MEM sees US$5bn in 2010 mining investment, approves norm to speed permitting - Peru

Investment in mining projects in Peru could reach US$5bn in 2010, considering the estimated US$30bn worth of projects in pipeline for the next six years, the country's energy and mines ministry (MEM) reported.
"Five billion dollars per year would mean a doubling of the investments seen last year, which were roughly US$2.38bn," said deputy mining minister Fernando Gala.
The official noted that the figure is an estimate, pointing out that mining investment varies depending on the stage of development of any given project and access to financing.
EIS EVALUATION OUTSOURCING
Meanwhile, MEM has approved a legal norm to allow the outsourcing of mining project EIS evaluations that aims to reduce approval times from 210 days to a maximum of 150 days, Gala said.
The change will apply to large-scale projects and will allow third parties that are not part of the ministry to work on EIS evaluations, the ministry said previously.