Mining investments on the rise in Peru

Staff Writer | January 8, 2023 | 8:02 am News South America Copper 
Anglo American Quellaveco mine in Peru
Quellaveco mine in Peru. (Image courtesy of Anglo American).

The Peruvian Ministry of Energy and Mines (Minem) issued its latest Mining Statistical Bulletin which shows that accumulated mining investments rose by 3.2% through November 2022 to $4.6 billion compared to the $4.4 billion accrued the year before.

November was, in fact, the best-performing month of the past year, adding up to $467 million, a 7.8% increase from the $434 million reported in the previous month.

According to the Bulletin, Anglo American (LON: AAL) was the top investor in 2022 with $964 million. The London-based company’s share in all mining investments was 20.9%.

Next to Anglo was Minera Antamina, which is co-owned by Glencore, BHP Group, Teck Resources and Mitsubishi Corp. The joint venture invested $394 million last year and was is followed by Newmont’s (NYSE: NEM) Minera Yanacocha whose investments reached $332 million and Southern Peru, which invested $238 million.

Altogether, the four companies were responsible for 42.7% of the mining investments in Peru in 2022. 

The breakdown

The official report puts the spotlight on exploration activities, which received $383 million in investments between January and November 2022, a 33.9% increase compared to the same period the year before.

Accumulated mine development investments, on the other hand, added up to $778 million by November 2022, a 49.5% hike from the previous year.

Peru is the world’s second-largest copper producer after Chile.

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