Louis Marcotte, ambassador of Canada in Peru, He said growing demand for minerals needed for the energy transition keeps Canadian companies interested in Peru. The focus remains in particular on copper, but also on lithium.

“The Ministry of Economy and Finance (MEF) has published a list of priority projects in which there is an investment intention of nearly 10 billion US dollars from Canadian companies. » commented to Management.

The initiatives are The farm (Cajamarca), Resupply of Antamina (Ancash), Zafranal (Arequipa), Corani (Puno) and Falchani (Puno), in which Canadian companies participate with or have full control over other companies. In investments, he said they bring technologies for the good management of resources.

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On the other hand, he assured that small Canadian exploration companies continue to flock, constituting a significant part of the nearly 60 companies listed on the Toronto Stock Exchange and operating in Peru. In this country, he said, Canada is the leading foreign investor in mineral exploration.

Likewise, the presence of more than 70 mining suppliers stood out, some with direct operations and local diversification in the infrastructure sector.

As part of the Perumin 36 Mining Convention, he indicated that new suppliers in the fields of artificial intelligence, water management, electric fleets and others will come to this event, which takes place this month- here in Arequipa, looking for opportunities.

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Joint ventures and sight purchases?

Asked about the operating model of Canadian mining companies in Peru, Marcotte He noted that they developed their activities with full control over their operations or through joint ventures (associations).

For its partAlexandra Laverdure, commercial and extractive sector advisor of the Embassy of Canada in Perumentioned that the global context of capital restrictions and high interest rates encourages mergers or associations to carry out certain large projects such as The farmof 5 billion dollars.

In this initiative, the Canadian First quantum formed a joint venture with the multinational Rio Tinto recently. “There have been quite a few mergers recently and perhaps we could see more purchases in the near future, in Latin America and Peru,” said the manager.

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Interest in infrastructure via G2G

Beyond mining, Marcotte He argued that the Canadian presence in Peru has diversified into the financial sector and other areas. The diplomat highlighted that they now also see investment opportunities in the infrastructure sector, through individual company participation or through government-to-government (G2G) agreements.

“Canada has a crown corporation, the Canadian Commercial Corporation (CCC), which identifies companies capable of carrying out a project under a contract with the Peruvian government, thus giving it a sovereign guarantee. » he emphasized, after recalling that they had already executed initiatives according to this operational model in Ecuador and the Caribbean.

In Peru, he sees room for Canadian investment in road, irrigation and urban transportation infrastructure.

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Pacific Alliance

On Canada's agenda in Latin America and Peru, Marcotte stressed the intention to become an associated or “ally” country of the Pacific Alliance, made up of Peru, Chile, Colombia and Mexico.

“We have been an observer country for many years and now that Peru has the presidency, we want to work with local authorities to move forward”did he declare.

He recalled that Canada already has a free trade agreement with each of the four countries in the said bloc. “We need to get closer and develop a work plan, we want to at least start and establish a road map with Peru”he added.

KEYS

• Agreements. Canada and Peru have a free trade agreement (FTA) and have signed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
• Reports. In 2024, the two countries will commemorate 80 years of bilateral relations and 15 years of free trade agreement.
• Education. Increasing Peruvian participation in access to scholarships in Canada is another topic on the embassy's agenda.

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