Peru mining investment up in February

Peru saw US$324mn of mining investment in February, up 16.1% on January and 8.4% year-on-year, the energy and mines ministry reported.

In the first two months investment was US$603mn, 5.1% higher than in the same period 2021.

In processing plants, investment reached US$84mn in February, up 3.5% on the previous month.

Investment in mining equipment was US$40mn, 37.1% more than in January.

Exploration investment rose 37.4% compared to the previous month at US$26mn and was up 23.5% on the same month last year, the ministry said. 

Investment in infrastructure was US$81mn, an increase of 42.4% compared to January.

In 2021, Peru recorded total mining investment of US$5.24bn, an increase of 21.1% compared to the previous year.

QUELLAVECO, SAN GABRIEL

Anglo American announced that its US$5.5bn Quellaveco copper project is in the final stages of construction and is ready to start operations. As a result, by the end of H1 no major investments are planned for the project.

Local company Buenaventura, meanwhile, reported that it has started construction of its San Gabriel gold project, where it will invest up to US$110mn this year US$200mn in 2023.

In total, investment in the project is put at US$430mn, although the amount could increase, depending on prices of diesel, explosives, steel, consumables and other items.