Economy and Finance Minister Jose Salardi on Tuesday stated that the execution of El Algarrobo Project (Tambo Grande, Piura region), with an investment of US$2.753 billion, represents a turning point for new mining investment, particularly in ventures and actions for water conservation.
"We believe this project will be an important turning point with a view to the new mining investment that can be developed," Salardi said.
"The experience of El Algarrobo will be fundamental, not only because of the future investment that will mobilize more than US$2.7 billion but also due to the important combination of water and mining, as the company (Buenaventura) has pointed out," he added.
During the signing ceremony for El Algarrobo water-mining project concession contract, the government official emphasized that this venture will serve as a model to be followed and replicated in other regions of Peru.
"It is absolutely clear that after two decades of what happened in Tambo Grande, the local population settled there has seen how their situation worsen instead of improving," Salardi stated.
"That is why there is great expectation. This is a project that, as the State, we will defend and push forward together with the concessionaire, hand-in-hand with local authorities and the population. That is our commitment as a government," he added.
The Cabinet member pointed out that advancing El Algarrobo Project required intensive teamwork with the concessionaire, the State-run Private Investment Promotion Agency (ProInversion), and the Ministry of Energy and Mines.
"This project taught us valuable lessons from over two decades ago. The key takeaway is that blocking or halting a project results in losses for both Peru and its people. It also means leaving our wealth buried instead of fully capitalizing on its benefits, along with all the positive aspects it can bring," Salardi affirmed.
"This year, several projects will quietly be activated. There is a climate of great confidence. We were in Canada a few weeks ago and directly sensed the interest of foreign investors in Peru's projects," he concluded.
Published: 3/25/2025