UPDATE 3-Peru will mine more copper in 2023, lithium permits pending

By Reuters / April 10, 2023 / www.kitco.com / Article Link

(Adds quotes, context) By Marco Aquino LIMA, April 10 (Reuters) - Peru expects to produce 2.8million tonnes of copper this year, a senior official said onMonday, representing an almost 15% jump from 2022, in a brightspot for the Andean nation's top export. Peru, the world's no. 2 copper producer, saw output affectedsince December following anti-government protests and roadblockades spurred by the ouster and jailing of former PresidentPedro Castillo. The mining sector is now "working as normal," Energy andMines Minister Oscar Vera told reporters after providing the newforecast. A Reuters analysis in early March showed that majorcopper mines were cranking up. The country mined some 2.44 million tonnes of copper lastyear, according to ministry data. Vera added officials are also working to reduce approvaltimes for mining projects, from about two years to about sixmonths. "We hope to reach that goal by the end of the year," hesaid.

Through this year and next, around $7 billion in mininginvestments is expected, Vera said, including the expansion ofthe Altamina copper mine, Teck Resources' Zafranalproject and Newmont Corp's Yanacocha Sulfuros project.

Vera added that he expects to approve lithium explorationprojects permissions "in the coming months." "We've spoken with potential investors from Canada and as acountry we're interested in industrializing another mineral,"said Vera, referring to lithium, the key rechargeable batterymetal. In August, the government formed a working group tooversee development of the ultra-light metal.

Just one lithium exploration project is currentlyongoing, in southern Puno region near the border with Bolivia.

Canada's Plateau Energy Metals, which operates theproject, has estimated that some 4.7 million tonnes of lithiumcarbonate lie in the Falchani rock deposits.

Neighbors Chile, Argentina and Bolivia form a so-called"lithium triangle" believed to hold major deposits of the metalin sprawling salt flats. (Reporting by Marco Aquino; Writing by Kylie Madry; Editing byBrendan O'Boyle, Mark Porter and Richard Chang)

Reuters Messaging:david.aliregarcia.thomsonreuters.com@reuters.net)) Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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