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The mining industry in Peru, particularly gold and silver, has been historically important from the time of the Inca Empire, through the age of the Spanish Conquistadores, and into the modern age.
Its importance is underscored by the fact that during the first three five-year periods of this century, Peru has seen economic growth driven mainly by the price of metals. This development took place at a time after the structural reforms that guided the country towards liberalization and economic openness.
According to a Flanders Investment and Trade and Market Survey, based on estimates of the Supervisory Agency for Investment in Energy and Mining (OSINERGMIN), a 19% increase in the price of copper would produce an increase in the GDP of 1.28% and 0.88% in the fiscal result. On the other hand, if copper production increases by 28%, the GDP would increase by 1.35% and the fiscal result by 0.92%.