Peru Mining Keeping Country Out Of Deeper Recession, Minister Says

• Peru's mining sector is keeping the economy from sinking deeper into repression, Economy Minister Alex Contreras said on Tuesday, adding that progress kick-starting projects was a priority in the near term.
• Peru has been preparing to launch a package of economic stimulus measures. Contreras said the first three measures, out of more than two dozen aimed at attracting mining investment and boosting production, would be published soon.
• Peru, the world's No. 2 copper producer, fell into a recession this year due to the El Nino weather phenomenon, lower private investment, and lingering effects from anti-government protests in late 2022 and early this year.
• Contreras said the mining nation was aiming to consolidate an industry "hub" in Peru's south, highlighting existing projects such as copper mines in Las Bambas, Antapaccay and Cerro Verde. Peru is betting on a boost from public-private partnerships, eyeing $7.98Bn in the partnerships next year, Contreras said. "In 2024, we want to at least triple the amount awarded to projects by public-private partnerships from this year."
• Contreras highlighted a port "hub" project "to make Peru the international trade centre of South America." A mega port project outside is set to open next year, but Peru is still working "against the clock" to make sure supporting infrastructure is ready in time.
• Contreras also said the Ancon industrial park, developed by the state near the port, would be a guinea pig for the special economic zones set to be proposed to Congress soon. "These will be special economic zones administrated by private organizations, on either public or private land," said Contreras, underscoring expectations for added tax revenues and greater investment in exports.

(Source: Reuters)