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PERU: Mining Investment To Drive Growth, Former President Castillo On Trial

PERU
BulletPeruEM BulletEmerging Market News
  • Energy and Mines Minister Jorge Montero said at a Peru Day event in Canada yesterday that the mining exploration projects portfolio for this year consists of 84 initiatives with a total investment of $1.039 billion. The Ministry said recently that new mining projects, including the Tia Maria copper mine in southern Peru, will continue to drive economic growth, with scope for the country to regain second place in terms of global copper production.
  • As noted previously, the central bank expects the economy to grow by 3.0% this year, driven by robust mining investment, after a 3.3% expansion last year. The central bank is due to hold its next MPC meeting on March 13, where the door is open to a further 25bp rate cut following recent soft CPI data.
  • In other news, former President Castillo went on trial yesterday, charged with rebellion, grave abuse of authority and disturbing the public peace. The charges come from Castillo’s failed attempt to declare a state of emergency and dissolve Congress in the face of an impeachment vote against him in December 2022, which saw him removed from office.
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  • Energy and Mines Minister Jorge Montero said at a Peru Day event in Canada yesterday that the mining exploration projects portfolio for this year consists of 84 initiatives with a total investment of $1.039 billion. The Ministry said recently that new mining projects, including the Tia Maria copper mine in southern Peru, will continue to drive economic growth, with scope for the country to regain second place in terms of global copper production.
  • As noted previously, the central bank expects the economy to grow by 3.0% this year, driven by robust mining investment, after a 3.3% expansion last year. The central bank is due to hold its next MPC meeting on March 13, where the door is open to a further 25bp rate cut following recent soft CPI data.
  • In other news, former President Castillo went on trial yesterday, charged with rebellion, grave abuse of authority and disturbing the public peace. The charges come from Castillo’s failed attempt to declare a state of emergency and dissolve Congress in the face of an impeachment vote against him in December 2022, which saw him removed from office.