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Wednesday, 10th March 2010 (694 views)

One of the world's biggest gold producers, Peru, is to increase investment in its mining industry by more than seven per cent this year as the country emerges from the economic downturn, the country's energy and mines minister has claimed.

Speaking to Reuters at the Prospectors and Developers Association of Canada (PDAC) convention in Toronto, Pedro Sanchez said funding for mining operations is expected to top $3 billion (£2 billion) in 2010.

He added that total investment in Peru's mining industry is around $35 billion - the equivalent of approximately 25 per cent of the country's annual gross domestic product.

"My country is committed to private investment and it is committed to sustainable development," the minister told the convention.

The PDAC conference, which runs until March 10th, is being attended by mining producers representing around 100 countries.

Founded in 1932, the association's membership comprises 6,000 individual prospectors, mining executives, developers and geoscientists, as well as 95 mining and related services firms.

 

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