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: 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