Renowned Peruvian journalist Mario Sifuentes Briceño believes
that Peru will become a first-world country and that mining will be the key to
this transformation. He argues that Peru has always been a nation of skilled
miners, and that this is not something to be ashamed of, but rather taken of
advantage of.
No one could accuse Peru of not taking advantage of its
abundant resources – so goes the mining industry, so goes the Peruvian economy.
The Central Reserve Bank of Peru recently revised
downwards its estimates for the country’s GDP growth in 2014, from 4.4% to
3.1%, down from last year’s rate of 5.8%. The delay in starting operations at
Las Bambas in southern Peru contributed to the revision. Developed by MMG, at
unit of China Minmetals, the Las Bambas project requires
approximately an additional $3 billion USD to become operational. MMG expects
the project to become operational in the first quarter of 2016.
Barclays’ head of European asset allocation research,
Guillermo Felices, predicted
that the Peruvian economy will rebound. While decreased demand for Peru’s
mining exports were to blame for the slowdown, the near-term expansion of the
mining industry will more than compensate.
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