- October 1, 2024.
Investment in exploration expected to be US$ 750 million, but is at US$ 450 million
Walter Tejada, president of proEXPLO 2025, stated that Peru could recover its competitiveness if it solves the permitting challenge.
Lima, October 1, 2024. The president of the 14th International Congress of Prospectors and Explorers - proEXPLO 2025, Walter Tejada, pointed out that, unfortunately, Peru has lost participation in the global exploration market. This was stated in an exclusive interview with the program Diálogos Mineros of the Peruvian Institute of Mining Engineers (IIMP).
“If 5 or 6 years ago the investment in exploration made in Peru represented 6% of the global total, today it represents less than 4%. It is a very significant drop,” the engineer explained. However, what does it mean in figures? Tejada said that this 6% means that investment in exploration should be around US$ 750 million per year, but it is not. Today the amount is approximately US$ 450 million.
Under this premise, he stated that the country has lost competitiveness, which translates into slower or lower investments. What are the challenges for Peru to recover its potential? Tejada stated that one of them is permitting. The process to obtain a permit to explore and then drill takes up to 4 years, when ideally it should be between 1 or 2 years at the most.
To this end, the president of proEXPLO 2025 proposed incorporating, in addition to the implementation of the Ventanilla Única Digital, the simultaneous processing of permits and licenses, as well as the positive administrative silence to achieve predictability in response times, in order to reduce the time it takes to obtain exploration permits.
It is worth remembering that, according to the Ministry of Energy and Mines, the 2024 exploration portfolio is made up of 75 projects located in 17 departments and a combined investment of US$ 644 million.
About proEXPLO 2025
The 14th International Congress of Prospectors and Explorers - proEXPLO 2025 is organized by the Peruvian Institute of Mining Engineers (IIMP). It will be held in person from May 5 to 7, 2025, at the Lima Convention Center, under the slogan “Discovering mineral resources for a better world”.
