Daily Newsletter

27 November 2023

Daily Newsletter

27 November 2023

Peru suspends mining petitions near Nanay River for one year

The ministry intends to protect the biological diversity and environment of the floodplain forests encircling the Nanay River basin.

Archana Rani November 27 2023

The Peruvian Ministry of Energy and Mines (Minem) has issued a supreme decree to halt new mining petitions or concessions near the basin of the Nanay River for a period of 12 months.

The Nanay River flows through the department of Loreto in Alto Nanay, a district in the province of Maynas.

The decree stated that this area is home to several types of flora and wildlife, as well as delicate and distinctive ecosystems.

Minem said the decree is aimed at protecting the biological diversity and environment of the white sand rodal and chamizal forests found in the Napo Ecoregion, as well as the floodplain forests encircling the Nanay River basin.

The decision follows requests from citizens, environmental and indigenous organisations and local authorities seeking to protect the Nanay River as it supplies fresh water to more than half a million people, reported Mining.com.

In a press statement, Minem said: “In view of this, it is necessary to protect the area of ​​the Nanay River, between the Allpahuayo Mishana National Reserve and the Alto Nanay-Pintuyacu-Chambira Regional Conservation Area."

Last month, Peruvian precious metals mining company Compañia de Minas Buenaventura (Buenaventura) temporarily suspended mining activities at the Tajo Norte open-pit mine due to a delay in the approval for Colquijirca’s modification of the environmental impact assessment.

The Tajo Norte mine exploits zinc-lead-silver ores in the Colquijirca District in the province of Pasco.

A notice on the exploitation work suspension at the mine was submitted by the company for up to three years to the Peruvian Ministry of Energy and Mines.

Recently, EV Resources (EVR) subsidiary Minera Montserrat secured approval for a diamond drilling programme at the Don Enrique copper-silver project in Peru.

Located 21km north-east of Jauja and approximately 260km from Lima, the project comprises four licences.

Infrastructural development projected to drive growth in the Industrial Minerals market

Industrial minerals consumption patterns are primarily dependent on the movement of the global construction sector. Despite sluggish growth estimated in the global construction sector in 2023, the momentum is expected to pick up in 2024 with an annual average growth rate of 3.9% from 2024 to 2027. In addition, the changing geopolitical dynamics especially related to oil and gas trade around the globe are likely to further hamper the confidence levels of the market participants over the short-term period.

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