Peru Can Mine Gold at Current Rate for 11 Years

Source:

"Peru's current gold production rate is 182 tons per year."

As billions are invested in Peruvian gold mining, Deputy Mines Minister Fernando Gala estimated the country's gold reserves can fuel production at least for the next decade. He said Peru has gold reserves for almost 11 years at the current production rate of 182 tons per year (tpd).

Gala said about US$5 billion has been, or will be, invested in gold exploration and gold mining projects in Peru, accounting for nearly 13% of the estimated total of $41 billion in Peruvian mining investment.

While major gold discoveries have been found in northern Peru, primarily in the regions of Cajamarca and La Libertad, Gala noted big gold discoveries have also been reported in southern Peru during the last few months.

Gala highlighted the $1 billion Chucapaca project, a major gold/copper/silver deposit discovered by joint venture (JV) partners Gold Fields and Compania de Minas Buenaventura in southern Peru's Moquegua region. The project's Canahuire deposit has a mineral resource estimate of 5.6 million gold equivalent ounces.

"The idea is to demonstrate that there are significant gold deposits in the southern region of Peru," Gala said.

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