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Peru Mining Protests May Curb GDP Growth, Bank of America Says

Protests that forced Newmont Mining Corp. to suspend investment in its Minas Conga gold mine in Peru last week risk curtailing economic growth, Bank of America said.

A halt in all new mining investment would shave an average 2.9 percentage points off of Peruvian growth in 2012 and 2013, the bank said today in an e-mailed report to clients. Fiscal revenue would be 17 percent less than forecast in 2016 if 11 large mining projects in the pipeline fail to come on stream, Bank of America said.

Defections by members of the ruling Gana Peru party opposed to President Ollanta Humala’s pro-business stance may eventually push his government toward less market-friendly policies and threaten growth, the bank said.

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