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Peru: Mining investment to reach $4.6 billion, international reserves $61.769 billion

Staff Writer |
Peru's mining investment is expected to amount to $4.6 billion in 2018 and $5.4 billion next year, driven by companies' increased interest in developing projects in the country, Central Reserve Bank (BCR) Governor Julio Velarde said.

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Velarde stressed that mining investment is slated to grow 13.2% this year and 17.9% in 2019, taking into account the 12.3% gain reported in 2017, after falling three years in a row by a cumulative 70%.

"Mining companies have shown great interest in new projects at the Prospectors & Developers Association of Canada's [PDAC] 2018 Convention, held two weeks ago in Toronto [Canada]," he said.

Peru's net international reserves, which help the country preserve economic and financial stability, amounted to $61.769 billion in the week ended March 20, Central Reserve Bank of Peru (BCR) reported.

According to BCR's Weekly Economic Report, reserves were mainly made up of liquid international assets.

This level of reserves is equivalent to 29% of the country's gross domestic product (GDP) and 19 months of imports.

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