• More than 666,000 jobs were also lost, and 1.7 million people remained in poverty. The president of the IIMP called on the government to work in partnership with the private sector.

The president of the Peruvian Institute of Mining Engineers (IIMP), Abraham Chahuan, reported that Peru lost nearly 700 billion soles due to unexecuted mining projects from 2007 to 2022.

This investment corresponds to 23 projects delayed primarily due to social conflicts and other factors, such as bureaucracy. The Tía María project in the Tambo Valley is currently the most emblematic case.

He also mentioned that as a result of the non-implementation of these projects, it was estimated that 666,000 jobs were lost, and nearly 1.7 million people were not able to escape poverty in the country. "The influence and impact of mining on the production chain are undeniable," he stated.

Mining saved the day this year (referring to Quellaveco). We need to not only produce what we have or expand projects but also initiate new projects that will ensure economic growth," he said

MINING POLICY

He suggested that countries require a well-defined mining development policy because having a strategic plan coordinated with all stakeholders, including the private sector, academia, and the government, will provide clarity on what the next project should be, how to unlock it, and the developments needed in a specific region.

He also criticized the still slow permitting process, which further delays private investments. "A permit should not take three years. We have to work on expediting the process while adhering to the highest global standards. Time should not be the major constraint," he emphasized.

He expressed confidence that the government would work hand in hand with the private sector to advance private initiatives. "We want the government to have the clarity of a strategic mining plan. Hopefully, we will not miss this opportunity. I see potential in the demand that I have not seen before, and it is based on a change in the mentality of the population, who want an energy transition. That involves copper, and we have it," he said.