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Is there a risk of a reduction in mining in the coming years?

The mining sector accounts for 10.9% of the country’s gross domestic product (GDP). | Font: Andean

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Lack of progress in investment in the mining industry this will make it difficult to continue this activity in the future, Minister of Economy Curt Burneo assured.

“If we don’t do anything, probably in 5-7 years, mining will be significantly reduced as a direct consequence of the fact that we didn’t extract investments in the research part,” Burneo commented a few weeks ago.

But how true is this statement? Former Minister of Energy and Mines Rafael Belaunde and head of the Institute of Mining Engineers Carlos Diez Canseco agree with what Burneo said, assuring that the exploration of new mineral deposits is of fundamental importance.

“Intelligence is the heart miningAs a mine develops, its reserves are depleted, so it is extremely important to find new reserves,” Belaunde explained.

For his part, Diescanseco recalls that in the early 2000s, Peru was considered one of the top 10 destinations for investment in exploration, but this figure has fallen significantly.

“It tells us that we are somehow losing the race study globally. If exploration is not carried out, if new deposits are not found, then it will be difficult for us to extract the metals that we have, especially copper,” he warns.

Belaunde added that Peru has a portfolio of 63 mineral exploration projects worth more than $586 million and warned of a strong economic influence for Peruvians if this investment is not used.

“It is necessary to launch projects already planned, such as Quellaveco, Yanacocha, Toromocho Expansion, etc. Failure to complete projects and stop exploration will have serious economic consequences and will limit the ability of the state to act in the interests of the poorest, since mining accounts for 63% of our foreign currency, more than 10% of GDP and more than 12% of private investment,” he said.

For its part, the representative of the Institute of Mining Engineers argues that in recent years some provisions have been adopted affecting studyincluding environmental issues and preliminary consultations.

It is worth noting that, according to the forecasts of the Central Reserve Bank, investment in the mining industry will end by 2022 with a fall of 3.7%, and a decrease of 16.2% is expected next year.

Source: RPP

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