Peruvian vice president, Marisol Espinoza, recently announced at the The Prospectors & Developers Association of Canada’s 2014 Convention (PDAC 2014) that portfolio of mining investment projects in Peru would be reaching as much as USD 60 Billion over the next 10 years.
Peru became the first ever country sponsor at the PDAC 2014 convention highlighting the country’s interests in mineral exploration and development, from copper and zinc to gold, Peru is a growing leader in the mining industry. PDAC 2014 gathered 25,000 delegates among mining executives, government officials, investors, analysts and most importantly 20 international mine ministers hence remaining the world’s networking and collaboration gathering and event platform for the mining industry.
Mrs. Espinoza statement is based on facts such as the recent 2013 starting operations of Chinalco Peru project Toromocho. Chinalco Peru is a subsidiary of Aluminum Corporation of China Limited, a multinational aluminium company headquartered in Beijing which is now the world’s second largest alumina producer, the third largest primary aluminum provider and the fifth largest fabricated aluminum producer. It also has the strongest copper capabilities in People’s Republic of China.
Between 2014 and 2016, additional projects focused on expansion as well as initiating production are scheduled to start covering different regions of the Peruvian territory, projects such as Colquijirca (Buenaventura Peruvian Group), Bayovar (Brazilian Vale), Corani (Bear Creek Mining), Ollachea ( Australian IRL), Las Bambas (Xtrata Copper), Tia Maria (Southern Peru) are only some on the pipeline. UDS 60 Billion estimate is composed of 50 main projects covering mining expansions and new explorations among the main ones.
The PDAC Convention is the mineral industry’s largest annual event which recently took place between March the 2nd and 5th, 2014, at the Metro Toronto Convention Centre in Canada. The PDAC is a Canadian national association representing the mineral exploration and development industry with over 10,000 individual and corporate members.