PUCALLPA (Ucayali region, Peru), Sept 30 (NNN-ANDINA) — Peruvian Prime Minister Anibal Torres affirmed that the launch of the Quellaveco mining project in Moquegua, after 30 years of waiting, is an undeniable sign that the Government of President Pedro Castillo builds trust among private investors.
“We are also building trust among private stakeholders, and large-scale works are being undertaken. Quellaveco faced difficulties (…) in coming into operation. We had to do what we did this morning,” Torres said from Pucallpa in Ucayali region.
“Quellaveco is already in operation, and that will lead to an improvement in the country’s gross domestic product. Of course, these news are not spread, but we are doing it, and this will benefit everyone,” he added.
The Cabinet chief traveled to Ucayali to meet with local authorities and civil society. In addition, he will also supervise the implementation of basic sanitation works.
The Ministry of Energy and Mines (MINEM) reported that the Quellaveco mining project will start operations next week after obtaining authorization to operate, once it had complied with the socialization process and approval of the technical instruments required by the corresponding entities.
The construction of Quellaveco —one of the five largest copper deposits in the world— involved a total investment of more than US$5.5 billion, equivalent to 2.4% of the country’s GDP.
Moreover, the operation stage of the project is expected to generate 2,500 jobs.
Peru has a pending portfolio of mining projects amounting to US$53 billion, said Institute of Mining Engineers of Peru (IIMP) Chairman Abraham Chahuan.
According to figures from the Center for Competitiveness and Development (CCD), by revitalizing these mining projects Peru might leave underdevelopment behind by 2031 —with an accumulated GDP growth of 13%.
The mining industry might generate 3.9 million jobs (direct and indirect ones), in addition to income for the Peruvian State worth over S/85 billion (over US$21.63 billion) through taxes and contributions. — NNN-ANDINA
