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The new Lima Airport will be inaugurated in December 2024

At the end of 2023, the progress of the work was already over 60% and the new airport is expected to be inaugurated at the end of 2024. The completed infrastructure also includes a new control tower, a second runway and the new passenger terminal and new commercial area

At the end of 2023, the progress of the works has passed 60% and it is projected that the new airport will be inaugurated at the end of 2024. Among the completed infrastructure is a new control tower and a second landing strip. The new single passenger terminal and the new commercial area are under construction.

Along with the expansion of the Jorge Chavez, the construction of the new Callao Logistics Park is also being carried out, which will meet the growing demand for warehouses in the area with world standards. The work has an area of 96,000 square meters, it is being carried out in 4 phases, the first is already underway, and is expected to be completed in 2026.

The investment in the expansion of Jorge Chavez Airport has attracted new capital from third parties totalling more than 300 million dollars, such as the Callao Logistics Park, a new fuel plant, 3 and 5-star hotels, a new loading zone, new Parking spaces and much more.

According to Project Director Bill Fullerton, together with the Port of Callao and the new Mega Port of Chancay, it is expected that the Jorge Chávez Airport can become the most important logistics center in South America, satisfying the new demand generated.

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Date: January 26, 2024

Peru will mine more copper in 2023, lithium permits pending

Peru expects to produce 2.8 million tonnes of copper this year, a senior official said on Monday, representing an almost 15% jump from 2022, in a bright spot for the Andean nation’s top export.

Through this year and next, around $7 billion in mining investments is expected, Vera said, including the expansion of the Altamina copper mine, Teck Resources’ Zafranal project and Newmont Corp’s Yanacocha Sulfuros project.

Canada’s American Lithium Corp, which operates the project, has estimated that some 4.7 million tonnes of lithium carbonate lie in the Falchani rock deposits.

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Date: April 10, 2023 

Peru copper mines rev back up to full power after protest hit, data show

Key copper mines in Peru are cranking up activity again after protests and blockades dented production, power data analyzed by Reuters showed, potentially boosting supply from the world’s no. 2 producer of the red metal.

Major copper mines including Las Bambas, owned by China’s MMG Ltd (1208.HK), and Glencore Plc’s (GLEN.L) Antapaccay are drawing on full power, publicly available electricity data up to Friday show, after reduced usage amid disruptions.

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Peru’s economy entered recovery stage in Feb 2023

Economy-Finance Minister Alex Contreras on Tuesday said that “Peru is back again,” as there is international and local interest in the South American country.

The Cabinet member pointed out that the slowdown is starting to moderate, adding that there are already indicators which prove that Peruvian economy is once again entering a recovery stage.

Exports are recovering again. Investment indicators also show that (trend). In the case of the National Government, the main tools are public consumption and public investment, which have been advancing at good pace, he pointed out.

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South America’s new logistics hub is being built in Lima

Investments in mega-projects are currently driving Peru's economy and developing the Andean country’s
infrastructure on land, air and water. The new capacities and connections open up business opportunities:

North of Peru‘2 capital Lima, the new port of Chancay is being built for over USD 3 billion, which will be able to handle the largest container ships from 2023 and will provide new capacities for trade with Asia and the most important neighboring
countries such as Chile, Ecuador, Colombia and Panama.

In Lima, Jorge Chávez International Airport is being expanded at a investment of over USD 1.6 billion to triple its capacity and receive 25 million passengers annually from 2025. In addition, a free-trade zone and new warehouse will be integrated
with the DP World port in Callao.

Also in the capital, the first subway line is currently being built for over 5 billion USD, which will connect the east and west of the megacity from 2024. The construction of 4 more underground metro lines are considered in the transportation plan oft he city.

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Peru: Gold, copper projects lead this year’s mining exploration portfolio

The Ministry of Energy and Mines (Minem) on Tuesday reported that, according to the 2022 Portfolio of Mining Exploration Projects, there are 23 gold projects nationwide —thus ranking first in the portfolio— which together add up to an investment of US$254 million and account for 43.4% of the nationwide exploration budget.

Minem states that exploration is essential for the development of mining. Therefore, it is the first link in the most important economic activity in Peru, making it possible to find new deposits and to extend the useful life of the mines that are currently in operation, which expands the attraction of domestic and foreign investment in favor of the country.

It should be noted that copper is the main metal exported by Peru and one of the largest revenue generators for the national exchequer.

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Peru’s president reshuffles cabinet in shift towards centre

Pedro Castillo makes seven changes and ousts Marxist prime minister after taking office at the end of July

Peru’s leftwing president Pedro Castillo announced a significant cabinet reshuffle on Wednesday, ousting his divisive prime minister Guido Bellido and distancing himself from the Marxist party that helped to put him into power.

In his boldest move since he took office in late July, Castillo replaced Bellido with Mirtha Vásquez, a young former congresswoman and moderate leftist who does not belong to the Marxist Free Perú party. The president made six other changes, including in the all-important mining ministry, where he appointed businessman Eduardo González.

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Peru’s Fin Min: Economy to grow 10% in 2021, highest rate since 1994

The Ministry of Economy and Finance (MEF) on Friday presented the 2021-2024 Update Report on Macroeconomic Projections, which maintains the main forecasts for economic indicators, due to the fact that a progressive improvement in economic activities has been observed, which will continue consolidating as greater control of the pandemic is achieved and the vaccination process moves forward.

Thus, GDP growth projection is maintained at 10% for 2021, which would be the highest rate recorded since 1994, despite the strong contraction recorded in 2020 (-11.1%).

For the 2022-2024 term, GDP growth projection is maintained at 4.5%, sustained by domestic demand, exports increase due to the startup of production at copper mines, external demand recovery, as well as the boost to competitiveness and productivity.

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Moody’s improves outlook for Peruvian banking system

Moody’s Investors Service on Wednesday announced that it has changed its outlook on the Peru and Brazil banking systems to stable from negative. This change comes in light of an improving operating environment over the next 12-18 months.

The expected for the increise of Peru in economic growth and ample support packages will aid local banks’ asset quality and boost profitability.
Moreover, strong liquidity and solid core deposit funding will continue to support Peruvian banks’ financial profiles in 2021.

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Peru’s strong economic rebound will support recovery of hard-hit sectors during 2021

Corporate credit quality will recover gradually in Peru in 2021 as pent-up demand revives activity following the short but big economic hit from the coronavirus pandemic in mid-2020. In a new report, Moody’s Investors Service says Peru’s healthy economic fundamentals point to a strong post-pandemic rebound of around 8% economic growth in 2021, well above expectations for the rest of Latin America.

Peru’s mining sector faced operational disruptions for at least a couple of months, but with most operations being resumed by July, a rebound will be quick. Large mining projects will continue to develop through 2021. Most mining companies were fully operational by July 2020, rebounding from tough operating conditions during the state of emergency, with mining limited to critical activities using a minimal workforce from mid-March through late June. Companies used this downtime to prepare for appropriate safety and security measures upon reopening.

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Date: Septiembre 17, 2020