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Overview of Peru’s Mining Industry
Author: source: Datetime: 2017-09-29 17:43:32
Peru is a global leader in the mining industry; it’s one of the world’s biggest producers of base and precious metals. Currently, it is the third largest producer of copper and zinc in the world. Peru is also a major producer of gold, silver, among other minerals. The success of Peru’s mining sector stems not only from an abundance of rich natural resources, but also from an attractive legal and tax regime designed to support the industry.
Peru enjoys political and macroeconomic stability. It has a steadily growing economy, which is largely driven by mineral production. The high rates of production have attracted a large amount of inbound investment into Peru’s mining sector. An estimated US$ 59.5 billion is expected to flow into the country over the next few years.
New mines and expansion projects are more than double its copper production by 2016. Much of the country is however yet to be subjected to vast exploration, leaving an immense potential for future development.
A foreign investment law guarantees the security of foreign and domestic investments. Furthermore, Peru is consistently undertaking measures to improve its business climate to attract more investment.
Peru’s economy continues to outperform both Mexico and Chile by GDP as its mining industry drives the economy with a diversity of metals. Selecting Peru as an early target market offers a long term opportunity for growing your international mining strategy.
Canadian mining suppliers should consider Peru as one of their early targets to expand internationally. Peruvian miners respect the quality of deliverable, and polite professionalism that Canadians present in carrying out their business. There has been more than 50 years of Canadian – Peruvian mining collaboration from the time of the “Wills Wagon” an early uppers drilling carriage built in Onaping Ontario. Making a clear strategy and selecting the right partner offers a high degree of confidence in making Peru a successful international program.