Enrique Garay, member of the proEXPLO 2023 Advisory Committee, expressed the need for the government and academia to work together in Peru to develop metalogenetic maps showing the location of prospective deposits of rare earth minerals.

"We geologists know the location of copper and gold occurrences because we have had metallogenic maps available since the 1950s. Therefore, we should have similar material focused on the rare earth elements needed for the mining of the future," he proposed.

During his participation in Jueves Minero (Mining Thursday) of the Peruvian Institute of Mining Engineers, he mentioned that nickel, cobalt, lithium and rare earths are positioned as complementary alternatives of raw materials for the development of electric vehicles and clean energy plants.

"Considering this scenario, Peru probably hosts nickel and cobalt deposits in the eastern Andes, although their discovery could imply environmental and social challenges, since it is a high jungle area," he added.

In this sense, he contextualized that the high demand for these minerals at a global level has motivated the technology manufacturer Tesla to close long-term purchases of lithium, nickel and cobalt with mining companies dedicated to the exploitation of these geological resources.

"China controls the monopoly on rare earth production in the world and has no competitor. Therefore, a scenario of future demand is configured and Peru must take advantage of it; therefore, it is essential to encourage the exploration of new commodities", he stressed.

Copper, the flagship product of energy transition

On the other hand, he commented that copper continues to be the key commodity that will guide the planet towards the goal of carbon neutrality by 2050, mainly due to the replacement of combustion vehicles with electric-powered cars.

"Copper consumption will grow exponentially due to the manufacture of electric vehicles, which require five times the amount of this metal, as well as the decarbonization plans of large mining companies such as BHP, Rio Tinto and Vale," he predicted.

Human evolution through mineral resources

Finally, the senior exploration executive and mining geologist pointed out that the evolution of mankind was the result of the exploitation of subsoil resources, from the Stone Age, through the Bronze and Iron Ages, to the Technological Age.

"There is an ever-increasing number of raw materials required. First there were grain mills, then steam engines, then combustion engines, and now technological solutions, such as mobile phones, iPads, communication networks, etc.," he said.

proEXPLO 2023: Descubriendo la Minería del Futuro