Living in Peru : your everyday companion

LivinginPeru.com
Isabel Guerra

Vancouver-based Zincore Metals aims to complete metallurgical studies to improve on the prefeasibility study at its Accha zinc project in Peru roughly in mid-2010, said company VP and CFO Giovanni Susin.

According to Susin, as he told BNamericas.com, they are planning to begin infill drilling to improve Accha's resource base in anticipation of a feasibility study.

Last week, Zincore completed a non-brokered private placement of common shares for total proceeds of Cdn$6.02mn (US$5.6mn), enough to cover its short-term work initiatives.

The company is now working to renew its access agreements with the local communities at Accha-Yanque, as well as at the Minasccasa and Dolores projects in Peru where drilling programs are targeted to begin early next year, said Susin

(Condensed from BNAmericas).

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LivinginPeru.com
Isabel Guerra

The rates for homes electricity service provided by the National Interconnected Electrical System will drop between 1.7% and 2.2%, as a result of the new regulations on the generation and distribution costs, according to Peru's National Surpervising Organism for Investment in Energy and mining (Osinergmin), as quoted by local business paper Gestión.

For non-residential users the drop will be bigger; between 2.2% and 2.6%, according to Peru's State News Agency.

"The price paid by consumers is a combination of prices for generation, transmission and distribution," said an Osinergmin's spokesperson.

The new scale of costs came into effect on October 1st, and the main factors causing this price are the drops in the High Volume Discounts Index, the exchange rate, the Copper Price Index and the Aluminum Price Index.

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Andina

YRC Logistics, a subsidiary of YRC Worldwide Inc., announced a new three-year service agreement with Minera Chinalco Peru S.A. for logistics activities supporting the construction of the Toromocho Project. The company will begin moving materials in late 2009 and anticipates copper production beginning  the first quarter of 2012.

The Toromocho Project is a large copper-molybdenum open-pit mine, located in the mountainous region east of Lima, expected to last 25 years. Production is projected at 273,000 tons of copper annually, generating an estimated 25 percent increase in copper production in the region. Currently, prices for copper are up, due to strong demand in the Chinese manufacturing sector.

YRC Logistics will manage the project door-to-door using a dedicated staff located in Lima, and is supported by the company's operations in Houston, Los Angeles, and Miami in the U.S., and China and Europe. Chinalco Peru, Inc., an exploration-stage company, engages in the acquisition and exploration of mineable deposits of copper in Peru.

Previously known as Peru Copper, Inc., Chinalco Peru became a subsidiary of Aluminum Corporation of China (CHINALCO), the largest diversified metals and mining company in China, on July 31, 2007.

YRC Worldwide Inc., is a Fortune 500 company and one of the largest transportation service providers in the world, and is the holding company for a portfolio of successful brands including YRC, YRC Reimer, YRC Glen Moore, YRC Logistics, New Penn, Holland and Reddaway.

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Andina

Latin American mining group Minera IRL has signed a definitive agreement with Catalina Resources that gives it the chance to earn a 75% stake in the La Falda gold project in Chile.

The two sides signed a letter of intent over a possible deal in March this year and since then Minera has been having a closer look at the project. It now want to start a drilling programme there in the fourth quarter of the year.

La Falda comprises mining and exploration permits totalling 14,387.5 hectares in the Maricunga Belt, III Region, in north-central Chile. In addition to a number of epithermal gold targets La Falda hosts a series of mineralized porphyry intrusives discovered by Catalina Resources.

After signing the letter of intent, Minera announced a large, well defined IP geophysical anomaly which supported the presence of a disseminated sulphide mineralized zone.

Minera already owns and operates the Corihuarmi Gold Mine in Peru and is progressing a scoping study on the Ollachea discovery, also in Peru. New projects have recently been announced at Bethania, only 10km from Corihuarmi, and Veca in north central Peru.

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LivinginPeru.com
Isabel Guerra

Peruvian electricity company Electro Oriente, which serves regions Loreto and San Martín, has submitted a study on the environmental impact of Peru's Energy and Mines Ministry with the aim of expanding the Iquitos thermoelectric plant, which capacity reached 49MW effective capacity at present.

The project, which will last 29 months, is intended to increase the plant's capacity by 20.5MW, and is necessary to meet the regional growing demand.

The area's capacity demand is set to reach 44.4MW this year, 48.7MW in 2010, 62.1MW in 2015 and 77.5MW in 2020.

The company has budgeted some S/. 100 million soles (US $ 36.6 million dollars) for these expansion works.

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LivinginPeru.com
Isabel Guerra

Milpo mining company, whose main shareholder is Votorantim (Brazil), plans to invest approximately US $200 millions in the execution of its poly-metallic project Hilarión, said one of the firm executives.

Milpo's General Manager, Abraham Chahuán, told the press that the company is currently working in the environmental impact and feasibility studies on the Hilarión Project, a polimetalic (zinc, copper, lead and silver), in the Ancash region.

"Once we are done we will be able to estimate the amount of the investment it will require, that might be something between US $200 and 300 million dollars,” said Chahuán, during the mining conference Perumin, currently being held in the city of Arequipa.

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LivinginPeru.com
Isabel Guerra

AndeanGold Ltd. announced that its Peruvian subsidiary, PeruGold Resources (PGR), submitted an Environmental Impact Declaration that has been officially approved by Peru's Ministry of Energy and Mines.

In accordance to this, drilling in Phase I of Rio Seco Project (in La Libertad region), might start next week.

PGR has signed an agreement with A. K. Drilling International S.A., based in Lima, Peru, for a 1,400 metre reverse circulation drilling program.

PGR is also in the final stages of signing an agreement with the surface owner of the Rio Seco Project area, which also owns the water channel that runs through the Project.

Rio Seco Project is a gold property of approximately 3,325 hectares with associated silver and copper deposits, located in the Department of Libertad, Peru.

AndeanGold Ltd. is engaged in the acquisition, exploration and potential development of primarily precious metals properties, principally in Peru and Ecuador.

(Condensed from MarketWire).

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LivinginPeru.com
Isabel Guerra

Minera IRL (MIRL) has announced that a Letter of Intent (LOI) has been signed with Collingwood Peru S.A.C. to form a Joint Venture to explore the Veca Exploration Lease.

MIRL will have an initial participation of 60% of the joint venture, with Collingwood holding the remaining 40%, but as soon as a definitive Agreement and Management Agreement is signed, MIRL will pay Collingwood US$100,000.

All MIRL equity ounces of gold discovered and converted into Proven and Probable Minable Reserves will entail a payment to Collingwood of US$10 per ounce as well as US$0.15 per ounce for silver recovered from a future operation.

“If exploration is successful, Veca could offer an opportunity for a fast-track production development," said Executive Chairman Courtney Chamberlain.

Minera IRL Limited is led by an experienced senior management team with extensive industry experience, and operates the Corihuarmi Gold Mine and the emerging Ollachea Gold Project (Peru).

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LivinginPeru.com
Isabel Guerra

Peruvian natural gas company Calidda will invest US$ 60 millions in the expansion of the natural gas distribution network in Lima and Callao, according to Ernesto Cordova, its General Manager.

"We expect to expand the service from 255 millions cubic feet per day to 420 million cubic feet. That's what the Ministry of Finance has authorized; this will require an investment of approximately US $60 million dollars,” said Cordova.

He added that, if approved this month, the expansion project would begin faster and would be completed during the first quarter of 2011.

Reportedly, the company plans to invest about US $260 million dollars in Peru during the next few years.

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LivinginPeru.com
Isabel Guerra

“I am convinced that by 2001 we will have at least one petrochemical plant, under construction or already operating,” said today Peru's President Alan García, adding that “these plants will allow us to say that we have taken a step further to the development of our country.”

Garcia made these declarations during the public opening ceremony of natural gas supply service in San Juan de Lurigancho, Lima's largest district.

“Thanks to the petrochemical industry, gas can be converted into many products such as plastics, ammonium, among others, Garcia said.

Reportedly, natural gas users will save up to 50% on their monthly energy costs, since they will be billed only for what they actually consume.

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