Mining investment up big in Peru
Total Peru mining investment was $1.93 billion in Q1, up nearly 25% year-over-year as many firms operating in the country are moving closer to copper production, according to the Ministry of Energy and Mines.
Glencore Xtrata PLC and Minera Chinalco Peru SA were major contributors to total investment, spending big on Las Bambas ($5.2 billion), and Toromocho ($3.5 billion) copper projects, respectively.
The ministry also claimed that Peruvian copper production could double by 2016, supporting robust economic growth for the next five years.
211,748 people are employed directly by mining in Peru.
Sources: Peru's Ministry of Energy and Mines; Fox Business