Peru’s mining investments reach US$2bn in first eight months of 2018

LIMA – Peruvian mining attracted investments of 2.36 billion U.S. dollars during the first eight months of the year, according to the country’s minister of Energy and Mines.

Although international markets are suffering from a reduction in mineral prices, investments have continued to flow into the country and driven constant expansion, said Francisco Ismodes during a foreign press meeting on Thursday.

“We hope that the price improves, but investments have had a positive impact,” he added.

Currently, Peru has a mining portfolio worth 58 billion dollars across 49 projects and is one of the world’s major producers of minerals.

According to Ismodes, mining is a principal “engine” of the Peruvian economy, producing almost 10 percent of the country’s GDP and providing 1.4 million jobs.

Official statistics predict around 5 billion dollars to be invested into mining by the end of the year.

The minister also proposed making a temporary tax benefit for mining companies part of the country’s permanent tax code in order to reduce investment uncertainty in the world’s No. 2 copper producer.