Peru targets Saudi and US backing for lithium, energy projects

Image: WAM

Peru is pursuing major investments from Saudi Arabia and US oil giant Chevron CVX.N to develop its mining and energy resources, part of a broad strategy to revitalise the sector, a top minister said on Tuesday.

The push comes as Peru, the world’s third-largest copper producer, seeks to jumpstart investment, which has slowed in recent years amid political uncertainty and persistent social conflicts.

In an interview with Reuters, Energy and Mines Minister Jorge Luis Montero said he expected to sign a memorandum of understanding with Saudi Arabia in November to develop projects for lithium and other strategic minerals.