The Minister of Energy and Mines says that PERUMIN 37 has the potential to facilitate new projects. He hopes that small-scale mining will be integrated into the country's productive activities.

The Minister of Energy and Mines, Rómulo Mucho, proposed that the executive branch, local and regional governments, civil society, and the private sector reach a consensus in order to promote private investment and thereby unlock the value of mining wealth.

“According to the Mining Investment Guide 2023/2024, mining is the dominant sector of the Peruvian economy and is the main engine driving our country’s growth,” he said during his participation in the launch of PERUMIN 37, a mining event that will take place in Arequipa from September 22nd to 26th next year.

Mucho Mamani mentioned that mining activity accounts for 8.5% of the GDP, while mineral exports represent 63.9% of total exports. “It has a huge potential to attract investments, but only if we reach a consensus among all stakeholders,” he stressed at the conference organized by the Peruvian Institute of Mining Engineers (IIMP).

Under this premise, Mucho said that one of the government’s challenges is to unlock the value of mining wealth, as we are a country with significant reserves of critical minerals, which will be key to the energy transition.

Additionally, the Minister of Energy and Mines emphasized that his ministry is convinced that PERUMIN 37 is a very important platform that can consolidate Peru’s position as a mining country and has the potential to enable new projects and generate greater resources for the benefit of all Peruvians.

Work-In-Progress

At another point in his speech, Minister Mucho recalled that last month, the executive branch presented the draft for the new Law on Small-Scale Mining and Artisanal Mining, which is currently in the socialization phase and aims to replace the Comprehensive Mining Formalization Registry (REINFO).

“Through this initiative, we want to integrate small-scale mining into the country’s productive activities under environmental, social, and labor standards, parameters of modernity and respect for the environment, and ensuring that what is produced can be reinvested for the benefit of the country,” he pointed out.

Furthermore, he stressed that his ministry is working to streamline administrative tasks, speed up permitting, and reduce bureaucratic processes in order to facilitate a greater number of mining projects.