Peruvian mining production fell by 17.6pc in January-September compared to the same period last year, according the country’s Reserve Bank. The industry is expected to recover in 2021 and 2022.
According to the central bank’s report, Peru’s mine output is forecasted to rise 14.4pc in 2021 and by 4.8pc in 2022 as the mining projects Mina Justa, Toromocho, and Quellaveco projects begin operations and will bolster production. Mining investment in 2020 reached $3.2bn, driven mainly by large investments from Anglo American Quellavec which invested $1.1bn, while Marcobre funded $411mn and Chinalco raised $223mn for their respective projects.
Investments for 2021 will be focused on the Corani project with a $600,000 funding, the same figure for Integración Coroccohuayco, and San Gabriel at $400,000. In 2022, major funding will be for Pampa del Pongo with $2.2bn and the Yanacocha Sulfuros project with $2.1bn, according to the report.
The report also noted that the Peruvian construction production also fell by 28.5pc in Januar-September on an annual basis. However, larger investments in the public and private sector are expected to boost construction output by 17.4pc in 2021.