“In 2021, mining investment exceeded US$ 5.2 billion. This positive trend is expected to continue throughout 2022 with US$ 5.3 billion and, for the 2023 – 2025 period, investment implementation levels are expected to rise to over US$ 6 billion,” claimed Wilfredo Vivanco, head of the Mining Promotion Directorate of the Ministry of Energy and Mines (MINEM).

During his presentation on the first day of Rumbo a PERUMIN – Consensuses for the Progress of Central Peru, Wilfredo Vivanco highlighted that Peru is still an appealing destination for mining investments, especially from England (21.8%), China (20.3%), Canada (15.6%), the United States (13.3%), and Mexico (12.2%).

He also said that as at the month of August of this year investment totals US$ 3.245 billion.

On the other hand, the Mine Construction Project Portfolio equals a total investment of US$ 53.168 billion, with 43 projects located in 17 regions of Peru. Progress is being made in the case of the Shouxin Expansion, San Gabriel, the Santa María Expansion, and the Toromocho Expansion, with a total investment that amounts to US$ 2.038 billion and over 7,300 jobs.

Mining Exploration

He considered it very important to promote mining explorations—an activity that entails great investment and great risk given the chances of making a discovery, and that has slowed down in our country owing to different contextual factors, such as the long waiting periods when it comes to formalities.

“Explorations ensure the future of investments in Peru and that is very important. That is the reason that we have promotion laws, such as the definite VAT tax return during the exploration stage and also the anticipated VAT tax return during the project construction and development stage,” stated Vivanco.

In this sense, we expect to promote the implementation and growth of the mining exploration project portfolio, which currently has 63 projects worth a global investment of US$ 586 million.

2022 Achievements

Finally, he summarized the achievements made by his directorate so far this year, namely the approval of nine environmental management instruments, with an investment of US$ 27.9 million; the implementation of nine processes of Preliminary Prior Consultation, with a total investment of US$ 30.3 million; and the approval of six Authorizations to Begin Exploration, with an investment of US$ 17 million.

Rumbo a PERUMIN

Rumbo a PERUMIN is the program of decentralized conferences that precede the Mining Convention PERUMIN 36. Its first edition, entitled “Consensuses for the Progress of Central Peru,” is being held virtually from November 15 to 17 and focuses on analyzing the development of the regions of Ayacucho, Huancavelica, and Ica.