From January to July of this year, mining companies operating in Peru spent a total of USD 121.6 million on mining exploration, according to information from the Ministry of Energy and Mines (MINEM). This figure represents a decrease of 38.8% compared to the same period in 2019, when investment in exploration amounted to USD 198.6 million.

According to this report, investment in this area in July alone was USD 15 million, which was 7.1% higher than the amount registered in the previous month.

In addition, it was specified that, from January to July, Compañía Minera Poderosa S.A. and Compañía de Minas Buenaventura S.A.A. were in first and second positions, with an investment of USD 22 million and USD 9 million, respectively.

They were followed by Minera Barrick Misquichilca S.A. with an investment of USD 8 million, Consorcio Minero Horizonte S.A. with USD 7 million and Nexa Resources Peru S.A.A. with USD 5 million. Thus, the five companies together represented 42.7% of the total investment in mining exploration as of July of this year.

As recalled, the Second Vice President of the Peruvian Institute of Mining Engineers (IIMP), Miguel Cardozo, pointed out that mining exploration projects are normally at short term; therefore, long term agreements with communities are not required.

In view of this, he considered the application of Prior Consultation in Peru, which within the framework of ILO Convention 169 requires informing the population about long-term impacts, to be an "absolute absurdity”.