Peru's Green Light to Barrick Gold Sparks Mining Revival

Peru has authorized Barrick Gold Corp to conduct mining explorations near its southern border. The approval aligns with constitutional requirements for foreign investments near borders and aims to boost mining, a major economic driver contributing 60% of Peru's exports. The move seeks to rejuvenate the economy after last year's downturn.

Peru's government has authorized miner Barrick Gold Corp to carry out mining explorations in the country's southern border area, the prime minister announced on Wednesday.

Peru's constitution requires foreign private investment within 50 kilometers (31 miles) of the country's border to be approved by the cabinet of ministers. "The expansion of our mining portfolio is essential, given that this activity is one that drives the economic reactivation process," Prime Minister Gustavo Adrianzen said in a press conference.

Mining is key to Peru's economy, with 60% of the Andean nation's exports coming from the mining sector, mostly copper. Officials have been working to attract private mining investment after a dip last year contributed to the country falling into a recession.

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