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PERU: Mining Investment To Drive Growth, BCRP Decision Tomorrow

PERU
BulletPeruEM BulletEmerging Market News
  • The Ministry of Energy and Mines has said that new mining projects in Peru will continue to drive economic growth, with scope for the country to regain second place in terms of global copper production, from third currently. The ministry said that production can be supported by streamlining bureaucratic processes for key early-stage projects such as La Granja and Cotabambas and improving political stability to promote investment in existing mines.
  • Related to this, Southern Copper has said that works will begin with the construction of roads and railways to its $1.8bn Tia Maria copper mine in southern Peru. At current copper prices, the company expects to export $17.5bn and contribute $3.4bn in taxes to the Arequipa region during the first 20 years of operation of the mine.
  • The macro calendar remains light today, with focus on tomorrow’s BCRP MPC meeting. Analysts currently lean towards a pause in the easing cycle this week, amid mounting external risks, although recent soft CPI data keep the door open to another 25bp cut. A full MNI preview of the meeting will be published later.
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  • The Ministry of Energy and Mines has said that new mining projects in Peru will continue to drive economic growth, with scope for the country to regain second place in terms of global copper production, from third currently. The ministry said that production can be supported by streamlining bureaucratic processes for key early-stage projects such as La Granja and Cotabambas and improving political stability to promote investment in existing mines.
  • Related to this, Southern Copper has said that works will begin with the construction of roads and railways to its $1.8bn Tia Maria copper mine in southern Peru. At current copper prices, the company expects to export $17.5bn and contribute $3.4bn in taxes to the Arequipa region during the first 20 years of operation of the mine.
  • The macro calendar remains light today, with focus on tomorrow’s BCRP MPC meeting. Analysts currently lean towards a pause in the easing cycle this week, amid mounting external risks, although recent soft CPI data keep the door open to another 25bp cut. A full MNI preview of the meeting will be published later.