Lima, Mar. 05 (ANDINA). Investments in Peru's mining sector is seen gaining 16% this year, following last year's 18% increase, worth $8.55 billion, Scotiabank said.
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Mining investments last year came from 547 companies, although 53% were made by five companies in large mainly base metals projects: Toromocho, Las Bambas, Minas Conga, Antamina and Cerro Verde.
"During 2013, it is probable that a similar number of companies will make a similar number of investments in mining. However, about 50% of the investment will come from five mega-projects," the bank said.
Scotiabank says this year the main investments will be made by Xstrata PLC in its $5.2 billion Las Bambas copper deposit, and by Minera Chinalco Peru in its $3.5 billion Toromocho project. Minera Chinalco Peru is a subsidiary of Aluminum Corp. of China Ltd.In regards to Toromocho, Scotiabank said, "The company will start to produce copper in 2014, and as such the biggest part of the investment will be made in 2013."
Xstrata said Tuesday that it had spent $1.1 billion last year on Las Bambas, "which will commence commissioning at the end of 2014." It also said it had spent $600 million at the Antapaccay copper project in southern Peru, where production started in November last year.
According to Dow Jones Newswires, another large-scale investment is by Sociedad Minera Cerro Verde SAA as it continues work on its $4.4 billion mine expansion in southern Peru.
Canada's Hudbay Minerals, which forecasts full production in the second quarter of 2015 at its Constancia project, expects to spend about $961 million there in 2013.
Anglo American PLC is expected to submit its Quellaveco copper project to its board for approval this year.
Scotiabank said investments by Minera Yanacocha at its Minas Conga project will drop significantly this year due to the suspension of most work there. Antamina completed its expansion project last year, which helped the company boost its copper production by 33% in 2012 over the prior year.
Peru's Ministry of Energy and Mines is forecasting a rise of only 12% in mining sector investments this year.
Peru is the world's third largest producer of copper and produces large amounts of other base and precious metals.
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"During 2013, it is probable that a similar number of companies will make a similar number of investments in mining. However, about 50% of the investment will come from five mega-projects," the bank said.
Scotiabank says this year the main investments will be made by Xstrata PLC in its $5.2 billion Las Bambas copper deposit, and by Minera Chinalco Peru in its $3.5 billion Toromocho project. Minera Chinalco Peru is a subsidiary of Aluminum Corp. of China Ltd.In regards to Toromocho, Scotiabank said, "The company will start to produce copper in 2014, and as such the biggest part of the investment will be made in 2013."
Xstrata said Tuesday that it had spent $1.1 billion last year on Las Bambas, "which will commence commissioning at the end of 2014." It also said it had spent $600 million at the Antapaccay copper project in southern Peru, where production started in November last year.
According to Dow Jones Newswires, another large-scale investment is by Sociedad Minera Cerro Verde SAA as it continues work on its $4.4 billion mine expansion in southern Peru.
Canada's Hudbay Minerals, which forecasts full production in the second quarter of 2015 at its Constancia project, expects to spend about $961 million there in 2013.
Anglo American PLC is expected to submit its Quellaveco copper project to its board for approval this year.
Scotiabank said investments by Minera Yanacocha at its Minas Conga project will drop significantly this year due to the suspension of most work there. Antamina completed its expansion project last year, which helped the company boost its copper production by 33% in 2012 over the prior year.
Peru's Ministry of Energy and Mines is forecasting a rise of only 12% in mining sector investments this year.
Peru is the world's third largest producer of copper and produces large amounts of other base and precious metals.
IF YOU WISH TO MAKE A COMMENT YOU MAY LEAVE YOUR POST BELOW
Saludos
Cesar Moran - Blog Moderator
SKYPE: CZRMORAN
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