Lima, Peru | Sunday 18 May 2008 02:42 |
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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)
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).
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)
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)
Stratos Renewables Corporation, an emerging South American sugarcane ethanol producer, today announced the company has entered into a strategic agreement with affiliates of RNK Capital LLC to structure and manage commodity transactions in the global emissions trading market, including certified emission reductions and verified emission reductions that the Company may generate in the conduct of its sugar cane ethanol business. "Stratos Renewables is pleased to be partnering with RNK on what we believe will be a significant opportunity provided by our production of sugar cane ethanol in Peru," stated Stratos Chairman and President, Steve Magami. (Business Wire - click here to read complete press release)
The gas station chain Primax plans to invest more than five million dollars in the construction of nine natural gas vehicle (NGV) stations in Lima and Callao, the company's assistant general manager Carlos Gonzales announced.today. He added that four gas stations are in construction, while the other five stations need the respective authorization to start work. (ANDINA - click here to read complete article)
Peru’s President Alan Garcia Perez, in Dedication Remarks, Says Countries Should Use Resources Like Natural Gas for Transportation Fuel Rather Than Compete with Agriculture-Based Biofuels for Food, Causing Widespread Hunger
One of the largest metal smelters in the hemisphere lost its environmental certification in a highly unusual move taken by the company's third-party auditors.
Peruvian miner Milpo said a second takeover offer from Brazil's Votorantim still undervalues its share price. In a letter on the web site of Peru's securities regulator on Thursday, Milpo said its board of directors "maintains the position" expressed earlier this month that urged shareholders to consider the miner's outlook and performance before participating in the public offer. (Reuters - click here to read complete article)
Despite an international crisis that is affecting economies all over the world, Peru will register more investments and generate more employment in 2007 than it did in 2008, affirmed President Alan Garcia.
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