Experts told a webinar hosted by Peru's Institute of Mining Engineers that the country has the potential to attract 7-8 per cent of global investment in mineral exploration, BNAmericas website reported.
Zetti Gavelan, vice-president of Bambas, said that if Peru secured that share, the mining industry would be able to fire for another 50 years.
Based on proven deposits alone, Peru could expand copper production to 5 million tons per year, surpassing even Chile, now the world's largest copper producer.
"Every 400,000 tonnes of copper adds one percentage point to Peru's GDP.
Doubling copper production would add 5 per cent to GDP.
As a result, Peru's growth will expand to 8-9 percent."
Mr Gavran said.
Various industries, including the Peruvian Association of Mines, Petroleum and Energy (SNMPE), have urged greater exploration.
In recent years, investment in mineral exploration in Peru has declined, especially in gold mines.
The decline is thought to be due to the introduction of the pre-survey public consultation system in 2017.
Mr Gavran says only 100 of the 1, 000 survey projects have moved into exploration and only one has ended up as a production mine.
Claudia Cooper, president of the Lima Exchange, said economic growth and stability depended on the mining industry.
Without mining, there would be no diversification, she said.
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