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Peru's metal industry to face tough conditions in 2016 - SNI-The 17th China(Guangzhou)Int’l Metal &Metallurgy&
nbsp;Exhibition
1/5/2016 Metal &Metallurgy expo |
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BNAmericas reported that Peru''s manufacturing industry, led by steel and metals refining, is unlikely to post growth next year on account of investment delays, slumping exports and currency depreciation, the country''s largest industrial association said.
The national industry society SNI said in a statement published on its website that “Manufacturing, which has declined for 17 straight months with the exception of April, in 2015 is expected to shrink for the second consecutive year and will not benefit from expected 3% GDP growth in 2016 on account of falling investor confidence and a slowdown in public spending.”
It said “Falling minerals prices, uncertainty surrounding the April 2016 general elections and further FX losses on account of the US Federal Reserve''s decision to change rates will add to potential damages from the El Niño weather phenomenon.”
SNI said "This complicated panorama will continue in 2016 as we don''t see a dissipation of the factors that have gone against both the national economy and the industry this year.”
Peru, the world''s third largest copper, zinc and tin producer, has lined up US$64bn in mining investment projects over the next decade, according to the energy and mines ministry (MEM). But ongoing social conflicts mean projects such as Newmont Mining''s US$4.8bn Minas Conga, Southern Copper''s US$1.4bn Tía María, Zijin Mining''s Río Blanco and Bear Creek Mining''s US$70mn Santa Ana remain stalled since 2011.
-metal&metallurgy-The
17th China(Guangzhou)Int’l Metal &Metallurgy Exhibition
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