LIMA, Jul 22, 2010 (Dow Jones Commodities News via Comtex) -- Peru's Ministry for Energy and Mining said Thursday it will speed up its environmental approvals process for mining projects in the "near future."
A statement from the ministry said the approvals process for environmental impact studies should fall to six months from an average of 12 months, thanks partly to a new electronic submissions process.
Mining projects in Peru cannot proceed without completing an approvals for their environmental impact studies, also known as EIA's.
Peru is the world's second-largest copper producer, and also produces large amounts of other minerals such as silver, gold and zinc. Its stock exchange is dominated by mining companies, while about 60% of exports are commodity-related.