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Peru mining investment increases

Miners invested US$2.3 billion in Peru in the first semester of 2022, according to the Ministry of Energy and Mines (MINEM) some 10.9% more than the $2.1 billion in the prior year period
Peru mining investment increases Peru mining investment increases Peru mining investment increases Peru mining investment increases Peru mining investment increases

The storage dome at Anglo American's Quellaveco in Peru.

Investment mainly went to development (54%), exploration (38.4%) and infrastructure (23.4%) said the ministry in its Mineral Statistics Bulletin.

Investment was led by Anglo American's Quellaveco development with $620 million followed by Antamina with $177 million and Southern Peru with $144 million.

The mining canon has reached a record level of 7.8 billion soles. It is comprised of 50% of the income tax paid by miners which is distributed to the regions of the country with the other 50% going to the central government. Miners in Peru pay a 30% income tax.

Peru has approved a bill to create a stabilisation fund for income from the mining canon and royalties from mining, oil, gas and energy sectors to facilitate and smooth financial transfers t othe regions.

"This special fund is created to have the security of providing resources to the regions, provinces and districts," said Council of Ministers president Aníbal Torres.

"With this fund there will no longer be this difficulty because the transfers could be made from January of each year and thus speed up the execution, especially of the works that must be carried out, such as hospitals, bridges, roads, and so on," said Torres.