Living in Peru : your everyday companion

Iamgold sells Peru La Arena property to Rio Alto

Iamgold said on Thursday it has agreed to sell its La Arena copper and gold property in Peru to Rio Alto Mining for $47.6 million and a 5.5 percent interest in the smaller company. Toronto-based Iamgold said the sale was part of move to sell off noncore assets. "The 5.5 percent ownership interest acquired as part of this transaction will provide Iamgold the opportunity to participate in the future succes of La Arena,' Iamgold Chief Executive Joseph Conway said in a statement. (Reuters - click here to read complete article)


Peru's tribal land protected from gas concessions

Indigenous rights groups praised Peru's petroleum agency on Thursday for excluding areas where isolated tribes live from an auction of oil and gas concessions. Rights groups say the decision is a turnaround for Perupetro, which previously had indicated it might open up the protected areas for bidding. (Reuters - click here to read complete article by Dana Ford)


Peru Offers 17 Blocks in Second Oil and Gas Licensing Round

Peru kicked off its second annual oil and gas licensing round Tuesday as part of a push to raise hydrocarbon production and start exporting oil and natural gas within the next two or three years, Ronald Egusquiza, president of state oil licensing agency Perupetro told International Oil Daily. (Energy Intelligence - click here to read complete article)

DJ Peru Miners Set For May 12 General Strike - Federation

Workers at almost 20 mining companies in Peru plan to walk off the job next week to demand better labor benefits, union leaders say. The indefinite strike may coincide with a high-level summit of European Union and Latin American leaders that Peru is hosting on May 16. Luis Castillo, secretary-general of the National Mining Federation, told Dow Jones Newswires that up to 70,000 workers will put down tools at midnight on May 12 at some of the country's largest mining companies. (Trading Markets - click here to read complete article)


Amera Completes Geophysical Program on Cocha Copper-Silver-Gold Project

Amera Resources Corporation is pleased to report VDG del Peru S.A.C. has completed a total of 37.5 line kilometres of Induced Polarization (IP) and 39.7 line kilometres of ground magnetometer surveys covering the Central Cocha, South Cocha and East Cocha targets on the Company's 7,000ha Cocha copper-silver-gold project in Junin Department, Peru. (Marketwire - click here to read complete press release)


Apoquindo Minerals Inc. Samples 52 Meters of 1 g/t Gold and 35 g/t Silver at the Huarman Prospect, North Central Peru and Signs Social Agreement

Apoquindo Minerals Inc. is pleased to announce the first results from the surface and underground sampling carried out at Huarman. The Huarman prospect exhibits both Au-Ag and polymetallic targets and is located in North Central Peru, 45 km's south of Barrick's producing Pierina Mine (40 MT of 0.027 opt Au as of Dec. 2007; Source Barrick Annual Report). (Marketwire - click here to read complete press release)

Peru unions say ready for nationwide mining strike

Unions at mines throughout Peru are ready to strike next week to demand better labor benefits, the head of the country's biggest federation of mining unions and local union bosses said on Tuesday. "We have 33 unions supporting us," said Luis Castillo, the federation's leader. "We will go on nationwide strike on May 12 no matter what." (Reuters - click here to read complete article)


Peru to auction oil and gas exploration lots Tue

Peru will auction 17 parcels for petroleum prospecting starting on Tuesday, with the hope of capturing some $800 million of exploration investment, the government said on Monday. The lots are located throughout the Andean country, along the Pacific Ocean and in the mountains. Eight jungle tracks will be bid off, Ronald Egusquiza, the president of the state-run Perupetro, told reporters. (Reuters - click here to read complete article)


Oxy Denies Peru Blame

Occidental is blamed for environmental damage in Peru - nearly a decade after it left and transferred operations to another company. In a case eerily reminiscent of the lawsuit against Chevron in Ecuador, Occidental Petroleum is being blamed for environmental damage in Peru and - like Chevron - denies any wrongdoing. (Latin Business Chronicle - click here to read complete article)


Chinalco taps into Peru copper miner for US$2.16 bln

Aluminum Corp of China Ltd (Chinalco)<601600><2600>, the country's largest producer of this metal, said on Monday it plan to invest a total of US$ 2.16 billion in the Toromocho project, the largest copper miner in Peru, part of the state-owned company's strategy to seek suppliers abroad to cater to surging demand in the world's top copper ... (China Knowledge - click here to read complete article)


High Metals Prices Boost Peru Miner

Compania de Minas Buenaventura, Peru's largest publicly traded precious metals mining company, is basking in record high prices for much of its output. Buenaventura operates seven mines in Peru and holds controlling interests in two other mining companies, as well as minority interests in several others. (Red Orbit - click here to read complete article by Gordon Platt)


Ahead of the Bell: Southern Copper slips following downgrade

Shares of Southern Copper Corp. dipped in premarket trading after an HSBC analyst cut his rating, saying the copper producer's shares are approaching a fair price. Analyst Jordix Dominguez downgraded Southern Copper to "Neutral" from "Overweight," but edged his price target up to $128 per share from $125. He also trimmed his 2008 profit estimate. (AP - click here to read complete article)

BPZ Energy Resumes Oil Production at Corvina Field

BPZ Resources, Inc. announced that it has resumed oil production at the CX-11 platform in the Corvina field in offshore Block Z-1 in northwest Peru. The Company restarted production under its long-term testing program on May 2, 2008 and plans to ramp up production to approximately 6,000 barrels of oil per day (bopd). (Business Wire - click here to read complete press release)


Elecnor wins two power-line contracts in Peru worth $181 million

Spanish infrastructure group Elecnor SA. said it has won two contracts, along with with Isolux Corsan, worth $181 million, to build and manage two electrical transmission lines in Peru. In a statement, Elecnor said the 30-year contract is to design, finance, build and manage the two power lines. (Forbes - click here to see article)


Buenaventura’s gold hedge book unwinding torpedoes 1Q08 profits

The unwinding of Compañía de Minas Buenaventura's hedge book caused the company to take a US$63 million net loss for the first quarter of this year. However, Buenaventura CEO Roque Benavides told analysts that, "We think that the weakness of the dollar is not over and we may see gold prices going higher than what they are today. " (Mineweb - click here to read complete article by Dorothy Kosich)


Amera Completes Geophysical Program on Cocha Copper-Silver-Gold Project

Amera Resources Corporation is pleased to report VDG del Peru S.A.C. has completed a total of 37.5 line kilometres of Induced Polarization (IP) and 39.7 line kilometres of ground magnetometer surveys covering the Central Cocha, South Cocha and East Cocha targets on the Company's 7,000ha Cocha copper-silver-gold project in Junin Department, Peru. (Marketwire - click here to read complete press release)

Energy firm cultivates sugar-cane ethanol operation in Peru

Rex Canon stands on a crumbling desert cliff above the Pacific and points to a hazy spot at sea where Maple Energy PLC will finally meet the international marketplace. Mr. Canon, who has homes in Highland Park and in Lima, Peru, is president of Maple Energy. It is an oil, gas and electricity company with a bewildering international pedigree – rooted in Dallas, incorporated in Dublin, traded in London and Lima yet with all its business in Peru. (Dallas News - click here to read complete article by Jim Landers)


Peru accuses US oil firm of damaging environment

Peru’s Achuar Indian community has got a supporter in Hollywood actress Daryl Hannah in its campaign against a US oil firm, which it says has caused environmental damage to the Amazon, EFE news agency reported Friday. Hannah joined the members of the environmental group Amazon Watch and staged a protest for several hours Wednesday in front of the office of the Occidental Petroleum Corp (Oxy) here, demanding the company to take responsibility for the environmental damages it caused to the Amazon. (Thaindian News - click here to read complete article)


Peru Cerro Verde mine eyes expansion -Buenaventura

Cerro Verde, a leading Peruvian copper mine, is mulling a $1 billion expansion plan that would boost output by 100,000 tonnes to 400,000 tonnes a year, one of its owners said on Friday. Peru's Buenaventura, which owns 18.5 percent of Cerro Verde, said it would support the growth efforts. The mine is controlled by Freeport-McMoRan Copper & Gold Inc. (Reuters - click here to read complete article)

RIL takes 90 pc stake in oil block in Peru

Reliance Industries has signed an agreement to take a 90 per cent stake in an oil block in Peru. Reliance bought the stake in Block 141 in the high plateau of Peru from Pan Andean Resources Plc, company CEO and president (Oil & Gas) P M S Prasad said on Wednesday. Pan Andean will hold the remaining 10 per cent stake. As part of the deal, Reliance will incur all exploration costs through commercial discovery. (The Hindu - click here to read complete article)


Duran Files Audited Financials and MD&A

George A. Brown, CEO of Duran Ventures Inc., is pleased to announce that the audited financial statements for the year ended December 31, 2007 with comparatives for 2006 have been filed on SEDAR along with the Management's Discussion and Analysis for the year ended December 31, 2007.

Highlights include:

-$3,434,430 working capital including cash of $3,361,333 at December 31, 2007
-Business Combination agreement signed with MacMillan Gold Corp. to combine 100% of Peru assets into "New" Duran subject to shareholder approval (Marketwire - click here to read complete press release)

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)

Living in Peru
Israel J. Ruiz


Of the six million gas tanks used by Peruvians mainly to fuel their stoves, three million are in unfit conditions because they are 30 years old and older, reported the country's National Gas Society (SNG).

According to the SNG, valves on 50 percent the old cylinders in circulation have not been replaced or even checked, thus placing the user's life in serious danger.

OSINERGMIN, the government regulatory agency in Peru responsible for monitoring industrial safety, has reported that 77 percent of pound gas tanks do not pass hydrostatic testing, a basic requirement when verifying if a gas tank is working properly, said Gilberto Canales, the general manager of SNG.

"These cylinders were introduced into the market by two companies that have been running since 1953 and who have never changed a valve or much less a tank," affirmed Canales.

He added that it was necessary to set up a fund to replace old gas cylinders so that the cost of renewing the tanks did not affect consumers.

Because of the bad conditions tanks are in, deadly accidents are taking place. Canales blamed irresponsible gas companies that painted over defective tanks and sold them despite the dangerous possibilities.

Maple Energy to raise $20 million via share placing

Maple Energy Plc, which is pursuing ethanol and oil exploration projects in Peru, said it is to raise $20 million through a share placing. Proceeds from the placing will be used to finance its ethanol project and its acquisition of a further 3.1 percent stake in Aguaytia Energy. Maple currently owns 17.5 percent of Aguaytia. A roadshow to potential institutional investors will take place between April 28 and May 9, the company said. (Forbes - click here to read complete press release)


Southwestern Announces Joint Venture on Its Cristo De Los Andes Project, Peru

Southwestern Resources Corp. is pleased to announce that its wholly owned subsidiary, Minera del Suroeste S.A.C. has entered into a Letter of Intent with Minera Antares Peru S.A.C., a wholly owned subsidiary of Antares Minerals Inc., whereby Antares can earn up to a 60% interest in Misosa's Cristo de los Andes project, located immediately to the south of Antares' Haquira copper project in south-central Peru. (Marketwire - click here to read complete press release)


Reliance Ind set to buy majority stake in Peru oil block

Reliance Industries Ltd (RIL) is set to acquire majority stake in an oil block in Peru. The company is understood to have recently inked an agreement with Pan Andean for acquiring stake in Block 141 in Peru. Sources told Business Line that an agreement has been signed between RIL and Pan Andean and now necessary approvals from higher authorities in Peru is awaited. (Business Line - click here to read complete article)


Rocmec Works Gold Prospects in Peru & Quebec

Rocmec Mining is moving forward with plans aimed at acquiring and brining into production six mining concessions outside of Arequipa, Peru as it continues to define and delineate gold resources at its Rocmec 1 property in Quebec’s Dasserat Township. The company also continues to develop its thermal fragmentation mining process, which holds out the promise of extracting ore from narrow vein, hard rock ore bodies. Rocmec in March obtained patents for Mexico and Russia, adding to those previously obtained for Canada, Morocco, South Africa and the U.S. (Resource Investor - click here to read complete article by Andrew K. Burger)


Sinchao Metals Step Out Intersects 126 Metres Grading 0.67% Copper

Sinchao Metals Corp. is pleased to announce the results from Drill Hole SDH-34, drilled on the Breccia Zone at the Sinchao Property in Peru. Assays have been received for the interval 0.0m to 501.5m, the bottom of the hole. Drill Hole SDH-34 intersected silicified dacite porphyry and breccia with clasts of quartzite and silicified dacite. (Marketwire - click here to read complete press release)

Southern Copper Q1 net profit up 2.4 pct

Southern Copper, a leading global metals producer, said on Friday its first-quarter net profit rose 2.4 percent from the same period a year ago, as copper output fell but prices rose. Southern, which is controlled by Grupo Mexico and operates mines and metallurgical facilities in Mexico and Peru, said its net profit in the January through March period was $565 million, compared with $551.7 million a year earlier. (Reuters - click here to read complete article)


Southern Copper says to pay $1.70/shr div

Peru's Southern Copper Corp, a leading global metals producer, said on Thursday it will pay a quarterly dividend of $1.70 per share. The dividend will be payable June 3 to shareholders registered by May 14. (Reuters - click here to read complete article)