Peru’s mining investments fell by 27.7pc to $2.57bn in January -August, from $3.56bn in the same period last year.
According to an Oct 9 report from the Peruvian Ministry of Energy and Mines (Minem), the highest investment declines were seen in mine development and preparation, exploration, infrastructure, plants, and mining equipment.
Investments in mine development and preparation plummeted by 72pc to $214mn in the first eight months of the year from $763mn in the prior-year period, while exploration investments dropped by 41pc to $135mn from $229mn during the same period under comparison.
Investments in mining infrastructure declined by 36.7pc to $435mn in January-August from $687mn in the same period last year, while investments in the plants fell by 14.1pc to $867mn from $760mn, and mining equipment investments reduced by 13.1pc to $542mn from $624mn during the same eight months.
Fewer investments in copper
Copper producers reduced their mining investments the most, according to Minem, which noted that Marcobre reduced its investments by 35.9pc to $313.7mn in January-August from $489.1mn on an annual basis, while Minera Chinalco’s investments fell by 20.9pc to $185.1mn from $234.1mn during the same period.
Las Bambas reduced its investments by 20.6pc to $122.4mn in the first eight months of 2020 from $154.1mn in January-August 2019, Southern Peru Copper Corporation’s investments declined by 46.2pc to $121.5mn from $226mn, and Cerro Verde’s fell by 34.1pc to $103.6mn from $157.2mn in the same January-August period.