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Peru: Mining Becomes the Economy's Driving Industry
Jan 6, 2008 21:11:21
Mining exports soared 20.7 percent from January to October-2007, amounting to over $14 billion dollars and surpassing exports registered in the same period in 2006 by $2.4 billion, stated today Peru's Minister of Energy and Mines, Juan Valdivia.
"The report released by the Central Reserve Bank of Peru (BCR) shows the positive performance of the mining industry, which contributes to Peru’s development," he said.Mining has become the Peruvian economy’s driving sector, developing regional and local economies, contributing to better job conditions, better salaries as well as higher purchasing power and a demand for services.
According to the BCRs report, mining exports accounted for 61.8 percent of all of Peru's exports in the first ten months of 2007, said Valdivia. "This is the real weight or relevance the mining sector has on the whole economy."
Peru's Minister of Energy and Mines pointed out that in January 2006 exports totaled $945 million, but the number had increased significantly in a short period. He noted that Peru's main exports were copper, tin, iron, gold, refined silver, lead, zinc and molybdenum.
$5.8 billion worth of copper was exported from January to October 2007, representing an increase of $1.04 billion when compared to the same period in 2006.
On the contrary, gold exports decreased by 4.2 percent, exporting $3.18 billion worth. It was reported that this decrease was because of Yanacocha's inability to establish new reserves after villagers protested certain projects.