Peruvian mining company Minsur is planning to boost its copper and tin production in the country with an investment of at least $2bn (7.39bn sol) over the next five years, reported Reuters, citing an executive.

As part of the plan, Minsur will invest around $543m in an underground project at the Justa mine, Minsur corporate affairs executive Gonzalo Quijandria told the news agency in a phone interview.

Jointly owned by Minsur and Chilean mining company Copec, the mine reported production of 126,036 fine metric tonnes of copper last year.

Minsur will also invest $381m to expand the processing plant and upgrade the Justa mine camp, which was commissioned in 2021.

Quijandria said the company is planning to invest $462m to increase its tin production line, as well as an additional $100m in tin exploration projects in Peru.

Quijandria added: “They are sustaining investments that include new tailings dams in the San Rafael mine and improvements in the Pisco smelter."

Approximately $342m is also planned to be invested by Minsur to modernise its polymetallic producer Minera Raura.

Minsur is also planning to apply for permits for the Mina Justa Subterranea project in Peru in the first months of 2024, with plans to start production in 2027.

The Peruvian Mining Ministry was quoted by Reuters as saying in a statement: “The Mina Justa Subterranea project will be the second-largest and most modern underground mine in Peru.”

According to Peru's official daily newspaper, El Peruano, the Ministry of Economy and Finance recently said it has lowered its economic growth forecasts for 2023 and 2024 due to poor private investment in the country’s copper industry, the El Niño weather phenomenon and social unrest.