Lima, September 2, 2024. The president of proEXPLO 2025, Walter Tejada, indicated that the portfolio of exploration projects in Peru has a particularity, since 53% is focused on the discovery of new deposits and not on the expansion of current operations. Globally, the average search rate for new prospects is only 23%.

In detail, the executive added that greenfield projects total US$ 344 million and brownfields, i.e. applications, reach US$ 300 million.

During his presentation at Fexmin, organized by the Chilean Association of Geologists, the president of proEXPLO once again highlighted the country's geological potential, which has a portfolio of 75 projects worth US$ 644 million. He also revealed that copper and silver exploration amounts to US$ 445 million.

Tejada indicated that the project portfolio is varied, including silver, zinc, iron, as well as critical minerals.

He also stated that Latin America has a leading role to play in the change of the energy matrix due to its high mining potential. In this regard, he said that this part of the world attracts 26.5% of the global exploration budget. “This is due to the enormous geological potential of Latin America and the fact that the subcontinent hosts 56% of the copper discovered since 1990,” added Tejada.

Next, he indicated that last year, investment for exploration in the region grew 2%, which translates into a total of US$ 3.38 billion. This was mainly driven by growth in Chile and Argentina, and some other countries such as Colombia and Guyana, he said.

Tejada also said that in particular, a strong growth of investment in exploration for lithium was observed, with an increase of 86% in 2023 versus 2022.

“The need to secure supplies of critical metals such as copper and lithium means that interest in investing in South America will continue. This context represents an opportunity for us that we must seize,” he concluded.