield 2 Mt of ore. He explained that many of the 18 projects ready to be executed had to be stopped due to decisions made by their respective boards of directors.

He added that the projected global portfolio totals $277 billion.

The 12th International Gold and Silver Symposium organised by the SNMPE is an event held every two years in Peru, where analyses are presented on the international economy and world mining, as well as the future perspectives of gold and silver mining.

Also, the SNMPE reports that gold became Peru’s second top-export product in the first quarter of 2016 with shipments worth $1.599 billion. Those gold shipments accounted for 37% of total national mining exports valued at $4.374 billion between January and March this year.

According to SNMPE, gold production totalled 38.1 t at the end of the first quarter this year, a 7.3% increase from the same period last year with a production of 35.5 t. La Libertad (10 t), Cajamarca (9.5 t) and Arequipa (3.6 t) stood out as the country’s leading gold-producing regions.