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Peru Mining 2019 Pre-Release Edition 1
2018 brought three significant pieces of good news to the industry in Peru: the US$1.3 billion expansion project at the Toromocho copper mine, operated by Chinalco; the start of construction of Mina Justa, a US$1.7 billion copper project; and the final green light by Anglo American to build the Quellaveco copper operation, a project with an estimated capex between US$5 billion and US$5.3 billion.
On top of these investments, Shougang and Southern Copper completed their respective expansion projects at Marcona (iron ore) and Toquepala (copper) during 2018 as well. Putting figures into perspective, total mining investment amounted to US$4.95 billion in 2018, according to the latest information released by the Ministry of Energy and Mines (MEM). This represents close to a 26% increase over the US$3.93 billion investment in 2017.
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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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