The Ministry of Energy and Mines (MEM) in Peru has reported that the estimated mining investment portfolio – as at December 31, 2008 – is comprised of 31 major projects, including exploration projects and expansion projects, which combined amount to a value of $24.693 billion.

The main expansion projects which have been confirmed, in spite of the global financial crisis, are Southern Copper’s Cuajone, Toquepala and Ilo copper expansions, Marcona, belonging to Shougang Corp, expanding in iron ore and an expansion of the Cajamarquilla zinc refinery, belonging to Votoratim Metais of Rio de Janeiro.

The major investment projects confirmed are Chinalco’s Toromocho and Southern Copper’s Tia María copper projects, and the golden La Zanja belonging to Cía. de Minas Buenaventura.