Peru to implement new measures in mining, energy sectors to reactivate the economy

The Toquepala mine, the world’s fifth biggest copper mine, located in southern Peru. (Reference image by Southern Copper Peru).

Under the so-called Plan Unidos (Let’s plan together), the Peruvian executive has called for the implementation of 25 measures to reactivate the country’s economy, with a particular focus on the mining, energy and oil and gas sectors

According to information made public over the weekend by the state news agency Andina, the government plans to release 13 new standards aimed at managing and regulating mining exploration and operational activities.  

When it comes to exploration, the goal is to optimize the environmental requirements and prior consultation processes.

Regarding active mining operations, the plan is to improve occupational safety and health regulations, as well as the rules related to concession granting, making sure they respond to what is needed in a specific area or sector. 

The Minister of Economy and Finance, Alex Contreras, pointed out that the cabinet will also take a closer look and make the necessary modifications to the rules regarding archaeological interventions, environmental adaptation and concessions in border areas. 

Contreras also said that measures will be developed to attract $1.5 billion in investments for the production of fertilizers (urea) and explosives (ammonium nitrate), as well as for the development of renewable energy initiatives, particularly wind and solar projects. 

Peru is the world’s second-largest copper producer after Chile and is also a significant silver and zinc global supplier.