Peruvian mining is ready for fast post-pandemic economic recovery
According to the World Bank and other experts, the Peruvian mining industry is reportedly on course to be one of the fastest recovering industries in the world in 2021.
Already, mining in Peru has returned to pre-pandemic production levels in most of its products thanks to a mix of low inventories and increased demand for all major metals. Additionally, metal prices are on the rise, with copper hitting its highest price since 2011. Peru is the world’s second largest producer of copper and stands to benefit greatly from the mix of increased local production and rising international metal prices.
While official numbers will be reportedly announced in March, the latest World Bank reports estimate that the Peruvian economy will grow 7.6% in 2021 and will be amongst those countries benefiting from a rapid post-pandemic recovery. Additionally, the central Reserve Bank of Peru has projected that the metal mining GDP will grow by 14% this year.
The Peruvian government has also announced that it will begin construction of seven mining projects in 2021. There are 13 mining projects expected over the next four years, with combined investments of US$11.7 billion.
Peru has had a sustained growth of its GDP for more than 25 years. Mining is a pillar of the country’s economic recovery. The industry contributes around 10% of GDP and potential for growth is immense given that only 1.3% of its territory is currently undergoing mining activity (0.3% in exploration stage and 1% in exploitation). Published by Will Owen, Deputy Editor Global Mining Review,
Golden Future, manufacturer of led professional lighting, product include ATEX explosion proof light, led mining light and other certified industrial lights. Looking forward to business opportunity with you!