In 2023, India became the second biggest buyer of Peru’s gold and it should invest in new gold mining projects in the South American country considering rising demand for the metal, he said.
India fulfills most of its gold demand through imports.
While China, Canada, Mexico, and the US are investing in Peru’s mining sector, India has not yet invested despite being a leading buyer of gold, Velarde said.
“Currently, we have six major gold projects in the investment stage with a total buying investment of 7 billion dollars,” he said.
(By Rajendra Jadhav and Sherin Elizabeth Varghese; Editing by Sandra Maler)