Peru has been identified as a key partner to support Australia in building its critical mineral supply amid building pressure to meet green energy targets.
Ahead of this week’s International Mining and Resources Conference (IMARC), representatives from key organisations – Austrade, BHP (ASX:BHP), MMG, the Australian Peru Chamber of Commerce and ALABC – has been outlining opportunities for strategic investment in Peru at the Sydney Parliament House on Monday.
Soledad Campos de Parry, Senior Trade & Investment Commissioner of Peru to Australia, reinforces Peru’s commitment to its free trade relationship with Australia.
“As we establish new export efficiencies, Peru’s resource-rich ecosystem provides essential supplies, including critical minerals and raw materials to support Australia’s green energy transition and Future Made In Australia initiative,” Campos de Parry says.
The trade opportunity is underpinned by a long-term investment strategy strengthened by sustainable regulatory frameworks and stable economic conditions. This is also underpinned by Peru’s pipeline of exploration projects and large-scale capital investments in mining and energy.
Consultations are currently underway for a global mining standard, which will set the benchmark for sustainable and responsible mining practices across the globe.
In addition, social licences have become a necessity and increasingly present a challenge for new mines.
As Mining.com.au reported, the relationship between Australia and Peru is growing, as the nation seeks partnership with Australia to support innovation exchange to build its growing mining sector.
Austrade says Peru-based mining firms are well disposed to Australian innovation, providing Australian mining equipment, technology, and services (METS) access to supply chain opportunities.
Australia can implement local innovation and environmental, social, and governance (ESG) standards, but these can be harnessed through investment and commercial engagement.
According to PROMPERÚ, Peru’s gross domestic product is forecast to grow by 2.8% to 2.9% this year. The nation produces eight of the 17 critical minerals, with ongoing investment into sustainable mining of rare earths to support the global energy transition.
Representing Latin America at IMARC this week, PROMPERÚ, Peru’s Trade and Tourism Commission, will seek to strengthen its connection to Australia as it unpacks public and private sector foreign investment priorities.
Mining.com.au is again on the floor and in attendance at IMARC this year.
Write to Aaliyah Rogan at Mining.com.au
Images: iStock & Austrade
