Domingo Drago: Mining Investments Benefit All Peruvians, Not Just Those Working in the Mining Sector

• The president of Rumbo a PERUMIN stated that the country needs predictability and
  legal certainty to unlock the value of its portfolio of mining projects.

PERUMIN 36 aims to reactivate formal mining investment to redirect national socio-economic development, benefiting all Peruvians and not just those directly involved in the mining sector, as reaffirmed by Domingo Drago, President of Rumbo a PERUMIN.

After the launch of the world's most important mining convention in Arequipa, he stated that mining investment is a long-term commitment. Hence, the country must offer predictability and legal security to guarantee investment recovery and dividend generation.

He specifically emphasized that stability in the legal, political, and social aspects will be the necessary foundation to revitalize a portfolio of mining projects collectively valued at over $53 billion. The implementation of these projects will stimulate economic activity at the district, regional, and national levels in the coming years.

With this premise, he recalled that the implementation of world-class mining projects injected new capital into the Peruvian economy for mine construction and subsequently generated revenues through fiscal redistribution (canon), royalties, and other taxes, which played a crucial role in reducing poverty by approximately 40 percentage points.

Regarding large mining projects currently in operation, he mentioned Cerro Verde, considering it an iconic mining company with an annual average production of 450,000 metric tons of copper. Its operations accounted for 2% of the national GDP and 29% of the GDP of the Arequipa Region in 2018.

In that regard, he mentioned that Cerro Verde is ready to host regional governors during the week of the mining event. This visit is organized and promoted by the Peruvian Institute of Mining Engineers (IIMP), the Organizing Committee of PERUMIN 36, and the National Assembly of Regional Governors (ANGR).

During their visit, their guests will first listen to an induction and safety talk. Afterward, they will learn more about copper production activities, responsible water and energy management programs, environmental management and biodiversity protection, as well as territorial development projects and work with neighboring communities.

About PERUMIN
PERUMIN 36 is the leading mining convention in Latin America and the world scheduled to take place at the Cerro Juli Convention Center in Arequipa from September 25 to 29. It will bring together prominent leaders of the global mining sector, investors, researchers, and professionals to analyze the challenges and opportunities of the mining industry.