Peru: Morning News Roundup – Friday, June 22

Morning News Roundup
Doe Run signs labour agreement with copper miners in Peru

Doe Run Resources Corp, the world`s second-largest lead refiner, signed a labour agreement with workers at its Peruvian copper mine, company spokesman Victor Andres Belaunde said. St Louis-based Doe Run agreed to hire a doctor and add an ambulance and recreational areas at the Cobriza mine, 280 km southeast of Lima, according to a statement. “It`s a positive sign that we`re solving issues in the ongoing dialogue process with the unions," Belaunde said in a telephone interview from Lima. Talks continue on wages and other issues, he said. Workers at the mine have staged two strikes in six months to pressure for higher wages and better working conditions. Cobriza, Peru`s fifth-largest copper mine, increased output 14% from a year earlier to 6,143 t during the first four months of this year, according to the Energy & Mines Ministry. (Mining Journal Online)

Ministry reviewing Graña y Montero pipeline concession request – Peru

Peru’s energy and mines ministry is reviewing local company Graña y Montero’s request to obtain a concession to build and operate the Pisco-Lurín LPG and diesel pipeline, government paper El Peruano reported. Peru’s energy and mines ministry is reviewing local company Graña y Montero’s request to obtain a concession to build and operate the Pisco-Lurín LPG and diesel pipeline, government paper El Peruano reported. The pipeline would stretch close to 300km from oil company Pluspetrol’s plant in Ica department to Lurín near capital Lima. The 30-year concession entails the design, financing, construction and operation of the pipeline and a storage center. The government has pegged required investment at US$60mn. Construction would take 18 months. If the ministry approves the request, Peru’s state agency for promoting private investment ProInversión would not have to launch a bidding process for the concession and could sign the contract with Graña y Monero under the private initiative model. (BusinessNewsAmerica)

Peru Local Bond Preview

Peru: The central bank will probably raise its growth forecast for a second time because of surging consumer demand, bank president Julio Velarde said. The bank, which this month raised its 2007 growth forecast to 7.2 percent from 6.8 percent, estimates inflation at 2 percent this year, meeting the bank’s year-end target, Velarde told reporters in Lima. The yield on Peru’s 8.6 percent bond maturing August 2017 was unchanged at 5.97 percent, according to Citibank Peru. (Bloomberg)

QTEL Global Launches Peru Showcase

QTEL Global Networks Ltd (“QTEL” or “QTEL Global”), a market leader in the provision of national wireless broadband networks to emerging markets, today announces the launch of QTEL Peru’s showcase network in Peru’s capital city, Lima. QTEL Peru’s showcase – a WiMax network designed to deliver secure VPN, internet and VoIP to commercial, government and residential communities – will initially be available in an area covering 10km2 of Lima – a city with a 7.8 million population. The showcase is the first step towards rolling out a national wireless network. Over 50 businesses will be taking part in the initial launch. Jayhun Mollazade, CEO of QTEL Global Networks, comments: “We have reached a crucial stage in our plans for Peru. Following an initial 60 day period, we anticipate an immediate roll-out of our network into Lima and its surrounding areas, with first commercial revenues expected within 30 days of that.” (read the whole release at ClickPress)

Cobriza to Increase Production by 16 Percent in 2007

Doe Run Perú expects production at its Cobriza copper mine to reach 19,700 fine metric tons in 2007, signaling a 16% increase over production for last year (17,000 fine metric tons). The mining and metallurgical company has estimated this increase on the basis of the preparation work (sustainment) conducted, their adequate equipment selection and the optimization of the working areas in the mining deposit located some 390 km southeast of La Oroya, in the region of San Pedro de Coris, Huancavelica. "Cobriza has become a selective exploitation mine extracting better quality ore that will guarantee its operational continuity; it has resources amounting to 10.37 million tons with a 1.17% equation of copper, and a daily production of 5,260 metric tons with 0.98% equation of copper", said Alfredo Menautt, Doe Run Perú manager – Cobriza Division. (read entire release at PRWeb)