More positive Mining news from Peru:
Mining companies to invest $50bln in new Peru mines, expansion pojects
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Lima, Sep. 12 (ANDINA). Mining companies in Peru are planning to invest $50 billion in new mines and expansion projects, the government said Monday.
The Mines and Energy Ministry had previously forecast that projects in the country's key mining sector would require investments of about $42 billion this decade.
According to an article from Dow Jones Newswires, the majority of the investments are for copper and gold projects.
The biggest projects include Xstrata PLC's $4.2 billion Las Bambas copper project in Apurimac region and Newmont Mining Corp's (NEM) 51.35%-owned Minas Conga gold project in Cajamarca. Conga has an estimated capital cost of $ 4.0 billion to $4.8 billion.
Peru's Compania de Minas Buenaventura SAA has a 43.65% stake in Conga, while the World Bank'sInternational Finance Corporation holds the remainder.
Peru is the world's second biggest producer of copper and silver and a major producer of gold, zinc, lead and other minerals.
