Peru Mining Investment to Rise 7% in 2010

10 March 2010 (Last Updated March 10th, 2010 18:30)

Investment in Peru's mining industry is projected to rise more than 7% this year as the country recovers from the economic downturn, Minister of Energy and Mines Pedro Sanchez said. Sanchez said investment was likely come in above $3bn in 2010, compared with about $2.76bn last year, acc

Investment in Peru's mining industry is projected to rise more than 7% this year as the country recovers from the economic downturn, Minister of Energy and Mines Pedro Sanchez said.

Sanchez said investment was likely come in above $3bn in 2010, compared with about $2.76bn last year, according to Reuters.

Peru's mining sector was hugely affected by the global economic crisis as demand dropped for many of the metals it produces, while investment in the mining sector also fell by 1%, roughly in line with gross domestic product.

"This year, we expect to grow again. According to our projections we will be growing at something like 6 or 7%," Sanchez said.

Sanchez said that in 2010 Peru would also focus on investments in the copper industry.

Peru, the largest producer of silver, is ranked third in mining investment for the region.