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Latest News in Peru / Archive for Mining & Energy

Mining & Energy | May 28, 2008 [ 16:45 ]

Expansion of Peru Biodiesel facility complete - Miners may call strike

Pure Biofuels Completes Expansion of Peru Biodiesel Facility

Pure Biofuels has successfully completed the construction and testing of its expanded InterPacific Oil biodiesel production facility in Peru. The facility has been expanded to 10 million gallons per year (MMgy) from 7.5MMgy. The company expects to commence production and ramp up to full 10MMgy capacity in the near future. (Red Orbit - click here to read complete press release)

DJ Peru Mining Federation Sets Strike Vote For June 5, 6

Peru's National Mining Federation plans to hold a strike vote June 5 and 6, with a possible walkout starting June 16, the federation's Secretary-General Luis Castillo said Wednesday. The unionized miners had earlier planned to strike on May 12 but delayed that walkout in order to give the government more time to meet their demands. (Trading Markets - click here to read complete article)

Peru national union mulls new strike call

BNamericas reported that Peru's national mining and metalworkers federation FNTMMSP is contemplating calling a strike following weeks of congressional debates over reforms demanded by the union. A source with the federation told BNamericas that congress has been reviewing legal amendments and additions on outsourcing, participation in profits and pensions for mine workers in the past weeks in what the federation considers stalling. (Steel Guru - click here to read complete article)

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Mining & Energy | May 26, 2008 [ 18:00 ]

Peru miners to vote on national strike - Condor Resources final drill results

Peru Miners Plan to Vote June 6 on National Strike

Peruvian miners plan to vote June 6 on whether to hold a national strike, the third walkout in the past 13 months. Mining unions may decide to strike on June 16 at more than a dozen mines after Peru's Congress failed to pass legislation to improve pensions, rights for employees of contractors and miners' share of profits, Luis Castillo, general secretary of the Mining Federation, said today in a telephone interview from Lima. (Bloomberg - click here to read complete article by Alex Emery)

Condor Resources Inc.: Final Drill Results Received for the Ocros Project, Peru

Condor Resources Inc. announces that all drill results have now been received from its Ocros porphyry copper project in Peru. Seven holes were completed on the project for a total of 2,803 metres of diamond core drilling. The best intercept was found in the previously reported drill hole OCR-001 with 251.3 m grading 0.15% Cu, including 54 m of 0.41%Cu from 316.0 to 370.0m depth. (Marketwire - click here to read complete press release)

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Mining & Energy | May 22, 2008 [ 16:45 ]

More gold projects in Peru could boost gold output

Miners see potential for Peru to boost gold output

Peru has at least six gold development projects and several primary copper deposits that could allow it to boost gold output to record levels by 2012, mining executives said on Wednesday. Peru's bumper gold year was 2005, when it produced 207 tonnes. But output fell to 170 tonnes last year, partly because of older mines producing less and opposition to new ones by communities concerned about environmental damage. (Reuters - click here to read complete article by Marco Aquino)

Gold Fields cuts output view 15 pct

Gold Fields Ltd, the world's No. 4 gold producer, cut its gold output forecast for this year by 15 percent on Wednesday because of power shortages in South Africa. The company now expects to produce about 3.6 million ounces of gold, down from a previous target of 4.25 million ounces. (Reuters - click here to read complete article)

Moore’s gold: Gold Oil plc

Gary Moore is in London raising new cash to fund his latest deal. For the chief executive of AIM listed oil and gas explorer and producer Gold Oil plc, it’s a “big time” move. Moore’s Gold Oil currently has operations in Peru and Columbia, with sporadic interests in Cuba and Brazil. Since joining AIM back in 2004 it’s played a balanced E&P strategy: using regular income from ‘safe’ producing wells to pay for high risk/high reward exploration. (Small Cap News -click here to read complete article)

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Mining & Energy | May 22, 2008 [ 11:15 ]

Peru's government not to continue subsidizing 95/97-octane gasoline

Living in Peru
Israel J. Ruiz

As oil prices skyrocket and reach record-breaking levels, the Peruvian government has announced that its fuel price stabilization fund will no longer cover 95 and 97 octane gasoline.

Juan Valdivia, the Andean country's minister of energy and mines explained that the government's decision to stop subsidizing had been taken to reduce the amount of money being placed in the stabilization fund, thus saving the country an important sum of money.

The government has been placing as much as 80 million soles in the fund per week (approx. $29 million).

He stated that the fuel that would not be subsidized for now was 95 and 97 octane gasoline, which is mainly used by luxury vehicles, said Valdivia.

Oil and gas companies in the country such as Repsol and Petro Peru have not announced the measures they are to take.

According to César Gutiérrez, the president of Petro Peru and Minister Valdivia, oil and gas companies have been preparing for this adjustment and will not immediately increase the price of 95 and 97 octane gasoline.

"We announced six months ago that little by little we would take the price of high-octane gasoline off the fuel stabilization fund," said Valdivia.

He assured that the cost of high-octane gas would be determined by supply and demand.

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Mining & Energy | May 21, 2008 [ 18:15 ]

Southern Copper to produce gold in Peru - Barrick says higher costs offset high prices

Peru gold output seen up 10 pct - industry group

Peru's gold production is expected to rise by 10 percent this year as new mines start operating, the president of the gold committee at the country's mining chamber told a conference in Lima on Tuesday. The world's No. 5 gold producer, Peru produced more than 170 million fine grams in 2007. (Reuters - click here to read complete article)

Barrick says higher costs take shine off gold price

The world's top gold producer, Barrick Gold Corp, said on Tuesday near-record prices for the metal are being offset by higher costs that could make it harder for the global industry to develop new mines. "The break-even cost for the industry now is probably in the $700 to $800 range," Barrick exploration chief Alexander Davidson told Reuters at a mining conference in Peru. (Reuters -click here to read complete article)

Southern Copper sets its sights on gold

Southern Copper, a leading global producer of the red metal, plans to move into gold mining and exploration in Peru at a time of high prices, the firm's chief executive said on Wednesday. The company, which is controlled by Grupo Mexico and operates in Peru and Mexico, hopes to start production at the Tantahuatay copper-gold project in the South American country in mid-2010. (Reuters -click here to read complete article by Marco Aquino)

Fortuna Discovers Extention to Animas Vein at Caylloma Mine, Peru

Fortuna Silver Mines Inc. is pleased to announce the discovery of Ag-Pb-Zn mineralization, with local high grade gold values, in the Nancy area in the east-central portion of the Caylloma District, Arequipa, Peru. Nancy is an extension of the Animas Vein and is approximately 2 kilometers on-strike to the northeast from the Animas Central area where the bulk of mine production is currently sourced. (Marketwire - click here to read complete press release)

Peru's agriculture minister seeks restrictions on biofuel production

Peru's government plans to restrict biofuel production to secure its food supply, the country's agricultural minister said Tuesday. "The idea is that the production of biofuels will take place in degraded lands to avoid competition with food production," Agriculture Minister Ismael Benavides told the Andina state news agency. Benavides and Peru's Environmental Minister Antonio Brack agreed to restrict the cultivation of crops destined for biofuels on land currently used to produce food. (AP - click here to read complete article)

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Mining & Energy | May 21, 2008 [ 10:45 ]

Peru: With Permit in Hand Panoro to Start Drilling Program at the Antilla Project

Panoro Minerals Ltd. is pleased to announce that the final permit document for the proposed exploration program at its Antilla Project has been issued by the Peruvian Ministry of Energy and Mines.

Bradley MDH of Lima, Peru has been awarded the drilling contract for the Antilla Project and has commenced mobilization of two drill rigs to site.

The Company is advancing all preparations for the commencement of the drilling program.

In accordance with the Company's agreement with the community of Antilla, a work force of at least 30 people from the community are employed on a rotational basis for these activities.

The Company's Flagship Antilla Project (7,400 hectares) is at an advanced exploration stage.

Mineralization consists of a zone of supergene enrichment of porphyry-style copper mineralization and secondary biotite alteration developed in a package of quartzites and arenites and which is thought to be associated with an underlying intrusive.

The mineralization consists of predominantly sulphides (chalcocite, chalcopyrite and pyrite) associated with quartz stock-works, veinlets and disseminations.

The project has to date been explored by 4,012 metres of diamond drilling in 19 holes of which 8 holes lie within the so-called East Block of mineralization.

SRK Consulting (see Report on the Company's web site) has provided a global estimate of geological potential of this Exploration Target based on 7 holes in the enriched chalcocite blanket on the East Block of: +/-135 million tonnes (MT) @ 90% confidence 0.63% - 0.79% copper "untrimmed" or +/-135MT @ 90% confidence 0.61% - 0.75% copper "trimmed" ("trimmed": all 2m assay intervals over 1.5% reduced to 1.5%).

The potential of an underlying porphyry system remains to be tested as well as a similar but separate supergene target to the west.

Official Press Release

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Mining & Energy | May 20, 2008 [ 12:15 ]

Eighth International Gold Symposium to be held in Lima, Peru

The Peru: Eighth International Gold Symposium, which is organized by the Gold Committee of the National Society of Mining, Oil and Energy (SNMPE), will be held in Lima from Tuesday May 20 - Thursday May 22.

The Eighth International Gold Symposium has the backing of the Ministry of Energy and Mines and the National Society of Mining, Oil and Energy and the sponsorship of prestigious national and international companies such as Cia. de Minas Buenaventura, Barrick Gold Corporation, Southern Peru Copper Corporation, Cía. Minera Ares S.A.C. and Newmont Mining Corporation

The Chair of the Organizing Committee of this eighth version will be Dr. Veronica Marsano, Vice-President of Minera Aurifera Retamas S.A., who is also the chair of the Gold Committee of SNMPE, accompanied by renowned entrepreneurs and professionals linked to the industry.

The Peru: Eighth International Gold Symposium constitutes one of the events of major international relevance to the mining - metallurgical and financial fields. The purpose of this eight edition is to show the world the development that Peruvian mining has achieved over the past years, enabling Peru to become the First Gold Producer in Latin America and the Fifth worldwide.

This Symposium seeks to promote and disseminate knowledge of the natural resources potential and its significance for developing countries, as well as contribute to generating new investments and business opportunities, not only in Peru but also throughout the entire Latin American region.

In addition, this event will be an excellent occasion to obtain first-hand information about new projects in the region, the market situation, price perspectives, as well as an integral view of their influence on world economy trends.

Furthermore, it will contribute to joining entrepreneurs together through strategic alliances in today’s globalized world, and exchanging knowledge at the institutional and academic levels.

The event will be begun by the Minister of Energy and Mines, Juan Valdivia and closed by Peru's President Alan Garcia.


The lecturers of the Peru: Eighth International World Symposium will be world-class executives and analysts linked with gold-related matters, as well as Peru’s political authorities, among others. The Program of the Symposium has been structured as follows:

Tuesday, May 20, 2008

• Inaugural Ceremony
• Gold Mining Perspectives – Large-Scale Producers
• Gold Projects in Peru
• Investing in Gold Companies – Price of Gold and Gold Stocks

Wednesday, May 21, 2008

• Future of the Price of Gold and Precious Metals
• Gold Mining Perspectives – Medium-Scale Producers
• Major World Projects
• Latin American Projects
• Peru’s Potential Projects
• Mining, Gold and the Stock Exchange

Thursday, May 22, 2008

• Gold Market
• An Overview of Mining in Latin American
• Mining Business
• Mining Advancements
• Closing Ceremony with the participation of the Keynote Speaker and the President of the Republic of Peru, Dr. Alan García Perez

Official Press Release

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Mining & Energy | May 19, 2008 [ 16:30 ]

Peru, Brazil to build $2 billion hydroelectric plant - Alturas reports drilling results

Peru, Brazil to build $2 billion hydroelectric plant

Peru and Brazil are planning to build a US$2 billion (€1.3 billion) hydroelectric plant near their border in Peru's southeastern jungle. Peru's Ministry of Energy and Mines said in a statement Monday that the plant will have a capacity of 1,400 megawatts. A joint Peruvian-Brazilian company will begin feasibility studies for the project this month. (AP - click here to read complete article)

Brazil, Peru to build 1,400 MW power dam -minister

Brazil and Peru have agreed to build a hydroelectric plant in Peru with a 1,400 megawatt capacity and are mulling 14 more power dam projects there, Brazilian Energy Minister Edison Lobao said on Monday. Lobao told reporters the bulk of the energy from the planned dams will be sent to Brazil, Latin America's largest country, which is living a period of strong economic growth. (Reuters - click here to read complete article)

Alturas Minerals reports drill results

Alturas Minerals Corp. reported assay results from a 4,709 meter reverse circulation drilling program recently completed at its 100% owned Banos del Indio in southern Peru. The program comprised 18 widely spaced holes drilled to depths of between 169 and 350 meters, targeting multiple combinations of geochemical, geophysical (high resistivity) and structural anomalies in the Honguitos, Llaurimorco and San Benedicto epithermal centers. (Metal Markets - click here to read complete article by Tara Malhotra)

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Mining & Energy | May 16, 2008 [ 13:00 ]

Peru: Suez flexible over construction of natural gas pipeline - Chariot Resources study

Suez pushes Peru natgas pipeline

France's Suez is willing to be flexible over where it builds a natural gas pipeline in Peru and is confident its merger with Gaz de France is on track, a company executive said on Thursday. The energy and water group originally expressed an interest in investing more than $800 million to build a natural gas pipeline linking the Andean country's Camisea field with its southern provinces via the Pacific coast. It would recoup the investment by operating the pipeline. (Reuters - click here to read complete article by Dana Ford)

Chariot Resources on track for Peru feasibility study, despite 'modest' delay

Toronto-based Chariot Resources may need a little extra time to complete a feasibility study on its 70%-owned Mina Justa copper project, in Peru, after “modest” delays in completing an updated mine plan. However, all other key elements of the study, which CEO Ulli Rath said earlier this year would be completed in the second quarter, were progressing on schedule, the firm said in a statement. (Mining Weekly - click here to read complete article by Liezel Hill)

Southwestern sells troubled Boka gold project

Southwestern Resources Corp said on Friday it will sell its scandal-ridden Boka Project to Hong Kong East China Non-Ferrous International Mineral Development Co for $9.4 million, nearly one year after saying it could have much less gold than first reported. In events that echoed the notorious Bre-X gold mining fraud of the late 1990s, Southwestern withdrew previously announced assay results last July because of errors it found in the data. (Reuters - click here to read complete article)

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Mining & Energy | May 14, 2008 [ 14:30 ]

Peru: Zincore reports positive drill results - Cuervo stakes 10,000 hectares

Peru Government to Support Natural Gas Pipeline Along Andes

The government of Peru has cast its vote in favor of Kuntur Transportadora de Gas, which plans to construct an expensive natural gas pipeline along the Andes, and decided to prioritize it over the Pacific coast pipeline being planned by the French company Suez Energy, reported Reuters. It is reported that the government's decision was based on a law that regional leaders in southern Peru have been pushing the government to abide by. The law reportedly states that gas pipelines are required to be built in the mountains. (Red Orbit - click here to read complete article)

Zincore Reports Ongoing Positive Drill Results at Yanque

Zincore Metals Inc. has completed additional diamond drilling at the Yanque deposit in southern Peru, part of Zincore's 100%-owned Accha-Yanque zinc oxide project. Eight holes have been completed and assays have been received for three holes that tested for zinc and lead mineralization outside the existing inferred mineral resource areas in the northern portion of the property. (Fox Business - click here to read complete article)

Apoquindo Minerals Options Pachagon Leachable Copper Prospect, Northern Peru

Apoquindo Minerals Inc. through its wholly owned subsidiary, Minera KoriTambo SAC, has signed option to purchase agreements for the Pachagon porphyry copper prospect in the Department of La Libertad, Peru. The principal target at Pachagon is leachable copper ore in secondary chalcocite hosted in both the sedimentary rocks and the granodiorite porphyry. (Marketwire - click here to read complete press release)

Cuervo Stakes Additional 10,000 Hectares in Peru

Cuervo Resources Inc. is pleased to report that it has staked an additional 10,000 hectares of prospective iron ore properties in Peru, bringing its total wholly-owned property holdings to over 25,000 hectares. This represents a 67% increase in the company's land position since last reported in February this year, and compares with holdings of just over 7,000 hectares at the time of Cuervo's initial public offering in May 2007. (USETDAS - click here to read complete press release)

Antares Announces Positive Preliminary Economic Assessment for the Near-Surface Leachable Portion of Haquira Copper Deposit, Peru

Antares Minerals Inc. is pleased to announce that it has received a positive scoping study and preliminary economic assessment from Chlumsky, Armbrust and Meyer LLC for the near-surface leachable portion of the Haquira copper deposit in south central Peru. Highlights from the PEA include (all figures in Q1 2008 US$) (Marketwire - click here to read complete press release)

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