Peru's 2011 Mineral Exports Seen At $24.7 Billion Vs $21.7 Billion In 2010
13 Setembro 2011 - 3:14PM
Dow Jones News
Peru's government expects mineral exports to increase to $24.7
billion in 2011, said Susana Vilca, deputy mines minister.
Vilca said during a presentation on Tuesday at the Perumin
mining conference that the nation's mineral exports are forecast to
increase 13.8% this year from $21.7 billion in 2010.
Peru's mineral exports are expected to represent 56% of the
country's total exports for 2011, which are projected at $44
billion, Vilca said.
Peru's mining sector is a key driver of the country's economy
and an important contributor to the government's tax
collection.
Mining companies are expected to invest roughly $50 billion in
new mines and expansion projects this decade. Companies plan to
invest $33.7 billion in copper projects, $6.78 billion in iron
projects and $5.6 billion in gold projects, Vilca said.
The government had previously forecast that investments in the
sector would total $42.5 billion.
The ministry's deputy director of mining promotion, Walter
Sanchez, told Dow Jones Newswires on the sidelines of the
conference that the revised figure takes into account new
investment forecasts for gold and copper projects.
One of Peru's biggest mine projects is Newmont Mining Corp.'s
(NEM) 51.35%-owned Minas Conga in Cajamarca. Conga has an estimated
capital cost of $4 billion to $4.8 billion.
Peru's Compania de Minas Buenaventura SA (BVN, BUENAVC1.VL) has
a 43.65% stake in Conga, while the World Bank's International
Finance Corp. 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.
-By Ryan Dube, Dow Jones Newswires; 51 9454 043 802;
peru@dowjones.com