Peru to see rise in mining exploration in next 18 months

Peru's Energy and Mines Minister Gonzalo Tamayo on Monday projected key decision-making in the country's mining ventures, as well as increasing exploration activity in months ahead.

"We foresee a positive trend for the next 18-24 months, both for investment in exploration and for decision-making concerning certain projects," he told Andina news agency.

Better scenario

Such favorable scenario is explained by the recovery of the mining industry's finances, driven in turn by rebounding commodity prices.

Tamayo, currently promoting Peru's geological potential at the 2017 Prospectors & Developers Association of Canada (PDAC) Convention, referred to the Inca country's participation in this leading event.

"The Peruvian pavilion has had a positive opening. We've succeeded in gathering a large crowd, thus becoming a focal point for investors, interested parties and project promoters to meet," he underlined.

The national booth showcases the country's appeal and competitive advantages as a mining investment destination, plus its strategy to face difficulties in the sector.

"Last year, Latin America attracted a higher volume of exploration [investments] despite the global downturn. This makes us think that, as a country, we can draw greater investments in exploration this year," he expressed.

Peruvian edge

On the other hand, the Minister highlighted Peru's geological potential and mining data, which give it the edge over other LatAm nations.

"We also rely on a network of human capital suppliers with financial management conditions to bring projects forward," he pointed out.

Lastly, the mining head addressed the latest study by the Fraser Institute, which places Peru as Latin America's best country for mining investments.

"Having our geological potential recognized worldwide is a major thing, but it also challenges us to work better on social conflict management, as well as administrative proceedings for investments," he concluded.