UK overtakes China as top investor in Peruvian mines | ECONOMY

The UK is the main foreign investor in Peruvian mines with US$11,584 million participating; according to the 2021 Mine Development Project Portfolio compiled by the Directorate General of Mining Development and Sustainability (DGPSM) of the Ministry of Energy and Mining (Minem).

European countries lead the list with seven projects representing 21.8% of the total global investment portfolio (US$53.168 million, in 43 projects). The most representative British company is Anglo American Plc. and Rio Tinto Plc., who are responsible for the Quellaveco (US$5.3 billion) and La Granja (US$5 billion) projects respectively.

China ranks second with US$ 10,775 million distributed across seven projects in the portfolio which is equivalent to 20.3% of the total portfolio. Of note in this group are Aluminum Corporation of China Overseas Holdings Limited and Junefield Mineral Resources Holding Limited, with Toromocho Expansion (IS$1,355 million) and Don Javier (US$600 million) projects respectively. MMG Limited is also prominent with its Chalcobamba Phase I (US$130 million) project.

The third place is occupied by Canada with a total of 8,321 million dollars and a participation of 15.6% of the global amount. First Quantum Minerals Ltd., Candente Copper Corp. and Panoro Minerals Ltd., are the principal investors in the country, responsible for the projects, Haquira (US$1,860 million), Cañariaco (US$1,560 million) and Cotabambas (US$ 1,486 million), respectively. They merged with Bear Creek Mining Corporation with Corani (US$ 579 million).

other investors

The United States concentrates investments of US$7.05 billion, equivalent to 13.3% of the global portfolio investment. Newmont Goldcorp Corp with the Conga (US$4.8 billion) and Yanacocha Sulfuros (US$2.250 million) projects are the main investors in the country.

The Mexican investment matches that of Grupo México SAB de CV, parent of the Southern Peruvian Copper Company, and a total of US$6.5 billion according to Los Chancas (US$2.6 billion), Michiquillay (US$2.5 billion) and Tía María ( US$2.5 billion) project. $1.4 billion).

Australian Investments has a 5.5% share of global investment with US$2.9 billion and one project in the portfolio, owned by Strike Resources Limited. On the other hand, Brazilian investment is 3.8% of the total investment with US$ 2,035 million distributed across five projects.

Lastly, investments from Japan, Switzerland and South Korea represented 3.8% of total investment and together added up to US$1.997 million, with one project for each country.

Matt Thompson

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