Peru’s National Mining Society (SNMPE) kicked off its annual gold and silver conference on Tuesday, urging the government to improve regulatory conditions for exploration at a time of uncertainty for the sector.
Mining is a major player in Peru’s economy, accounting for more than half of its exports, and a good chunk of the foreign investment and government tax revenue.
Peru’s recent slowdown in the economy has been due in large part to a weakening of commodity prices. The fall in metal prices has led mining companies to cut costs and some operations, and to suspend works at some projects that are no longer economically viable.
The National Mining Society said it is convinced that mining investments will continue to flow into Peru, the world’s second biggest producer of silver, third biggest producer of copper and sixth largest producer of gold.
In addition to lower metal prices, a major challenge for mining companies in Peru has been the permits processes and community opposition.
“We are convinced that in Peru, private investments in mining will continue to increase with the creation of conditions for a climate of social peace and by maintaining judicial stability,” said Eva Arias, the president of the National Mining Society, according to daily Gestion.
Arias, who is CEO of the Poderosa mining company and the first woman to chair the SNMPE, added that a focus of the SNMPE’s annual gold and silver symposium, being held this week at Lima’s Westin Hotel, is that the government could encourage investments and boost production by facilitating exploration activities.
The SNMPE’s gold symposium attracts executives from the world’s biggest mining companies, high-level government officials, and well-known economists and analysts.
Further details about the conference and its program, in English and Spanish, are available here.