Canada with mining projects worth US$10,000 million and its interest in infrastructure | Economy

Louis Marcotte, Ambassador Canada in peru, He stated that the growing demand for minerals needed for the energy transition maintains the interest of Canadian companies in Peru. In particular, the focus remains on copper, but also on lithium.

“The Ministry of Economy and Finance (MEF) has published a list of priority projects which includes investment intent of approximately US$10,000 million from Canadian companies.” Commented on administration.

Initiatives are farm (Cajamarca), Entamina regeneration (Ankash), Zafranal (Arequipa), Kurani (Bono) and Valshani (Puno), in which Canadian companies participate with other companies or have full control. In the field of investments, it was stated that it brings sound management techniques for resources.

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On the other hand, he confirmed that Canadian junior explorers are continuing to arrive, as they make up a significant portion of the approximately 60 Toronto Stock Exchange-listed companies operating in Peru. In this country, he said that Canada is the first foreign investor in the field of mineral exploration.

Likewise, more than 70 mining suppliers have emerged, some with direct operations and local diversification into the infrastructure sector.

Within the framework of the Beromine 36 Mining Agreement, he indicated that new suppliers in the fields of artificial intelligence, water management, electric fleets and others will come to the aforementioned event, which takes place this month in Arequipa, in search of opportunities.

Read also: Canadian investments in Peru total approximately US$8,000 million

Joint ventures and sight procurement?

In response to a question about the operating model of Canadian mining companies in Peru, Marcotte He pointed out that they develop their activities with full control over their operations or in joint projects (associations).

from your sideAlexandra Laverdure, Commercial and Extractive Sector Adviser at Canadian embassy In PeruHe stated that the global context of capital restrictions and high interest rates drives mergers or associations to implement some large projects, such as farmvalued at 5,000 million US dollars.

In this Canadian initiative First sleeve Formed a joint venture with the multinational company Rio Tinto newly. “There have been quite a few mergers recently, and perhaps we could see more purchases in the near future, in Latin America and Peru.” The official said.

Read also: First Quantum Minerals and Rio Tinto complete La Granja project agreement

Paying attention to G2G infrastructure

Beyond Mining, Marcotte He stressed that the Canadian presence in Peru has diversified to include the financial sector and other areas. The diplomat stressed that they now also see investment opportunities in the infrastructure sector, through individual participation of companies or through government-to-government (G2G) agreements.

“Canada has a government corporation, the Canadian Commercial Corporation (CCC), that identifies companies that can undertake a project through a contract with the Peruvian government, giving it a sovereign guarantee.” He noted after recalling that they have already implemented initiatives under this operational model in Ecuador and the Caribbean.

In Peru, he sees room for Canadian investment in road, irrigation and urban transportation infrastructure.

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Pacific Alliance

On Canada's agenda in Latin America and Peru, Marcotte He highlighted the intention to become an associate or “ally” of the Pacific Alliance, which consists of Peru, Chile, Colombia and Mexico.

“We have been a surveillance state for many years and now that Peru has the presidency, we want to work with local authorities moving forward.”he announced.

He pointed out that Canada already has a free trade agreement with each of the four countries in the aforementioned bloc. “We have to get closer and develop an action plan. We want to at least start, and develop a road map with Peru.”he added.

Keys

• Agreements. Canada and Peru have a free trade agreement (FTA) and have signed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
• Relations. In 2024, the two countries will celebrate 80 years of bilateral relations and 15 years of the Free Trade Agreement.
• education. Increasing Peru's participation in access to educational scholarships in Canada is another topic on the embassy's agenda.

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