{"id":1467,"date":"2012-01-25T11:24:07","date_gmt":"2012-01-25T16:24:07","guid":{"rendered":"https:\/\/www.datamyne.com\/blog\/?p=1467"},"modified":"2022-05-04T14:57:54","modified_gmt":"2022-05-04T18:57:54","slug":"perus-copper-exports-falter","status":"publish","type":"post","link":"https:\/\/www.datamyne.com\/knowledge-center\/markets\/perus-copper-exports-falter\/","title":{"rendered":"Peru\u2019s Copper Exports Falter"},"content":{"rendered":"

But economic engine\u00a0gathers steam for the\u00a0long haul<\/strong><\/p>\n

The Financial Times reports<\/a> today that Peru\u2019s government will name three international consultants to monitor the environmental impact of the $4.8-billion Conga gold and copper mine, the biggest single investment in the country\u2019s history. The government also announced it will invest $1.6 billion in the infrastructure in Cajamarca, where the mine is located, in an effort to allay the concerns of protesters who have forced a suspension of operations at Conga.<\/p>\n

Just last week, at an investment seminar, consultancy PwC was touting Peru as third among the most-preferred destinations for mining exploration investment in the world \u2026 and most preferred in Latin America.<\/p>\n

The eurozone\u2019s financial crisis and the slowdown in Chinese purchases of commodities helped depress metals prices as 2011 wound down. And Datamyne\u2019s export trade data indicates (see below) a fall-off in volumes and slightly steeper drop in values of Peruvian exports of copper, a bellwether metal in international trade that we\u2019ve been tracking (see here<\/a> and here<\/a>).<\/p>\n

But the longer-term forecast is for high-growth demand for ever-scarcer natural resources found in just a handful of locales around the world. The scramble to secure mining rights is\u00a0well underway. Currently ranked first in world production of silver, second for copper, and fourth for molybdenum, Peru is not only rich in resources, it is politically stable, and its government has pursued policies welcoming to miners \u2013 a triple-play that has attracted significant investment.<\/p>\n

This investment is crucial to Peru’s fiscal budget. Minister of Finance, Luis Miguel Castilla, has said that mining contributes about 40% of government revenue and two points in GDP growth. Substantial mining investment, together with strong domestic demand, is why the FT forecasts at least 5% growth for the Peruvian economy in 2012, even\u00a0if exports take a dip.<\/p>\n

Earlier this month, Peru\u2019s Ministry of Energy and Mines reported<\/a> that mining interests had invested $6.075 billion in the first 11 months of 2011, up 71.9% from the same period in 2010.<\/p>\n

Cajamarca was the top destination for the investments, attracting $1.16 billion during the period. Small wonder that the Peruvian government is working hard to placate Cajamarca\u2019s protesters and get production at Conga back up and running: investors are watching closely.<\/p>\n

Meanwhile, China\u2019s imports of copper were already on the way up as the end of 2011 neared (as Datamyne\u2019s Chinese import data shows below) \u2013 and are expected to surge as the New Year of the Dragon begins.<\/p>\n

\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

But economic engine\u00a0gathers steam for the\u00a0long haul The Financial Times reports today that Peru\u2019s government will name three international consultants to monitor the environmental impact of the $4.8-billion Conga gold and copper mine, the biggest single investment in the country\u2019s history. The government also announced it will invest $1.6 billion in the infrastructure in Cajamarca, […]<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false,"footnotes":""},"categories":[6],"tags":[293,385,1039,1196,1201],"class_list":["post-1467","post","type-post","status-publish","format-standard","hentry","category-markets","tag-chinese-imports","tag-copper","tag-mining","tag-peru","tag-peruvian-exports"],"yoast_head":"\nPeru's Copper Exports Falter in 2011<\/title>\n<meta name=\"description\" content=\"Copper Exports | Datamyne\u2019s export trade data shows a fall-off in Peruvian exports of copper as 2011 wound down. 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