Mining is the engine of economic growth and generator of wealth in the country

Ministry of Energy and Mines (Minem) Statement

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

The Government's commitment to the development of competitive, formalized, modern and sustainable mining in the country, both socially and environmentally, was highlighted during President Dina Boluarte's message to the nation, during the national holiday celebrations.

“We are clear about the multiplier role that mining investment has, as an engine of economic growth and wealth generation, as well as a source of inclusion and closing social gaps,” the president remarked.

Along these lines, during the first quarter of 2024, the Ministry of Energy and Mines (MINEM) made the Antamina Replenishment, Yumpaq, Huancapetí and Tantahuatay Replenishment projects viable, with an investment of more than US$ 2,470 million that will generate more than 50,000 jobs. . Likewise, the construction of the Quellaveco Expansion, Corani , Raura Replacement , Chalcobamba Phase I, and Romina projects is expected, in Apurímac, with an investment of more than US$ 2,025 million.

Additionally, the information phase of the Digital Single Window of the Mining sector was implemented in February of this year, which has integrated ten public institutions to achieve administrative simplification and reduction of procedures. Currently, work is being done on the intermediate phase, related to regulations to accelerate the obtaining of permits by investors.

Meanwhile, last June, the MINEM published Supreme Decree No. 011-2024-EM, which authorizes expanding up to an additional 10% of the installed daily mineral treatment capacity, which will allow increasing mining production and generating more resources. and foreign exchange for the country.

Likewise, the bill on small-scale mining and artisanal mining was completed, which will be socialized with all actors in the sector in order to receive contributions to organize small-scale mining activities and conclude the process of comprehensive mining formalization in course.

A special mention is the support for the Tía María mining project, a project that is of vital importance for the relaunch of mining investment in Peru and for the consolidation of the investment climate in general.

Tía María, located in the province of Islay (Arequipa) will create 9,000 jobs in its construction stage, and 4,800 permanent jobs, both direct and indirect, with an approximate investment of US$ 1,400 million that will generate 120,000 MT/year of copper refined. Likewise, it will contribute S/400 million annually to Arequipa, through Canon and Royalties.

As announced by Minister Rómulo Mucho, Tía María will generate resources to promote the comprehensive development of the Tambo Valley, which will enhance agriculture, close gaps in education, health, basic services, in addition to boosting commerce and promoting tourism.