A new economic scenario for mining

The world economy is facing a severe contraction due to the COVID-19 pandemic; however, the mining sector has remained resilient and according to Moody’s it is likely to be even better this year, 2021.

According to the World Bank’s projection, in Latin America, Peru will be the country that will achieve a greater expansion than Uruguay (4.6%), Colombia (3.6%), Ecuador (4.1%), Chile (3.1%), Mexico (3%), Brazil (2.2%), Bolivia (2.2%) and Argentina (2.1%).

In Peru, we can highlight projects in construction stage, of which, Mina Justa, Quellaveco, and Toromocho Expansion started construction in 2018, to start production between 2021 and 2022. Also, in 2019, Minera Poderosa started its Santa María expansion project.

In Chile, during the pandemic, mining is the most important economic activity in the country and in the Coquimbo region. Highlights include the expansion of the Pelambres mine Phases I and II, El Espino, and the continuity of Carmen de Andacallo and Arqueros.

In Colombia, according to Minister Diego Mesa, the mining-energy sector is expected to play a leading role in the sustainable reactivation. Opportunities in gold and copper production are highlighted with more than 30 projects.

Sources: Mining Press, IIMP, bnamericas.