Maquinaria Lorenzana S.A.

This five-year period will largely exceed the previous levels, due to projects such as Constancia and Las Bambas.

Despite the fall in the production of gold and lower international prices, "everything indicates that the evolution of the metallic mining GDP... entered a period of growth which will be sustained primarily in copper production rocketing up, with further development of projects as the Las Bambas, and Constancy, among others," explained José De Echave, researcher of the NGO CooperAccion.

In a press release, the former Deputy Minister for environmental management of the Ministry of the environment, said that "mining production in the country will depend more and more of the dynamism of the evolution of copper" and gave as an example two major projects.
The first is the entry into production of the Antapaccay in Espinar, Cusco. Secondly, the entry into production of the first stage of the Toromocho project, initially at 25% of its capacity, is expected to reach 100% in mid-2014.

This provision has not taken into account projects in stand-by. "We do not include in these projections projects such as Quellaveco, in Moquegua, because apparently they will keep waiting, until further notice, because of the financial difficulties Anglo-American is facing", Echave said.

In this context and with these projections - says Echave - it might be wondered about the slowdown that was talked about in the previous months and weeks. "The truth is that you can’t see it anywhere," he said.

"Now it is announced a mining investment over US 22 thousand million until 2016, which though it may be oversized, it is not discussed that in this five-year period will be largely overcome the levels of the preceding five-year period," explained De Echave.

Thus, according to the researcher, by reaching the projection of the MEF (3.5%) or the BCR (2%), "this would be the second consecutive year of figures in blue for the GDP of the metallic mining, after several years of decline".

"Variations in the projections are primarily due to the importance given in the analysis to the context of unfavorable global economy and its impact on international metals prices or, in the contrary, to the production levels that can be achieved in the country this year in some metals," added.

"Last year, mining GDP grew in 2.12%, after successive falls from 2009 until 2011," he said.