Peru aims for $33 billion mining pipeline as Fujimori cuts red tape

Peruvian President Keiko Fujimori's government expects mining investments of at least $33 billion over its five-year term, the prime minister said on Thursday, as the major copper-producing nation aims to speed up project approvals.

Prime Minister Luis Galarreta told Congress that the government under Fujimori, who took office in July, plans to authorize 240 exploration and extraction projects this year.

• On trade, Galarreta said Peru would keep open markets as state policy.
• As well, Fujimori's government will work this year on a free-trade agreement with Hong Kong, while pursuing new agreements and promoting regional exports.
• The treaty was signed in 2024 in Lima, but has yet to take effect.
• Galarreta said Peru's longer-term goal was to strengthen its role for trade, investment and services linking South America with the Asia-Pacific region.

• Galarreta said private companies would drive the investment. The government's role would be to ensure legal certainty, predictable permitting and timely decisions.
• He said officials would focus on reducing delays and eliminating overlapping procedures without weakening environmental or social standards.
• The government has framed the mining push as part of a broader effort to encourage responsible investment while improving execution of major projects.