Mining Boss Sees Fervor Calming With Peru Leftist to Take Office – by James Attwood (Bloomberg News – July 21, 2021)

(Bloomberg) — Peru’s mining industry is hopeful of avoiding the kind of drastic measures that would stifle investment and future production when Pedro Castillo takes office in the world’s No. 2 copper producer.

While the president-elect may have spoken of taking some extreme measures during the campaign, he may be more measured once in office, according to Victor Gobitz, president of Peru’s Institute of Mining Engineers.

During a tense and polarizing election process, the rural union activist from a Marxist party vowed to nationalize energy assets, block certain projects and take a bigger share of the mineral windfall to fight poverty.

Castillo’s emergence shocked investors and stoked concern that a more onerous operating environment would jeopardize projects needed to meet rising global demand for copper.

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