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Gold and silver mine production in Peru is projected to increase to 5.7 million ounces (Moz) and 181.1Moz respectively by 2020, due to the start of key projects such as the Shahuindo and Tambomayo, according to a Timetric report. Entitled ‘Precious Metals Mining In Peru To 2020’, the report provides detailed coverage of Peru’s gold and silver reserves, as well as the historic and forecast production data and the key factors affecting the precious metal mining industry. Peru possesses abundant reserves of gold, silver, iron ore, coal, copper, zinc, lead, molybdenum and tin. Despite the country’s mining industry being an important contributor to the economy and accounting for 9.3% of the gross domestic product (GDP) in 2015, investments in the sector suffered a downturn. Mining investments fell to $7.5bn in 2015 compared with $8.7bn in 2014. Peru was the fifth biggest producer of gold globally in 2015 and also held the fifth-biggest gold reserves during that period. It produced approximately 5.3Moz of gold in 2015, while the gold reserves were estimated to be 2,800t, representing 5% of the global total. Silver mine production increased by 8.8% in 2015 at 132.1Moz and the country also had the biggest silver reserves at 120,000t, accounting for 21.1% of the global total. The Timetric report further reveals that Cajamarca and La Libertad regions are the key destinations of Peru’s gold reserves, while silver reserves are found mainly in Pasco and Lima. The leading players in the country’s precious metal industry are Compania De Minas Buenaventura SAA, Barrick Gold Corporation and Hochschild Mining Plc. The industry is jointly regulated by the Ministry of Energy and Mines and the Directorate General of Mines. |
