Growing mining investments may double Peru's copper output by 2016

LIMA (Scrap Monster) : The mining investments in Peru has recorded a growth of 23% during the first quarter of the year. With more mines becoming operative and expansion activities under process in other mines, the copper output of the country is expected to double by 2016.

According to the latest data published by the Peru Ministry of Energy and Mines, the initial three months of the year added 1.928 million dollars of investment in the country when compared to $1.57 million during same period the previous year.

Apurimac region attracted an investment of $433 million largely aided by the Las Bambas copper project owned by Glencore Xstrata copper. The second region in the order of mining investments is the Junin region with significant contribution of $286 million, Chinalco’s Toromocho project leading the way.In third place is Arequipa region with an investment totaling $224 million.

The leading investment firms during the period of first three months of the year are Glencore Xstrata and Minera Chinalco Peru followed by Sociedad Minera Cerro Verde SAA.

With the mines expected to become productive during this year or later during the next year, the copper output of the country is forecast to double by 2016. The expansion projects at various mines will further augment the country’s mineral output.