Peru seeking to kickstart US$58bn mining project pipeline

Peru, the second largest copper producer in the world, has earmarked the mining sector as a potential launching pad for its post-coronavirus economic recovery. 

The government will prioritize 48 projects that require investments of around US$58bn, deputy mining minister Augusto Cauti said during a presentation to unveil the MapaInversiones Perú País Minero investment platform.

"We can't afford not to develop these projects that will bring benefits to the country in terms of resources, employment and improved quality [of life] for citizens," he said.

According to government data, the portfolio comprises 25 copper, seven gold and six zinc projects. There are another 10 projects in an "other metals" category.

Just under half – or 45% – are in the southern region and have an estimated investment value of $26bn. The northern region accounts for 41% of the projects – or US$24mn – while the center has the remaining 14%.

Additionally, Peru has a portfolio of 64 mining exploration projects, totaling US$498mn.

The vice minister added that the South American country is seeking to drum up investor interest in industrial and precious metals by reinforcing the country's vast geological potential, competitive production costs and human talent. 

The MapaInversiones Peru Country Mining platform will incorporate databases from the mines and economy ministries to present consolidated sector information in a transparent manner. 

The platform will include, among other things, key information on mining concessions by region and type of mineral, and projects financed with canon and royalty payments.

MapaInversiones Peru Mining Country is an IDB initiative to improve the transparency and efficiency of public investment in Latin America and the Caribbean through the development and implementation of information management platforms.