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