(Reuters) – Peru’s economy minister on Tuesday said that the Andean country’s mining sector was preventing the economy from sinking into a deeper repression, and said progress kick-starting projects was a key priority in the near term.
“If it weren’t for mining, we would probably be facing a larger recession this year,” Economy Minister Alex Contreras said at a conference as the nation prepares to launch a package of stimulus measures to turn back to growth.
Contreras said the first three measures of more than two dozen to attract mining investment and up production would be published later in the day.
Peru, the world’s No. 2 copper producer, fell into a recession earlier this year due to the El Nino weather phenomenon, lower private investment and lingering effects from anti-government protests late 2022 and early this year.
Contreras added that the mining nation was aiming to consolidate an industry “hub” in the country’s south, highlighting existing projects such as copper mines Las Bambas, Antapaccay and Cerro Verde.
(Reporting by Kylie Madry; Editing by Sarah Morland)
