Humala administration brought unprecedented investment to Peruvian mining sector

On Monday, the Peruvian Ministry of Energy and Mines (MEM) announced the figures for investment in the mining sector during the administration of current Peruvian president Ollanta Humala. During the current administration, investment exceeded $34 billion, a 142% increase over the amount invested in the mining industry between 2006 and 2011.

MEM general director Marcos Villegas told reporters that, “The remarkable growth, which was accumulated in the last four years, is based on the Peruvian mining's great potential. These investments have been carried out in diverse sectors, such as infrastructure, mining exploitation, plant equipment, exploration, mining equipment, and mine preparation.”

In related news, Peruvian mining production increased by 10.33% in June over the same month last year. Because of the collapse in commodity prices, maintaining high production totals is important to keeping mining revenue steady. The gold, zinc, and copper production in Peru achieved new record highs.

In other mining-related news, Roque Benavides, president of Compañia de Minas Buenaventura, spoke with reporters about the Peruvian government’s support for the country’s large mining projects. Benavides distinguished between “well-structured” mining projects that protect the environment and local communities’ interests, and which should be supported by the government, and irresponsible and informal mining.