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Peru considers approving a mining project worth \$6 billion
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Release time：2025-08-01
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The president emphasized the government's assessment of 134 exploration and development projects.
According to Reuters, Peru is considering approving mining projects totaling US\$6 billion (21.69 billion Peruvian soles) to boost revenue from this key sector. President Dina Boluarte highlighted the government's assessment of 134 exploration and development projects in a speech to Congress. The country, the world's third-largest copper producer, is in dialogue with informal miners after protests disrupted crucial transport routes for major mining companies such as MMG and Glencore.
Over 50,000 informal miners were reportedly excluded from a formalization plan, leaving only 31,000, worsening the situation for informal miners. The government plans to bring these remaining miners into compliance by the end of the year. These miners temporarily suspended protests and blockades during discussions of a potential new mining law. The president also mentioned in her speech the creation of a private mining fund to provide better financing channels for small, formal operators.
Additionally, the president announced an agreement with Ecuador's state oil company Petroecuador to connect Ecuadorian oil fields to a Peruvian pipeline, facilitating transport to the Talara refinery in Peru. Although Peru's economy has recovered from the recession triggered by anti-government unrest, nearly 30% of the population remains in poverty. The president's term will last until 2026, succeeding Pedro Castillo, who was arrested for attempting to illegally dissolve Congress. She is currently under investigation for deaths during protests but denies the accusations. A July decision by Boluarte's cabinet to double her salary also sparked controversy.
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