Mining companies in Peru have invested about $2.43bn during the first five months of 2011, a 68% rise compared with the same period last year.

According to the Mines and Energy Ministry, miners have spent $416m on preparation activities of projects, $398m on mining equipment, $350m on processing plant equipment, $331m on production and $311m on infrastructure.

An investment of $394m has occurred in the Cuzco region, representing 16.2% of the mining sector’s total expenditures during the period, followed by Apurimac at $390m, Cajamarca at $373m and Ancash at $277m.

The Ministry also said Xstrata‘s investments accounted for more than 30% of the overall investments during the period, with its Tintaya mine and the Antapaccay and Las Bambas projects in southern Peru.