Peruvian mining investment could grow 12 percent in 2018, year-on-year, according to estimates from Scotiabank.
The bank has initially estimated mining investment in the country to increase 5 percent in the next year. The expected increase in investments in the local mining segment is due to increased metals prices and increasing investments in equipment in the sector.
Scotiabank said investment projects include Shoungang Hierro Peru’s Marcona iron ore mine, which should be expanded to 20 million mt in production per year from 10 million mt/year currently. The Marcona iron ore project in particular is expected to be one of the largest investments in the mining segment in the country in 2018.
Shougang Hierro Peru, the country’s only iron ore producer, plans to invest a combined $1.5 billion to expand processing capacity and build a desalinization plant at its Marcona mine.