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China to lead foreign investment in Peruvian mining sector

Xinhua Financein LIMA
2017-03-03 09:13

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China, Canada and the U.S. will account for 53 percent of investments in the Peruvian mining sector in the next few years, according to the new guide for mining investments published Wednesday.

The guide, which was produced by Peru's Ministry of Energy and Mines (MEM) and Ernst & Young, showed that China will be the leading foreign investor in 2017-2018, with its companies planning to spend 10.189 billion U.S. dollars, or 21.6 percent of the total.

Canada will come in second place with 8.755 billion U.S. dollars, or 18.6 percent, and the U.S. in third with 6.55 billions, or 12.8 percent.

Chinese investments include the expansion of the Marcona iron mine in the southern region of Ica at a cost of 1.5 billion U.S. dollars, which is to be completed by December 2019.

This will increase the mine's production to 3.5 million metric tons. Jinzhao Mining is planning to invest 1.5 billion U.S. dollars at Pampa de Pongo mine, to complete an environmental impact assessment and begin production by 2021.

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