the mining investments will reach a growth of 19% in 2018 and 23% in 2019, the highest growth rates since 2011, due to the consolidation of the start of a new investment cycle for the development of projects, according to estimates by the executive.
As known, investments in mining they have been recovering since 2017, when they reported a growth of 12.3%, following the registration of successive reductions in 2016 (-50.8%), 2015 (-11.2%) and 2014 (-8.4%).
According to the Multiannual macroeconomic framework (MMM)) 2019-2022 published by the Ministry of Economy and Finance (MEF), Peru has a portfolio of mining projects for US $ 58,000 million. Of the total, 48% of initiatives for US $ 28.100 million are in the phases of feasibility phases and detailed engineering; that is, in stages prior to construction.
The document indicates that an important group of projects in the total portfolio of US $ 12,200 million will start construction between this and next year, which will "consolidate the development of a new mine cycle".
Between January and June 2018, investment in mining increased by 31.4%, thanks to the larger investments in the expansion of Toquepala (US $ 1.255 million) and in the second phase of the expansion of marcona (US $ 1,300 million).
According to the MMM, mining investments will continue to grow during the rest of the year as a result of the start of construction of new projects such as Quellaveco (US $ 5.3 billion), the expansion of Toromocho (US $ 1,300 million) and Mina Justa (US $ 1,348 million).
The document also mentioned that the new mining projects have all the necessary permits to start the construction phase.
He also noted that mining companies are in a better financial position for the development of new projects.
"The recovery of the price of metals and the cost reduction policy have increased profitability and reduced the indebtedness of these companies," he said. MMM.