Peru swaps out economy minister
Jose Salardi had assumed the post in January. He will be replaced by Raul Perez, Boluarte said.
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Reuters
28-07-2025
- Reuters
Peru mulls green light for $6 billion in mining projects
LIMA, July 28 (Reuters) - Peru is considering whether to give the green light to a wave of new mining projects worth a combined $6 billion in investments, President Dina Boluarte said on Monday, as her deeply unpopular government seeks to boost revenues from the industry. The government is evaluating the authorization of 134 exploration and exploitation projects, Boluarte said in a traditional Independence Day address to Congress. Officials in Peru, the world's third-biggest copper producer, are in talks with informal miners who launched protests in late June, blocking a transport corridor used by major miners including MMG ( opens new tab and Glencore (GLEN.L), opens new tab. Miners have paused that protest and corridor blockade during negotiations over a potential new law for the sector. Among informal miners, tensions escalated after over 50,000 were removed from a formalization scheme, leaving just 31,000 that the government is seeking to bring in line with regulations by year end. Boluarte said the government was working on starting a private mining fund to give small formal miners access to better financing. As she spoke, police used tear gas to disperse hundreds of protesters marching toward Congress. Some carried cardboard coffins, a reference to the dozens killed during unrest early in her term. Recent polls put Boluarte's approval ratings at between 2% and 4%, among the lowest for any world leader. In the address, the president also announced a deal with Ecuador's state oil firm Petroecuador to connect Ecuadorean oil fields to a Peruvian pipeline, allowing transport to Peru's Talara refinery. While Peru's economy has rebounded from a recession triggered by anti-government unrest, poverty levels remain near 30%. Boluarte, whose term ends in 2026, took office in late 2022 after her predecessor, Pedro Castillo, was ousted and arrested for attempting to illegally dissolve Congress. She faces an investigation over the deaths during subsequent protests, for which she denies wrongdoing. Her cabinet sparked further outrage in July by doubling her salary. "The icing on the cake is raising their salaries and colluding with those with power to keep plundering the country's natural resources," said protester Milagros Sanchez, a public school teacher. The Andean nation has been mired in political instability, with six presidents since 2018. The next general election is scheduled for April 2026.
Reuters
28-07-2025
- Reuters
Peru mulls green light for $6 bln in mining projects, president says
LIMA, July 28 (Reuters) - Peru is evaluating the authorization of 134 mining exploration and exploitation projects worth an estimated investment of $6 billion, President Dina Boluarte said on Monday, as her government looks to boost revenues from the key industry. Boluarte said in an address to Congress that by the end of this year she expected the formal small-scale mining sector to generate more than $5 billion in annual sales, and that $4.7 billion in formal projects should have started construction by 2026. Officials in Peru, the world's third-biggest copper producer, are currently in talks with informal miners who launched protests late June that blocked a key transport corridor for major miners including MMG ( opens new tab and Glencore (GLEN.L), opens new tab. Tensions escalated after over 50,000 informal miners were removed from a formalization scheme, leaving just 31,000 that the government is seeking to bring in line with regulations by the end of this year. Boluarte said the government was working on starting a private mining fund that would give small formal miners access to better financing.
Reuters
17-07-2025
- Reuters
Spain's Zelestra aims to power Peru mines with $1 billion renewables investment
LIMA, July 17 (Reuters) - Spain's Zelestra plans to invest at least $1 billion in renewable energy plants over the next five years powering mines in copper-rich southern Peru, the company's CEO for Latin America told Reuters. Zelestra, owned by Swedish firm EQT ( opens new tab, is aiming to produce 1 gigawatt (GW) of renewable energy in Peru as part of its expansion in Latin America, Jose Luis Garcia said in an interview on Tuesday. "I'm convinced that most, if not all, of the energy projects we build in Peru will be used to supply mining companies," Garcia said, adding that the estimated investment would be between $1 billion and $1.5 billion over the next five years. "The mining companies have very long-term contracts, and they're going to have to renew them in the next three years," he said, adding that lenders have shown strong interest in financing the projects. Peru is the world's third-largest copper producer and most of its mines are in the country's south, including Freeport-McMoRan's (FCX.N), opens new tab Cerro Verde mine, the country's largest, as well as others operated by MMG Ltd ( opens new tab, Glencore (GLEN.L), opens new tab, Anglo American (AAL.L), opens new tab and Mexico Group ( opens new tab. Renewable energy is still a nascent technology in Peru, with hydroelectric plants accounting for 45% of the sector's output, according to government data. In recent years, Chinese firms have made major acquisitions in the power industry raising concerns of business concentration. China Southern Power Grid International controls just over half of Lima's power distribution while China Three Gorges Corporation ( covers the other half and controls Peru's third-largest power generator. Zelestra on Thursday inaugurated its $177 million San Martin solar park in the Arequipa region, the largest solar plant in Peru, with approximately 300 megawatts. The next project is the 238-megawatt Babilonia solar plant, also in Arequipa, with an estimated investment of $140 million. Data from the Ministry of Energy and Mines shows Zelestra has at least three other renewable energy generation projects in the south, totaling approximately 450 megawatts. Garcia said there are already agreements with transmission companies such as Kallpa Energy to deliver energy to mining clients. Regionally, Garcia said Zelestra's goal is to have renewable energy plants - including solar, hybrid and battery-powered - generating about 3 gigawatts within five years. Half of that generation is planned in Chile, 30% in Peru and the rest in Colombia.
