Colca, Peru. Photo by Pedro Szekely

A fall in mining investment since 2013 has hit the Chilean economy, and although the country still attracts a fifth of global copper exploration expenditure, Peru has become the most attractive destination for investment in the region.

The Fraser Institute prepares a ranking of 104 jurisdictions, and Peru managed to climb eight positions from 36 to 28, relegating Chile to position 39.

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Peru expects to develop 45 mining projects by 2021, valued at US$46.4B. The portfolio in 2015 included 53 projects that exceeded US$64B.

This project portfolio has been updated by the Ministry of Energy and Mines in Peru, who report that over 60% of this investment is in copper projects (US$28.2B) and a large proportion of this capital will come from Chinese (US$10.4B) and Canadian (US$9.7B) companies. Over half the portfolio includes projects at the exploration phase (US$24.5B), while 14 projects valued at US$16B are under construction and could come into operation before 2020.

Chile expects 37 new projects valued at US$49.2B over the next decade. This is a fall of 36% in comparison to 2015, since cuts in capital expenditure as a result of falling metal prices have led to current projects being restructured.

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