Peru ramps up efforts to attract mining foreign investments

Peru officials have ramped up efforts to attract mining investments by presenting the country at international fora as a place of macroeconomic solidity and favourable regulatory frameworks.

At the International Mining and Resources Conference (IMARC) that took place in Sydney, Australia, from October 31 to November 2, 2023, the Peruvian Minister of Energy and Mines, Oscar Vera Gargurevich, said that the government is working on creating legal avenues to unblock mining projects and attract more investments.

“We are removing permitting obstacles and other procedures that hinder the growth of the mining industry,” Vera Gargurevich said.

The official noted that the country is also focusing on strengthening its legal framework so that foreign investors can take advantage of the massive potential Peru has when it comes to its copper, iron, gold, lithium and tin resources and, thus, develop mining exploration and exploitation projects.

“Mining will help provide the resources we need to support better education, healthcare, infrastructure, basic services and everything that leads to the wellbeing of our children and all Peruvians,” Vera Gargurevich said. “Peru is back.”

On a similar note, the Minister of Foreign Trade and Tourism, Juan Carlos Mathews, said during a presentation at the London Investment Roadshow 2023 that Peru is working to consolidate its portfolio of mining projects and attract more investors, as the Dina Boluarte administration is convinced that miners’ presence will improve the quality of life and strengthen the capabilities of a population to looks into the future and not be opposed to mining.

During the event, which took place on November 1-2, 2023, and was organized by J.P. Morgan, the Financial Times and the Peruvian Commission for the Promotion of Exports and Tourism, Mathews held private meetings with representatives from Anglo American, Hochschild Mining, Goldman Sachs, Lloyds Bank, RBC Capital Markets and Lazard, among others.

According to Mathews, the main topics discussed at the meetings were related to mining prospects, energy investments, trade and investment facilitation, and environmental and agricultural projects.

The minister pointed out that over the past 20 years, UK investments in Peru added up to $12.9 billion, 83% of which were focused on the metals sector, followed by the food, energy and tourism sectors.