Mining companies to invest $51.4bln in Peru
Lima, October 16, 2011.
Mining companies in Peru will invest $51.49 billion in new mines and expansion projects, and the trend to undertake more projects will continue in the coming years, the Ministry of Energy and Mines (MEM) said Sunday.
According to the latest monthly bulletin, there are mine expansion projects being pursued by eight companies, with an investment of $9.05 billion dollars.
Southern Peru Copper Corporation (SPCC) invests $1.6 billion in four of these projects, including the Cuajone and Toquepala mines and the Ilo refinery in the south of the country.
Other big projects include Xstrata PLC's $4.2 billion Las Bambas copper project in Apurimac region and Newmont Mining Corp's 51.35%-owned Minas Conga gold project in Cajamarca. Conga has an estimated capital cost of $ 4.0 billion to $4.8 billion.
Peru's Compania de Minas Buenaventura SAA has a 43.65% stake in Conga, while the World Bank's International Finance Corporation holds the remainder.
Peru is the world's second biggest producer of copper and silver and a major producer of gold, zinc, lead and other minerals.