LIMA, May 3 (Reuters) - Peru's dented mining mojo, hit
by years of political turmoil in the Andean country, is being
buoyed by strong copper prices and a bullish outlook they will
rise further, helping lure back investor interest, the country's
mining minister said on Friday.
"The price of copper is a great attraction," Romulo Mucho,
told Reuters in an interview at his office, a reference to
prices that hit two-year peaks of $10,208 a metric ton this
week, close to the record high of $10,845 in March 2022.
Goldman Sachs earlier in the day hiked its year-end price
target to $12,000 per ton, from $10,000 previously, citing the
copper market's path into scarcity and expectations of a larger
deficit of the key metal needed for electrification.
Mucho said that the trend was helping salve mining
companies' caution in the country, the world's no. 2 exporter
that has struggled to fend off a challenge from rival producer
Congo as incoming mining investment has dwindled.
The minister added he had met with executives from Newmont ( NEM )
, Teck Resources ( TECK ), Hudbay Minerals ( HBM ),
Antofagasta Minerals and others in recent months, who
had shown interest in new ventures and operational mines.
"Most of the CEOs I talked to asked what projects there are
and how they can get involved," Mucho said, blaming political
uncertainty under former governments for hurting the sector.
Peru has had half a dozen presidents in the last six years.
"Confidence is being recovered."
Peru expects to produce some 3 million tons of copper this
year, up from 2.75 million last year, a goal Mucho stuck by,
though he added production from protest-hit Las Bambas, owned by
China's MMG Ltd ( MMLTF ), was key to hitting the target.