Peru’s mining export growth

Peru’s mining production remains healthy and according to the Ministry of Energy and Mines, 2005 (to December 15) mining exports reached $ 8.913 billion, 54% of total Peruvian exports, which totalled $16.5 billion. This represents major (28%) growth with respect to 2004, when mining exports were $6.953 billion. According to Caesar Rodriguez, MEM’s Director of Mining, the current year’s growth could continue at between 5% and 8%. Again the reason is excellent minerals prices. Last year gold production rose from 173 to 210 t, a 21% increase that has not been seen since 1994. Gold supply was assisted by the August entry of Barrick’s Alto Chicama project into operation. This trend should continue in 2006 with new investments, such as Gold Fields taking an option on the Cerro Corona project, proposing to invest $317 million.