Mining
As it has been for centuries, the Peruvian economy of the 21st century continues to be based on mining, fishing and agriculture. It is estimated that mining provides more than half of Peru economy's annual export income, totaling an estimated $8 billion in 2001. Peru is the world's second largest silver producer and leads Latin America in gold production. The huge copper and zinc mine, Antamina, located in the department of Ancash is the world's largest single mining project. Several billion dollars are also being invested in the Yanacocha gold mine in the Department of Cajamarca. All of these projects are operated by foreign companies (but at times in conjunction with Peruvian firms, i.e. Yanacocha).
In the early nineties, during the first administration of former President Alberto Fujimori, Peru began a structural adjustment process aimed at liberalising its economy which led to a boom in the mining sector. Rules favouring the privatisation of state-owned companies were introduced and labour laws were weakened significantly. National environmental laws were also weakened. Moreover, the law pertaining to land ownership and land use including indigenous and campesino land rights, was modified in order to promote private investment in minerals and hydrocarbons, to the detriment of indigenous and campesino communities.
These reforms greatly strengthened the position of the mining sector within the Peruvian economy. Throughout the nineties, the sector expanded significantly: between 1991 and 1997, the total area of land under mining concessions increased by over 700%, covering more than 15 million hectares. By the end of the decade, mining concessions covered approximately 12% of the nation's territory. This expansion took place both in traditional areas of mining as well as in areas that had no historical experience of mining activity.
Mining and Development in Peru with Special Reference to the Rio Blanco Project Download report
Mineria y Desarrollo en el Perú con Especial Referencia al Proyecto Río Blanco
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