Peruvian mining firms are planning to invest $50bn for new mines and expansion projects in the country.

Major projects include Xstrata’s $4.2bn Las Bambas copper project in Apurimac region and Newmont Mining’s Conga gold project in Cajamarca, which has an estimated capital cost of $4.8bn.

Newmont Mining holds a 51.35% stake in Conga project, while Compania De Minas Buenaventura holds a 43.65% stake. World Bank’s International Finance Corporation holds the remaining stake.

Peru is the world’s second biggest producer of copper and silver and a major producer of gold, zinc, lead and other minerals.

According to the Mines and Energy Ministry, Peru previously required an investment of $42bn for projects this decade.