on Tuesday highlighted the announcement by the Newmont company to carry out investment in Yanacocha Sulfuros Project, considering an amount of at least US$500 million thru end-2022.
"Both public and private investments are essential for the reactivation of the country's economy. As we had foreseen in the Multiannual Macroeconomic Framework, the confirmation of the strategic importance and the investment announced in this project ratify our projections and consolidate the outlook for a sustained economic recovery,"
Minister Pedro Francke explained.
"We are sure that this investment will continue in accordance with forecasts and will be key for the growth of our economy in the coming years. This large-scale investment reaffirms investors' trust in the Peruvian economy, in its stability, and its solid macroeconomic fundamentals," he added.
Yanacocha Sulfuros is a project entailing an investment of US$2.1 billion that aims to enable the continuity of operations in Yanacocha open pit gold mine, located in Peru's northern Andean Cajamarca region.
The project consists of the processing of sulphide minerals for the production of gold and copper, for which the mine's life will be substantially extended. It will lead to adding 500,000 ounces of gold per year.
By 2025, this project will represent an increase of more than 15% in gold production level for the country, contributing to the dynamics of the region's economy and an increase in income for Peru.
Besides, it is projected to grow 4.8% in 2022, driven by the increase in private spending and the advance of exports within a framework of greater control of the COVID-19 pandemic, in addition to mass vaccination.
The country relies on an important portfolio of non-mining and mining projects to be developed in the coming years, which will help in the economic recovery process and —above all— in closing gaps and generating quality employment.