"Peru has a significant portfolio of 46 mining projects totaling more than US$56 billion, many of which are not being developed for various reasons at the speed required and needed."

Jorge León Benavides

PRESIDENT, CANADA PERU CHAMBER OF COMMERCE (CCCP)

February 17, 2021

What are the CCCP's main priorities in 2021?

Our priorities are focused on consolidating the business and commercial strategy of our partners. We know about the financial problems many companies are facing in various sectors, therefore, our management is focused on providing them with various tools that allow them to get closer to potential clients and replace face-to-face networking opportunities with virtual opportunities. Moreover, we have created new working committees, such as the innovation and technology committee and the gender equity committee, which are added to the mining, energy, infrastructure, social media and sustainability committees.

What is the CCCP doing to promote the Peruvian mining industry, and what can you tell us about your participation at PDAC 2021?

We have created various business platforms that will allow all of our partners alternative contracting of their products or services in a much more agile and direct way with mining companies. The CCCP also facilitates networking opportunities through one-to-one meetings we generate for our partners. As for PDAC, we are focused on maintaining the activities that Peru has offered year after year, which are highly recognized by executives and global investors.

As PDAC is virtual this year, we have made an effort to build a virtual platform that responds to these requirements, such as matchmaking opportunities organized by the CCCP. Something important to emphasize is that this PDAC presents opportunities for everyone from anywhere in the world: not only large mining companies, but also suppliers and SMEs will have the opportunity to be present at the largest global mining convention. We know that physically attending a conference of this level in Canada can mean high costs, so this year's virtual opportunity brings us closer to a greater number of companies.

What are the main issues currently affecting the mining industry in Peru?

The expedition of permits and authorizations that allow mining exploration to start at the appropriate time is an issue that must be addressed. At present, they far exceed the times recorded in other mining countries. Adjustments need to be made to the Prior Consultation Law so that this is not an impediment to the development of mining projects, which can be postponed for several years. The eradication of illegal mining and the creation of better policies for mining formalization is also a pending task.

The country is witnessing large investments paralyzed by conflicts with the communities and a lack of support from the central government (Río Blanco, Conga, Tía María). Peru has a significant portfolio of 46 mining projects totaling more than US$56 billion, many of which are not being developed for various reasons at the speed required and needed.

Also, in a year marked by the presidential elections, it is essential that political leaders establish consensus and guarantee an environment of stability, predictability and compliance with deadlines, which will allow for the execution of investments in a peaceful environment that ensures respect for the environment.

How could Peru improve its climate for junior exploration?

The problem in recent years with junior companies is that they did not get sufficient financing. What has to happen is that the large mining companies regain market value, operational capabilities, and become aggressive investment companies in such a way that they lead to risk investment, that is, exploration.

Likewise, one of the tasks that must be carried out by the government to improve the panorama of investments in exploration is administrative simplification, with all the rules and processes being clear and rational. The future of mining depends on exploration, we have to put all our effort into this issue and continue promoting sustainable investments.

What would you say makes Peru an attractive jurisdiction for mining investment?

Peru continues to be one of the most important mining addresses in the world thanks to the volume of its reserves and the sustainability of its economic and legal policies. Furthermore, a good level of debt, dollar stability, international reserves, low country risk and optimal investor confidence are factors that maintain Peru as an attractive jurisdiction for investors.

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