Minera Apumayo will invest US$ 15 million in exploration next year

Press release from the Institute of Mining Engineers of Peru (IIMP)

This is an automated translation of the press release issued in Spanish

The corporate general manager of Minera Apumayo , Guillermo Shinno , revealed that the company will invest US$ 15 million in explorations in our country next year. He announced this in an interview with the program Diálogos Mineros, of the Institute of Mining Engineers of Peru (IIMP).

“Last year, we invested around US$23 million in exploration alone. This year, the figure was lower. Last year, perhaps, there was more enthusiasm that permits were issued quickly, but today, unfortunately, that is not the case. Therefore, for next year, we should have an investment figure of US$15 million in exploration alone,” he commented.

It is worth noting that Minera Apumayo has six exploration projects in Peru, located in Ayacucho, Moquegua and Cusco. “There are six (exploration) projects on which we are focused due to the expertise we have from the projects we have worked on. We are looking for disseminated gold oxides that are worked in an open pit and processed by leaching,” Shinno explained in the IIMP program.

At another point, the company's top executive highlighted that Peru has important competitive advantages compared to other countries in the region. Among them, its geological potential and mineral quality. "Another advantage we have is the costs, in energy and labor, which are lower, but with the necessary experience for work in the mine," he explained.

However, Shinno considered that there are three factors that must be resolved in order not to lose competitiveness among investors. The first is the resolution of social conflicts, which in severe cases paralyze projects when they are barely in the exploration stage. The second factor is red tape, which means that permits are not issued within the established time periods indicated by law.

Finally, the businessman said that the third challenge is to fight against illegal mining, which, in turn, increases citizen insecurity and prevents the economy from developing as it should.