LatinNews Daily - 02 June 2023

In brief: Peru reports high mining investment

* Peru’s minister for energy and mining, Óscar Vera, has reported that the amount of new mining and exploration projects approved in Peru in the first five months of this year equates to an investment of US$850m. He also said that between 2023 and 2024, an anticipated six new mining projects would begin in Peru, investments which will total an estimated US$6.92bn. The environmental impact of these projects is also being considered and mitigated according to Vera, who reiterated the government’s promise that it would continue to support and promote sustainable mining projects which benefit the Peruvian people. He referred to a meeting with 16 executives from the main mining companies operating in the country which took place in April, where they reaffirmed their commitment to investing in the country’s mines in a way that will benefit the country and its citizens. Vera claimed that Peru has surpassed Chile in attractiveness to mining investment, citing the latest ranking by the Fraser Institute, a Canadian economic think tank. However, the Fraser Institute’s 2022 report, published 4 May, also quoted major investors who complained about lengthy negotiation and consultation times, and an “overall lack of respect for property rights and rule of law,” which they said act as a deterrent to foreign investment.

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