Peru’s great mining potential is increasingly awakening interest in world investors. “Early this year we had a $34 billion mining project portfolio; however to date they exceed $41 billion,” Mining Vice Minister Fernando Gala, said last week. At the opening of the Expomina Peru 2010 fair, with exhibitors from over 15 countries, Gala said that investment announcements by exploration companies in search of new finds are increasing by the day.

The vice minister said the increase of investment expectations are based on new projects considered for this year, like the copper and molybdenum deposits at Los Calatos, and gold deposits found in Chucapaca, both located in Moquegua. At the worldclass Los Calatos project, Australia’s Metminco foresees a $2.2 billion investment, whereas in Chupaca, discovered in March of this year, Buenaventura calculates it has 5.6 Moz in gold deposits.

The vice minister said that the investment projection increase will easily keep Peru in second place in copper investment, considering that Chile (first copper producer worldwide) has a $50 billion project portfolio.

About the projects in the portfolio, Gala said they are ready to be launched because they have social viability, and amount to some $14 billion. Six years is the estimated time for these projects with social viability to become reality. Among them are Las Bambas, for $4.2 billion; the expansion of Antamina, exceeding $1 billion; Toromocho at $2.2 billion and Antapacay $1.3 billion. Further, there is Minas Congas at $2.8 billion, Quellaveco at $2.2 billion and Tía María at $1 billion.

Indian mining companies Hindustan Copper and National Aluminum Co (Nalco) have joined forces to acquire a copper mine concession in the central zone of Peru. Hindustan Copper is a public sector enterprise of the Government of India; a producer, smelter and refiner of copper. The joint venture efforts with Nalco could see an investment of $450 million.