PUBLICATION
Oil and Gas Investor
Peru Oil & Gas 2009 OGI Release
April 04, 2009
Peru is seducing investors, domestic and foreign alike. While the rest of the world is overcast with gloom, the sun continues to shine on the land of the Incas. Peru’s GDP is expected to grow by approximately 7% in 2009, according to International Monetary Fund estimates. In 2008, Lima hosted both the EU-Latin America and Caribbean, and the Asia-Pacific Economic Cooperation summits, placing the country on the world’s business map. President Alan García continues to tour the world courting potential investors, with a growing number of free-trade agreements in his bag (an agreement with the United States was entered into force in February of this year).
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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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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.
MORE PREVIOUSLY PUBLISHED
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