PUBLICATION
Engineering & Mining Journal
Peru Mining 2019 E&MJ Release
August 19, 2019
Total mining investment in Peru amounted to US$4.95 billion in 2018, according to the Ministry of Energy and Mines (MEM). This represents close to a 26% increase from the US$3.93 billion invested in 2017. From the point of view of copper production there were no significant changes during 2018, although the expansions of Toquepala and Toromocho and the upcoming entry in production of Mina Justa and Quellaveco will be adding new capacity soon. The country, however, continues to face significant social opposition to certain mining projects: after an escalation of protests, the government recently decided to suspend the license for the construction of the US$1.4 billion Tía María copper project, which had been granted just a few weeks before.
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It is said that mining is a patient industry. Current demand projections are not. Demand for minerals deemed ‘critical’ is set to increase almost fourfold by 2030, according to the UN. Demand for nickel, cobalt and lithium is predicted to double, triple and rise ten-fold, respectively, between 2022 and 2050. The world will need to mine more copper between 2018 and 2050 than it has mined throughout history. 2050 is also the deadline to curb emissions before reaching a point of ‘no return.’ The pace of mineral demand and the consequences of not meeting it force the industry to act fast and take more risks. Mining cannot afford to be a patient industry anymore. The scramble for supply drives miners back to geological credentials, and therefore to places like the African Central Copperbelt.
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