Living in Peru : your everyday companion

Peru Cerro Verde mine 1st-qtr net profit rises

Copper Miner Cerro Verde said on Monday its first-quarter net profit rose 137 percent compared to a year ago as prices for the red metal surged. Cerro Verde, owned by Freeport-McMoRan Copper & Gold Inc and Peru's Buenaventura, said its net profit in the first three months of 2008 was $352.1 million, compared with $148.6 million a year earlier. (Reuters - click here to read complete article)


Reliance Industries Plans Joint Venture With Pan Andean in Block 141, Peru

Pan Andean, the AIM listed oil and gas producer, is pleased to announce that it has signed an agreement with Reliance Industries, India's largest private sector enterprise with businesses in the energy and materials value chain, to farm into Block 141 in the high plateau of Peru. This move is in line with the stated Pan Andean strategy of reducing financial exposure, while accelerating drilling plans in potentially high value blocks. (OilVoice - click here to read compete press release)


Halt to drilling looms for Talisman in northern Peru

Native leaders from Peru will meet with Talisman Energy CEO John Manzoni today and ask him to stop operations on their land. The Calgary-based company, however, says that whenever they move into an area, they seek approval from the local communities first. "They've been elected by their communities to bring a message to Talisman to tell them that they don't actually want the company to operate on their land," said Maria Ramos. (Calgary Sun - click here to read complete article by Markus Ermisch)


Horizonte gives update on South American gold, silver and base metals exploration

Horizonte Minerals plc, the AIM listed exploration and development company focused on Brazil and Peru, is pleased to announce its results for the year ended 31 December 2007. Strong balance sheet with £2.4 million cash available to focus on generative project acquisition and development. Successful 1,600m drilling programme completed over two separate zones at El Aguila silver-lead-zinc project in Peru. Drilling returned. (Mineweb - click here to read complete press release)


Higher metal prices lift Southern Copper

Higher metal prices helped produce a 2.4 percent rise in first-quarter net income at Southern Copper Corp., despite lower production because of strikes. The Phoenix operator of mines in Peru and Mexico said it earned $565 million, or $1.92 per share, in the quarter, compared with a $552 million, or $1.87 per share, profit posted for the first quarter of 2007. Revenue rose 10 percent, to $1.5 billion from $1.36 billion a year earlier. (The Arizona Republic - click here to read complete article by Max Jarman)