Mining investments on the rise in Peru

The Peruvian Ministry of Energy and Mines (Minem) issued its latest Mining Statistical Bulletin which shows that accumulated mining investments rose by 3.2% through November 2022 to $4.6 billion compared to the $4.4 billion accrued the year before.

November was, in fact, the best-performing month last year, adding up to $467 million, a 7.8% increase from the $434 million reported in the previous month.

According to the Bulletin, Anglo American (LON: AAL) was the top investor in 2022 with $964 million. The London-based company’s share in all mining investments was 20.9%.

Next to Anglo was Minera Antamina, which is co-owned by Glencore, BHP Group, Teck Resources and Mitsubishi Corp. The joint venture invested $394 million last year and was is followed by Newmont’s (NYSE: NEM) Minera Yanacocha whose investments reached $332 million and Southern Peru, which invested $238 million.

Altogether, the four companies were responsible for 42.7% of the mining investments in Peru in 2022. 

The breakdown

The official report puts the spotlight on exploration activities, which received $383 million in investments between January and November 2022, a 33.9% increase compared to the same period the year before.

Accumulated mine development investments, on the other hand, added up to $778 million by November 2022, a 49.5% hike from the previous year.

Peru is the world’s second-largest copper producer after Chile.