A target of new mining investment worth $14 billion has been set by Latin American mining powerhouse, Peru, as the country moves to grab a higher stake in the global resources sector. Addressing the second day today of the sixth Paydirt Latin America Downunder conference in Perth, Peru’s Vice Minister for Mining, HE Ricardo Labo, said the new investment target was one of three central planks for Peru to achieve its redefined mining goals by 2021.
“Our overriding objective is to capture at least 8% of global exploration budgets,” Labo said. “We have also set out on a path to increase our copper production by 30% or some 3 Mt of fine copper concentrates over the next four years,” he said.
“But to do this, we need to better promote exploration, make the pipeline for new projects feasible and guarantee the continuity of existing mining operations in Peru.”
The Minister’s push is in line with Peru’s top tier status in the world’s resources commodities, accounting for the largest reserve inventories in gold, silver, zinc, lead and molybdenum, as well as being the world’s second largest copper host and third largest tin reserves.
It is the world’s largest gold, zinc and lead producer, and grew its mining sector last year by 21%.
“We particularly are keen to build on our Australian miners’ involvement in Peru,” Labo said. “With the Australian Embassy re-establishing there in 2010, there has since been a rapid growth of resident Australian companies, with around 90 such representations.
“In terms of future co-operation, we seek to involve Australian expertise in blending the academic sector into our mining industry, bring the Australian skillsets and best practices in mine closure and environmental rehabilitation and attract increasing numbers of Australian mining services companies to establish in Peru.”