• Miguel Cardozo, President of PERUMIN 36, said that without new mining initiatives, the transfer of more resources to the regions will not be feasible.

After the Message to the Nation delivered by the Peruvian President for Independence Day, in a recent interview, Miguel Cardozo, President of PERUMIN 36, shared his opinion about the message and highlighted a few points that were missing in order to better reassure mining investors.

“I would like to underscore that only 14 mining projects have a start date scheduled between 2023 and 2029. This means that there are many initiatives that still have not made enough progress, or any at all,” said the President of PERUMIN 36 on RCR.

In this sense, he added that one of the announcements mining entrepreneurs expected to hear on July 28 was precisely what actions the government was going take to bolster the mining projects nearest to starting production. “These are projects that are in an advanced stage and that could proceed in the coming years, collectively accounting for an investment of US$ 12.5 billion,” he claimed.

He also emphasized the relevance of expediting the process of this group of initiatives, which are part of the portfolio of 47 mining projects valued at US$ 53 billion and which are vital to the country’s economic growth and development.

Some of these advanced projects are Zafranal, Antamina Replenishment, Yanacocha Sulfides, Los Chancas, Trapiche, and Magistral, among others. Furthermore, Cardozo mentioned that there are no large-scale projects scheduled to start production in the next four years.

“We have to move fast; otherwise, there will be regions that will be left without mining revenues, fiscal redistribution (canon) or royalties, and with a reduced GDP. We truly need to put emphasis on those projects, and we need to pay attention so that more projects in the portfolio can advance,” he pointed out.

He also said that, although in the Message to the Nation there was a specific remark about the Quellaveco mine and the progress made in explorations in the first semester of 2023, the strategic role of this important industry for the country’s economic growth and development was not underlined.

“The 27 exploration projects the President mentioned are projects that had already been awaiting permits for many years (…) It is good that they have proceeded, but we need a lot more exploration looking to the future because this is a very long process and decades could go by until we might be able to have projects at a production stage,” he explained.

To this end, he deemed it essential to raise the country’s level of competitiveness in the global arena, stressing the need to generate trust and have more political stability in order to attract investors from different sectors to Peru, particularly investors from the mining industry, an industry that demands very large, long-term investments and a positive outlook.

PERUMIN 36

Miguel Cardozo stated that the PERUMIN 36 Mining Convention to be held from September 25 to 29 in Arequipa will precisely be an excellent platform that will highlight this and other issues, such as the combined efforts made by the mining sector and the country to generate long-term progress, welfare, and sustainable development.