Minerandina International

11 April, 2014

Mexico: SPECIAL COMMITTEE OF MINING WILL BOOST NEW LAW FOR THE SECTOR

Filed under: Minerandina International — Tags: — admin @ 17:02

mexicoThe deputy Maximo Othon Zayas, new chairman of the Special Committee on Mining Congress in Mexico, will propose to its government the creation of a new law to organize mining.

“Since Mexico is the largest producer of silver in the world, its necessary to have the support of all stakeholders to allow the sector to continue to occupy that place and become the top destination for investment and mining exploration in Latin America” he said.

He also stressed the need to build a strategic vision for the mining diversification and identify lines of action to implement plans and programs that lead to sustainable development in the country.

Meanwhile Jose Trejo, president of the Committee on Finance urged to develop a mining law to give a new direction to the sector, protect the rights of those who work in the business and promote foreign investment.

DRUMMOND INVESTS US$360mn IN SYSTEM OF DIRECT CHARGE

Filed under: Minerandina International — Tags: — admin @ 16:59

colombia1Drummond Company Inc., Alabama, coal producer company, is advancing in the construction of the system of direct haulage in its harbor, that will be ready by the end of next August when the two ship loaders are installed and running, after an investment of US$ 360mn.

After the work, the Puerto Drummond will have an installed capacity of 60 Mt per year. The transformation of the port includes the construction of direct loading system, the dredging of the turning basin and important works in the coal storage yard.

The dock also has drainage systems, containment and management of industrial water, dust suppression and water spray.

Bolivia: GOVERNMENT SUSPENDED MINING LAW DEBATE

Filed under: Minerandina International — Tags: — admin @ 16:58

boliviaPresident Evo Morales ordered suspend the congressional debate on a new law to regulate mining activities in the country, after clashes between police and groups of cooperative miners who oppose the legislation clashes that left two deads.

The new legislation was approved by the Chamber of Deputies last week and was treated by the Senate. And although in the presentation of the project, President Morales asked the Legislature to approve without change, on March 29 full of Deputies approved the document with 25 amendments.

One change that was made to Article 151 that allowed the cooperative to enter into contracts with third parties to exploit resources, ie cooperatives granted specific benefits. Because of that cooperative miners, exceeding 120,000 and have been allies of Morales, began blocking several roads in the country, sparking clashes.

Cooperators are waiting for a meeting with President Morales to resume the discussion of the new law, which completed three years of preparation.

Chile: CODELCO DISCOVERS LA HUIFA DEPOSIT NEAR EL TENIENTE MINE

Filed under: Minerandina International — Tags: — admin @ 16:57

chileCODELCO, the largest copper company in the world, through its subsidiary Andean Mining Explorations (EMSA), has recently discovered La Huifa a very interesting copper exploration prospect, located just 2 km from the El Teniente copper mine, the the world’s largest underground operation, about 44 km from Rancagua, in the Sixth Region of Libertador Bernardo O’Higgins.

Last year, EMSA invested US$ 52 million in the development of basic district exploration in search of more resources. La Huifa already has completed basic scanning, and currently EMSA develops advanced exploration stage, to determine more accurately the amount of resources and reserves and the richness of its laws.

To date, the state company has invested about US$500,000 in basic exploration stages, while in the advanced exploration stage, the company plans to invest between US$ 30 and US$ 40 million.

According to preliminary estimates, the prospect La Huifa would contain inferred resources in excess of 200 Mt, with a cutoff of 0.8% Cu and 1% Cu. However, the project could have reserves of 600 Mt and 700 Mt of ore, considering a cutoff of 0.5% Cu.

The exploration manager of CODELCO, Jorge Camano, said, however, that these are only estimates which must be confirmed after the advanced exploration stage, currently under development. However, if these predictions are confirmed, The Huifa reserves would be equivalent to a type Spence deposit owned by BHP Billiton, or double the size of the current site Gabriela Mistral, also of CODELCO.

China: CHINA ANNOUNCES MEASURES TO BOOST GROWTH OF COPPER

Filed under: Briefs — Tags: — admin @ 16:55

china cobreThe price of copper, along with the other commodities, could receive a boost following the announcement that China will finally take measures to stimulate its economy.

Thus, the Chinese State Council, the executive body of the country, approved last 2nd April, several stimulus measures based on increased public spending to boost the economy after a series of not so good indicators during the first months of the year.

The package includes tax cuts for micro and small companies, a budget for the rehabilitation of deteriorated urban areas and increased investment in railways.

Specifically, the authorities decided to extend until 2016 the tax incentives for companies to obtain a lower annual profit of 60,000 yuan (US$ 9720) that have 50% tax cuts.

The Executive also approved the implementation of 6,600 km. of new railway lines in 2014, more than 1,000 set last year.

Thus, a fund for railway development, with a value of up to 300,000 yuan (US$ 48,602 million) will be created to finance in part with a bond issue worth of 150.000 billion yuan this year (US$24,156,000).

According to analysts, this action indicates that the authorities are prepared to stimulate the economy if it grows below expectations, but also shows that it is not intended to carry out a massive stimulus program that could worsen the country’s debt levels. Money is not the problem.

Although the Council of State did not provide the total investment in this stimulus plan, the figure is not comparable to that conducted in 2008, during the international financial crisis, when authorities injected more than 4 trillion yuan (US$ 586,000 million, € 464,000 million, to the change of time), allowing the Asian giant to overcome the effects of the crisis.

China aims to grow this year at a rate of at least 7.5%, after last year registered its lowest growth rate of the past 14 years, 7.7%.

Chile: VICEPRESIDENT OF PROJECTS FROM CODELCO RESIGNED

Filed under: Minerandina International — Tags: — admin @ 16:54

codelcoThe Chilean Copper Corporation (CODELCO) informed the Superintendency of Securities and Insurance, the resignation of the Vice President of projects Sergio Fuentes since 1st May. His replacement will be Gerhard Von Borries, currently Vice President of Business Development that will assume on an interim basis.

Thomas Keller, CEO of CODELCO, lamented the voluntary departure of Sergio Fuentes and highlighted their contribution to the advancement of structural projects. “Sergio has been key to have Ministro Hales in its commissioning phase, two projects under construction and the remaining two in the environmental approval phase, ie their basic engineering completed”, he said.

Fuentes assumed the Vice Presidency Project in November 2010. Previously he served as manager of Chuquicamata Underground Project.

It was also reported that Fidel Báez, Manager of Technology and Innovation, will replace Gerhard Von Borries in the Vice Presidency of Business Development, also on an interim basis.

Chile: REFOCUS IN PRODUCTIVITY IMPROVEMENT AND COSTS REDUCTION

Filed under: Minerandina International — Tags: — admin @ 16:53

 … MinerAndina from Santiago

Fires break in the 13th World Copper Conference

P1110381The 13th World Copper Conference of CRU started announcing new challenges for the world copper industry, as refocus on cost reduction and productivity improvement and a price recovery in the medium term.

Also, the new Minister of Mining of Chile, Mrs. Aurora Williams, stressed that mining must benefit not only economic growth but also a real development for Chile. “In Chile we have stopped thinking about economic growth as the only north of government action. Today, our course is economic development, but not intended as a statistic or a place in the international ranking, but, as the factor that would ensure that each of Chileans have decent housing, free and quality education for their children, access to health and pensions according to their years of labor”.

Also Abraham Chahuán, CEO of Compañía Minera Antamina from Peru, presented a summary of the status of Peruvian mining, emphasizing the new model being developed that results in a public-private partnership around the tables of development.

“Right now we’re going to rethink the whole issue of costs and productivity, which are all variables that we control, because we depend on international prices and there we have to refocus as an industry. What we have had is a cost inflation due to growth and demand, but I think the industry has had many cycles and know how to operate in low cycles”, the high executive told MinerAndina.Com.

More information in the next edition.

The 13th World Copper Conference convened 450 leaders of the world copper industry in Chile and is part of the CESCO Week events. It is organized annually by the Commodities Research Unit (CRU), London.

FIRST NATIONAL OBSERVATORY TO FACE DROUGHT SITUATIONS

Filed under: News — Tags: — admin @ 16:51

sequiaThe Autoridad Nacional del Agua [National Water Authority] (ANA), will run the first National Drought Observatory in order to assess, monitor and predict the behavior of the processes of drought in various parts of the country and propose appropriate measures of prevention and mitigation on benefit of population.

This observatory, which was first developed in Peru with the advice of UNESCO and multisectoral participation, will be a technology platform that will unify hydrological, meteorological and agricultural information from different national and international sources, which will be shared with various authorities and agencies involved in the management of water resources.

The aim is to mitigate the effects of possible drought situations and promote preventive measures.

For this, the ANA has promoted the formation of a Steering Committee of the National Drought Observatory whose work will focus on defining the mechanisms necessary articulation between public and private institutions, support and monitor the implementation of the Centre. It will consist of representatives of the ANA, Ministerio de Agricultura y Riego [Ministry of Agriculture and Irrigation], Universidad Nacional Mayor de San Marcos [Major National University of San Marcos], INDECI, the Centro Nacional de Estimación, Prevención y Reducción de Riesgos de Desastres [National Center for Estimation, Prevention and Disaster Risk Reduction] (CENEPRED), among others; with the advice of UNESCO and participation of FAO.

“This observatory will provide us with relevant information in a timely manner in order to make important decisions thinking about the welfare of the population,” said Miguel Angel Castillo, director of the Office of the National System of Water Resources of the ANA.

Authorities and community leaders participated in Puno workshop on mining

Filed under: Briefs — Tags: — admin @ 16:47

Community leaders and authorities representing different communities, villages, towns and annexes of the districts of Antauta, Ayaviri, Ocuviri, and Cruzero in Puno region, participated in a Workshop on “Mining, Environment, Social Management, Sustainable Development and Investment Projects “, in late March.

The workshop, organized by the Directorate of Mining Promotion of the Mining Department, the Ministerio de Energía y Minas [Ministry of Energy and Mines], aimed to provide an update on the implications of information and scope of today’s modern mining to contribute to the development of their communities.

The training was conducted in the city of Cusco and brought together about 75 leaders who were moved from their origin places, to Cusco capital. Important issues such as the stages of modern mining, legal standards relating to the mining and environmental subsector, duties and rights of citizens, the general mining law and other laws related to the sector, the mining law and environmental law were exposed, among others.

BVL and Cavali merge in search of a competitive capital market

Filed under: Briefs — Tags: — admin @ 16:47

The Lima Stock Exchange (BVL) and Cavali – corporation responsible for the creation, maintenance and development of the infrastructure market – announced a preliminary agreement to merge. The objective is to improve infrastructure processes, accelerate the launch of new products and more sophisticated services, generating lower costs and improve the competitive position of Peru to an increasingly international market developed, benefiting investors, intermediaries, issuers, guards, among others.

This comes as a response to strong market demand for the creation of new products, services and continuous cost reduction. They estimate between four to five months to materialize the merger.

“The union will allow us to develop a unique strategic vision that positions us to compete in an increasingly integrated and competitive global market,” noted Christian Laub, president of the LSE.

ProInversión awarded 31 investment projects in 2014 and 2015

Filed under: Briefs — Tags: — admin @ 16:46

The Agency for Promotion of Private Investment (ProInversión) reported having a portfolio of 31 projects to be awarded since April of this year and throughout 2015, including 17 projects with an investment estimated at US$ 4.667 million while the rest is in evaluation.

Proinversion Package consists of transport infrastructure plans (10) Electricity (6), hydrocarbons (2) Sanitation and Health (5) tourism (2) prison (4) and mining (2).

In mining has Huayday Ambara prospect located in La Libertad, where the presence of gold is evaluated with an estimated US$ 8 million investment. Also, the integrated project Water Mining Agriculture, whose estimated investment is US$ 12 million, which consists in the development of solutions to address the issue of illegal mining in the Piura Region and to solve the problem of supply water and agricultural development. Both will be awarded in Q3 2014.

Rocmec Mining completes private placement

Filed under: Briefs — Tags: — admin @ 16:45

Rocmec Mining Inc, Quebec, gold exploration company having Rey Salomon project located in the province of Caraveli, Arequipa, announced the completion of a private placement of shares for more than C $ 120.894 each unit (action) has a value of C $ 0.10.

The proceeds from the offering will be used for general corporate purposes.

MINSUR presented operating results of its San Rafael mine for 2013

Filed under: Briefs — Tags: — admin @ 16:45

MINSUR SA, a mining company engaged in the exploitation of tin in Puno, reported 2013 operating results corresponding to it’s San Rafael tin mine, located in Puno.

In 2013, production reached 24,132 tons of tin, a 3% decrease over the previous year when 24,821 tons were recorded, mainly due to lower ore grade of 2.72% in 2013 compared to 3.19 % in the 2012.

The cash cost in 2013 was US$ 7.764/t of tin, a 31% increase compared to 2012, where US$ 5.917/t was reached.

Meanwhile, sales reached US$ 597.9 million in 2013, falling by 7% compared to 2012, when it recorded US$ 640.5 million, largely due to a 11% decline in sales of tin (26,183 t versus 29,528 t) reflecting increased stocks of cash settlement made in 2012 compared to 2013.

San Rafael (Puno)

Unit

2013

2012

Var. (%)

Operations
Ore teatred

TM

973,492

922,889

5%

Tin production (Sn)

TM

24,132

24,821

-3%

Cash cost

US$/TM Sn

7,764

5,917

31%

Financial
Sales

US$ MM

597.9

640.5

-7%

EBITDA adjusted

US$ MM

344.7

420.5

-18%

EBITDA adjusted margin

%

58%

66%

-12%

Canon would rise 60% to Toquepala

Filed under: Briefs — Tags: — admin @ 16:44

Daniel Cordova, president of Invertir Group, which provides advice to the mining company Southern Copper Corp. in dialogue with Tacna, said fee revenue could rise by 60% over those currently delivered. The province that would still benefit most is Jorge Basadre, which is the area of direct influence.

Cordova said, however, for the moment the company doesn’t have between its plans to change the water source they use –Suches lagoon and groundwater wells–, this at the request made by different sectors to use seawater. According to him, this would not be beneficial to the project or to the people. The investment of the mining company reaches US$ 1,000 million.

… and population will endorse EIA

The expansion of the concentrator of Toquepala mine, in Tacna, which would generate more income for the southern region, will be put into consideration of the population through a Public Hearing of the Environmental Impact Assessment (EIA) on April 16th.

Peru authorizes Chinalco to partially resume operations in mine Toromocho

Filed under: Briefs — Tags: — admin @ 16:43

Aluminum Corporation of China Limited (CHINALCO), Shanghai, the largest producer of aluminum in China, may partially resume operations in Toromocho (Junin), after receiving authorization from the Peruvian government, said a spokesman for the Chinese mining company through a telephone interview with Dow Jones Newswires agency for stock information.

“We are restarting operations, it is progressive” the spokesman said in a telephone communication. “Right now we are operating partially”, adding also that the problem has been resolved and the company is strengthening its canals and other infrastructure to prevent future contamination.

Buenaventura will sell four paralyzed mines in Arequipa and Huancavelica

Filed under: Briefs — Tags: — admin @ 16:42

Cía. de Minas Buenaventura, local leader in the production of precious metals, announced on April 1st  that they will sell four small mines paralyzed by low profitability and lack of agreements with communities in Huancavelica and Arequipa according to Carlos Galvez financial manager of the company.

The company plans to get rid of the Shila–Paula and Poracota in Arequipa, as well as Recuperada and Antapite mines, in Huancavelica.

“These units have had a declining production, and that made to paralyze because in some cases it has not been possible to reach agreements with communities to continue exploration and others because it is such a small operation that does not justify the costs,” said Galvez to Reuters.

Galvez said Buenaventura last year sold its gold and copper mine Ishihuinca in Arequipa as part of the objective of simplifying the organization.

… but other mines are still in production

On the other hand, Galvez said Orcopampa mine in Arequipa, produced about 224.671 ounces of gold last year while silver mine Uchucchacua reached a record production of 11.4 million ounces of silver.

During 2013, the company produced a total of 596.315 ounces of gold and 17.9 million ounces of silver.

Bear Creek will keep sharing in Sumi prospect since 2017

Filed under: Briefs — Tags: — admin @ 16:41

Bear Creek Mining, Vancouver, junior mining company that develops Corani and Santa Ana argentiferous projects, in Puno region, announced that they will maintain its 49% stake in its Sumi copper-gold project since March 2017.

This, after signing an agreement with japanese company Japan Oil, Gas and Metals National Corporation (JOGMEC), last March, to advance in the second phase drilling. JOGMEC can opt for a 51% through an investment of US$ 2.5 million over three years.

To date, they have collected surface 111 rock samples in Sumi, the results thrown values between 15.65 gr/t Au and 156 gr/t Ag in a vein structure and 12.1 gr/t Au and 102 gr t Ag in sedimentary rock.

Rio Alto produced 53.463 ounces of gold in Q1 2014

Filed under: Briefs — Tags: — admin @ 16:41

Rio Alto Mining Limited, Vancouver, mining company operating in Peru La Arena gold mine, located in La Libertad region, announced its operating results for Q1 2014. Gold production exceeded the plan for the first quarter reaching a total of 680,569 tons.

La Arena

1T 2014

1T 2013

Difference

Ton

Au gpt

Ton

Au gpt

Ton/Oz

Au gpt

Extracted ore

3,498,283

0.52

2,398,765

0.51

1,099,518

0.01

Extracted waste

5,903,667

5,995,026

91,389

Poured ounces

53,463

36,355

17,108

Gold production in Q12014 was 46% more compared to the same period of 2013. Similarly, the discharged ounces, reach 47% more than in Q12013. On the other hand, the company plans to produce between 200,000 and 220,000 ounces of gold this year.

Rokmaster receives DIA approval for Pinaya

Filed under: Briefs — Tags: — admin @ 16:40

Rokmaster Resources Corp. Vancouver, junior mining company focused on the exploration and development of precious metals and base metals, announced on March 31 that was approved the Environmental Impact Statement (EIS) for its Pinaya copper -gold porphyry project located between the provinces of Lampa and Caylloma in Arequipa.

The DIA approved by the General Directorate of Environmental Affairs of the Ministerio de Energía y Minas [Ministry of Energy and Mines] (MEM) is for diamond drilling of 20 holes in the project, by Minera Pinaya SA, the local subsidiary of Rokmaster. (Board Resolution Nº 147-2014-MEM/DGAAM).

“Receiving approval from DIA is the result of a complex series of procedures performed by the company in compliance with the new rules introduced by the MEM in 2012,” said John Mirko, President of Rokmaster.

Initial drilling will focus on the areas of oxide gold short-term leaching potential and extensions to the south from the current zone of copper-gold porphyry and also drilling in the new discovery of copper-silver porphyry which is located 12 km south of Pinaya.

CONDOR AND MARIANA RESOURCES SIGN AGREEMENT FOR SOLEDAD PROJECT

Filed under: News — Tags: — admin @ 16:39

condorCondor Resources Inc., Vancouver, junior mining company engaged in gold exploration in Peru and Chile, expects to start this late April, the drilling in the Au-Ag-Cu draft Soledad prospect, located in Ancash region, after signing a definitive agreement with Mariana Resources, Guernsey, exploration company operating in Argentina and Peru.

Under the agreement, Mariana can earn a 70% interest in the project when complete the exploration for US$4mn and accumulated payments of US$1.1mn before October 31, 2017. The agreement also includes a mandatory drilling program of 2,000 meters that should be ready before October 31, 2014.

The Soledad project, which belongs 100% to Condor Resources, and has drilling permit, is located in the metallogenic province of the Cordillera Negra in the Andes of Peru, approximately 34 km. south of the gold and silver mine Pierina from Barrick Gold Corporation.

Lyle Davis, president of Condor noted that there are 9 breccias which only one has been perforated with very good results. “Our geophysicists have also indicated a large anomaly at depth, suggesting a possible large intrusive system of Au-Ag-Cu” he added.

The company currently has two of its properties in active exploration by others: Ocros, Cu-Mo porphyry located 180 km northwest of Lima, and Pucamayo, Ag-Au project located 50 km from Pierina. In addition, Condor is actively seeking partners for its other projects and are under review of new opportunities identified in Lima.

21 March, 2014

Latin America: LAMINATED STEEL CONSUMPTION WILL GROW 3.4% IN 2014

Filed under: Minerandina International — Tags: — admin @ 10:29

acero

During a meeting of the Worldsteel Economics Committee, it was estimated that rolled global consumption will reach the 1,527 Mt in 2014, 3.1% more than in 2013 and a further 3.3% in 2015, reaching a total consumption of 1,576 Mt of rolled steel.

The Asociación Latinoamericana del Acero [American Steel Association] (ALACERO) shared forecasts of the seven largest economies in Latin America (Argentina, Brazil, Chile, Colombia, Mexico, Peru and Venezuela). They noted that in 2013, consumption of them fell 1.2% them due to a downward revision of the economic situation at all, particularly in Mexico, which had a contraction of consumption of 9%, representing approximately 25% of regional rolled market.

By 2014, ALACERO would consider that its consumption in the studied countries could reach 64.1 Mt, which means an increase of 3.4%. Early projections for 2015 point to an increase of 3%.

The region is undergoing a complex situation where some countries of Latin America would experience economic crises, while others would see their markets affected by their increasingly end of “commodities boom” and high levels of uncertainty. Therefore, it is expected that by 2015, consumption in Latin America -treated as consumption in the seven major economies- have growth rates below the world average.

 

Ecuador: MINERS RAISE LESS TAXES

Filed under: Minerandina International — Tags: — admin @ 10:27

ECUADOR

 

 

 

 

The new president of the Cámara de Minería del Ecuador [Chamber of Mines of Ecuador], Federico Loor, aspires to have a mining law that is viable and prioritize rationalization of taxes and royalties which currently absorb 90% of what generates the production activity and to ensure more equal to the sector.

Among other plans that are on the agenda of the new board, are giving the power to the association, reorganize and reformulate concrete proposals to the National Government on the mining issue .

The senior leader explained that the cost of producing an ounce of gold is about 60% of the price, ie, the gross profit of producing it, is 40% and noted that this 40% have to subtract 15% of profits labor, plus the cost of transport, insurance and refining.

After all these costs and fees, it is obtained a net profit which is taxed at 50% income tax, thus complying with the constitutional mandate that the state “will participate in the benefits of the use of these resources in an amount not be less than the company that exploits”, he said.

 

Mexico: FORTUNA SILVER ANNOUNCES HIGH GRADE IN SAN JOSE

Filed under: Minerandina International — Tags: — admin @ 10:25

fortuna silver

 

 

Fortuna Silver Mines Inc, Vancouver, silver producer with operations in Peru and Mexico, announced that results in eight drill holes completed between January and February, continue to confirm the extent of the area Trinidad Norte with silver- gold mineralization of high grade on the veins in its San Jose silver mine located in Oaxaca, Mexico.

The presented results are within a 200 meters extension from the Trinidad system and drilling is being carried out from two drilling platforms located on the 1300 meters ground level.

Dr. Thomas I. Vehrs, Vice President Exploration, commented, “The results of step drilling in Trinidad Norte confirm the continuation of a very robust mineralized system with mineralization present in two systems of veins sub – parallel to Bonanza and Trinidad. The mineralization is closely associated with hydrothermal breccias formed as a result of boiling the system.”

The discovery contains estimated inferred resources at 1.9 Mt @ 269 gr/t Ag and 1.67gr/t Au and 16.3 million oz Ag.

Chile: COPPER DROPS BELOW US$3/lb

Filed under: Minerandina International — Tags: — admin @ 10:24

cobre

 

 

 

 

 

Copper prices continued to fall on March 12 in international markets to below US$3/lb for the first time in nearly four years, the lowest since July 5, 2010.

The metal fell 3.31% on the London Metal Exchange, LME (up to US$ 2.94/lb) and incidentally, completed a cumulative 12.1% so far this year and 16.8% decrease in the last twelve months. Thus, the cumulative annual average lies US$ 3.25.

According to various analysts, the main reasons for this decline include China economic slowdown and its concerns, accompanied by an increase in the supply of copper and the entry of new operations.

The copper price in US$3/lb put below the break-even operations like Michilla of Antofagasta Minerals (AMSA) and Salvador of CODELCO, showing a cost of US$3.22/lb and US$3/lb, respectively.

In macroeconomics, the most important effect that would have the lowest average price of copper on the Chilean economy is in tax revenue. This, considering that the budget for this year was made with an average price of US$3.25/lb, with estimates of US$ 59.082 million revenue.

USA: AEM LAUNCHED CONEXPO LATIN AMERICA

Filed under: Minerandina International — Tags: — admin @ 10:22

conexpo

 

 

 

 

 

The Association of Equipment Manufacturers (AEM), Milwaukee, which organizes and performs CONEXPO show in Las Vegas, announced the completion of the event for Latin America between 21 and 24 October 2015 in Santiago, Chile, for which he signed an agreement with the Chilean Chamber of Construction (CCHC).

The multi-year relationship between the two associations, managed to complement both efforts to support business growth in the construction equipment sector in Latin America.

Since it is a key region to the equipment manufacturers world, and is an attractive place to do business worldwide, the AEM CONEXPO brand extended to provide a premium exhibition.

According to Arnold Huerta, director of business development for AEM Latin America, traditionally CONEXPO is an industry event for the industry and seeks to meet the needs of exhibitors. And since there is a fair dedicated exclusively to construction equipment in Latin America, and there are for building materials, it became necessary to make CONEXPO as supporting these local industry trade shows.

“The show will focus on the equipment, and in the early years it will be an annual fair in Chile, then it could move to Colombia or Peru, and when it achieves recognition, we could make it every two or three years, which is a reasonable time to be innovations to show”, Huerta said.

While the new trade fair in Latin America could affect the participation of companies in traditional CONEXPO in Las Vegas, the executive said that is something that could happen, but is an issue that is being analyzed. “But I believe it will increase the participation of executives from Latin American companies”, he said.

Now the expectation is that CONEXPO keeps as in 2011, when he was ranked as the largest fair in the United States. www.conexpolatinamerica.com.

EnergiAndina: ELECTRO PERU SEARCH TO EXPAND HYDRO ELECTRIC PLANT OF MANTARO

Filed under: News — Tags: — admin @ 10:20

mantaro

 

 

 

 

The state-owned Electro-Peru is evaluating alternatives to fund expansion of the Mantaro hydroelectric plant (HP) of 850 MW, the largest of the country.

The project of US$ 1,200 million will expand the capacity of the plant by 40%. Jesus Valentin Ramirez, General Manager of the company said that this requires that the central facilities are renewed: “Although the entire Mantaro supplies 17% of the country’s power, it has facilities of 40 years old. What we propose is to build a new tunnel that will be associated to a second hydroelectric plant”. They plan a scheme of public-private partnership.

EnergiAndina: NEW TRANSMISSION LINES WILL INTERCONNECT THE COUNTRY IN 2016

Filed under: News — Tags: — admin @ 10:19

energia

Red de Energía del Peru (REP), a subsidiary of the multinational Interconexión Eléctrica SA (ISA), Medellín, announced that the Trujillo-Chiclayo transmission line (TL) of 500 KV and 324km would be ready by next June.

Furthermore, substation La Niña 2 will be built and also, extensions of Trujillo and La Niña substations.

The Trujillo-Chiclayo TL shall continue transmission coming from the district Chilca in Cañete, to the area of Zapallal in Puente Piedra, and is one of the most important strategies for energy supply throughout the country, as part of a series of projects that accompany development in the coming years.

Luis Miguel Lazo, REP Business Manager, commented that there is a significant market in transmission because we have more than 6000 km. lines. With the commissioning of these TL in operation, nearly 1500 km would be covered throughout the national territory.

He said that they are already making a fourth circuit that would allow the transmission to transport in Lima and Huanuco and Tingo Maria are also being repowered.

Another TL is the Machu Picchu -Abancay Cotaruse of 220 KV and 198 km, which is located between Cusco and Apurimac regions, in the south of the country. With a capacity of 500 MVA -apparent power unit often used in large installations of power generation- would strengthen the entire transmission of new generation that could come from Quillabamba and Machu Picchu in order to meet the Abancay and central region development mining area. This TL will start commercial operation in January 2015.

It also plans to build two new substations Abancay and Suriray expanding the existing Cotaruse and Machupicchu.

A new TL will also be the 500 KV and 910 km Mantaro-Marcona-Montalvo and related substations which include Huancavelica, Ica, Arequipa and Moquegua regions and will have a capacity of 1400 MVA. It will be developed through Transmantaro consortium whose main shareholders are Interconexión Eléctrica SA (ISA) and the Empresa de Energia de Bogota (EEB) major players in the Latin American energy sector. It will be operational in November 2016.

These projects were displayed in the Peru Congress Energy Summit organized by Latin Markets Company on last 12 and 13 March at the Hilton Hotel in Miraflores.

Regional Electrical Interconnection: A distant dream?

Luis Miguel Lazo noted that, although there are now larger blocks of transportable energy, there are still many concerns about the regional electricity interconnection.

According to the senior executive, to trust in the power integration there must be resources, networks and the rules under which they will operate. “Regulatory agreements and technical solution should be harmonized so that when operating these networks, do not have a detrimental effect to prejudice the operation of another country and generate an effect on prices, or problems in operational issues.”

He added that prices should be reduced and maintained in each country and that the compensation of transmission lines has to be guaranteed on the basis of what is offered.

 

Southern Perú hará obra de S/. 113 millones

Filed under: Briefs — Tags: — admin @ 10:14

Southern Copper, Arizona, largest copper producer in Peru and Mexico, will pay S /. 113 million of taxes through a road infrastructure work in Tacna, improving at first-stage the Ilabaya-Camilcaca Cambaya-road, located in the province of Jorge Basadre.

There will be 41.4 km of paved road, culverts, signs, landmarks mileage and two double-track bridges.

Peru only country in Latin America with standard of transparency in the IISS

Filed under: Briefs — Tags: — admin @ 10:13

According to the third report of the Transparency Initiative Extractive Industries – (EITI), Peru not only confirmed the status of “compliant country” that we got in 2012 but also placed us as the only economy in Latin America implemented a set policy of transparency and accountability of revenues generated by extractive mining, gas and oil.

In this regard the Deputy Minister of Energy and Mines, Guillermo Shinno said: “Being transparent is good for people because you can see that this type of industry influence their own development, including the country’s governance.”

140 Huayhuahuasi families will enhance their productive capacities

Filed under: Briefs — Tags: — admin @ 10:12

Cía. Minera Antapaccay SA made possible the delivery of Brown Swiss cows to 140 families from the Community of Huayhuahuasi, in the district of Coporaque, with the funding of the 5th and 6th contribution from the Convenio Marco [Framework Agreement] that the company delivers to Espinar. Thus, families can enhance their productive capacity.

The project was conducted by Tintaya Foundation and involves acquiring insemination and other accessories, for a total of S/.325,000.

The delivery was conducted by Bruno Yauri, representative of Tintaya Foundation. In addition, they had the presence of the authorities of the rural community and the beneficiaries, who expressed their appreciation for the support of Antapaccay in implementing sustainable development projects.

Workers of Uchucchacua began a strike

Filed under: Briefs — Tags: — admin @ 10:10

On past 11 March, workers of the Uchucchacua silver mine in the Oyon province, Lima region, which is property of Compania de Minas Buevanventura, began a strike and paralyzation of its operations on demand of the reinstatement of dismissed workers, said the company through a statement.

Actions against illegal mining came to Arequipa

Filed under: Briefs — Tags: — admin @ 10:09

Seven gold processing plants were destroyed in the province of Caraveli, Arequipa This ban, led by Daniel Urresti High Commissioner for Mining Formalization, involved more than 1,500 police officers and 12 prosecutors and was conducted in the districts of Chala and Chaparra.

The Commissioner reported that the destroyed machinery operating illegally would be valued at S /. 9 million.

Zincore Metals completes private placement

Filed under: Briefs — Tags: — admin @ 10:08

Zincore Metals Inc., Vancouver, junior mining company developing the Accha zinc project in the Cusco region, announced the completion of a private placement of shares for more than C$ 861,000. Each unit (share) is worth C$0.135.

The proceeds from the offering will be used for general corporate purposes.

Milpo provided its operational results in Q4 2013

Filed under: Briefs — Tags: — admin @ 10:08

Compania Minera Milpo SAA third local zinc producer, said its cash cost decreased by 3% from US$ 36.1/t in 2012 to US$35/t in 2013, according to the operational results for the Q4 2013.

According to the report, last year its Cerro Lindo mining unit, located in Chincha, in Ica region, achieved a 36% growth in the production of concentrates. Thus, the zinc concentrate was 71,940 tons, 39% more than in 2012 where it rose to 51.634 tons.

In the case of El Porvenir mining unit, zinc and copper concentrates, decreased by 4% and 45% respectively in Q4 2013. Zinc reached 30,257 tn compared to 31,854 tn in the same period in 2012, while copper gained 1,239 tons in 2013, less amount compared to 2,239 tons in 2012.

box1

Duran Ventures will decide the sale of concessions in Aguila and Corongo

Filed under: Briefs — Tags: — admin @ 10:05

Duran Ventures Inc., a junior mining company engaged in the exploration of precious and base metals in Peru, announced through a press release that on next 25th April there will be a special meeting where the transaction and sale of concessions of Aguila and Corongo projects located in Ancash, will be decided.

The Aguila Cu-Mo porphyry, is located in the prolific belt where also are the Antamina polymetallic mine and Pierina gold mine of Barrick Gold Corp., Toronto.

 

… and negotiates a contract with Peru Rail

Filed under: Briefs — Tags: — admin @ 10:03

On the other hand, the mining company is negotiating a contract with the railway company Peru Rail to transport the concentrate from the mining unit to the port of Matarani by about 500 km.

“The idea is to bring the ore by truck to Arequipa or somewhere nearby and from there by train to Matarani” said Nino Coppero, Director of Corporate Affairs of HudBay.

Constancia will come up in September 2014

Filed under: Briefs — Tags: — admin @ 10:02

HudBay Minerals Inc., Toronto, mining company producer of base metals with exploration in Peru, Chile and Colombia, reported that next September will complete the construction of the Constancia copper project located in the Cusco region, which will contribute to double copper output of our country by 2016 from 1.2 Mt to 2.8 Mt

On the other hand, next June will begin testing to calibrate the plant and will be opening in September, to start production in late 2014 as planned.

Constancia will reach its full capacity in Q1 2015, which will allow them to produce 90,000 tonnes of copper per year in addition to molybdenum as a byproduct.

Cerro Verde obtains credit to fund expansion

Filed under: Briefs — Tags: — admin @ 10:01

Sociedad Minera Cerro Verde, whose main shareholder is Freeport-McMoran Copper and Gold, Arizona, has signed a US$ 1.800 million credit to finance part of the expansion of its operations located in the Arequipa region.

The mining company expects to spend a total of US$ 4,600 million to triple the capacity of processing concentrates from the current 120,000 to 360,000 tpd. It is estimated that the expansion work are culminating in two years.

IMMACULADA PROJECT WILL BE IN FULL OPERATION ON 2016

Filed under: News — Tags: — admin @ 9:59

ISAAC BURNSTEIN1

Hochschild Mining plc, London, Local precious metals producer operating in Peru, Mexico and Argentina, will put on full production its Inmaculada silver-gold project, located in the Ayacucho region in 2016, announced Isaac Burnstein, Vice president of Exploration and Business Development, during his presentation at the PDAC 2014 Convention.

Immaculada has reserves of 2.5 million ounces of gold, equivalent to 160 million ounces of silver, which are sufficient for 6 years of production at a rate of 200,000 ounces per year, making it one of the most promising projects in the world. He stressed that 90% of the reserves are located in the Angela vein which is open on both sides and has the largest amount of mineralization.

Immaculada has a CAPEX of US$ 270 million and will produce 200,000 ounces of gold. It is expected that the entry into full operation of the mine will be in 2016, year in which they also hope to have a plant after receiving building permits late last year.

 

ANTILLA AND COTABAMBAS PEA WILL BE COMPLETED BY MID-2014

Filed under: News — Tags: — admin @ 9:56

Luquman Shaheen1

Panoro Minerals Ltd., Vancouver, junior mining company that manages a diversified portfolio of copper projects in Peru, announced that the Preliminary Economic Assessment for their projects Antilla porphyry (copper and molybdenum) and Cotabambas (copper), located in the Apurimac region, in southern Peru, will be completed by mid-2014.

The announcement was made within the framework of the Convention of the Prospectors and Developers Association of Canada (PDAC 2014), held in the city of Toronto, between last 2 and 5 March.

According to Luquman Shaheen, CEO of the Canadian company, in the past three years, Panoro has spent US$30 million in exploration while drilling has reached 60,000 meters at both projects.

Works on Antilla were delayed because of a dispute that was resolved in January 2013 between Panoro and its partner in the joint venture company Chancadora Centauro, who shared the project.

 

LUPAKA GOLD WILL BEGIN ITS PRODUCTION IN INVICTA IN Q1 2015

Filed under: News — Tags: — admin @ 9:51

invicta

Lupaka Gold Corp, Vancouver, junior mining company developing Crucero and Invicta gold projects, announced for Q1 2015, its intention to begin production on a small scale in Invicta, located in the Lima region at a rate of 300 tpd.

The company expects the CAPEX would be just under US$ 2 million and initially gold and high grade copper would be produced in the Atenea vein which currently contains most of the gold resources of Invicta.

Thus, Lupaka Gold, which acquired the property in 2012 from previous owner, Andean American Gold, and whose development was stopped by climatic and social problems, relies on the possibility of extending Invicta towards a large-scale operation. It is also awaiting some interest from major mining companies to achieve this goal.

The current estimates of Invicta’s measured resources, indicates 131,000 tn @ 6.65 gr/t Au and indicated resources of 8.5 Mt @ 3.43 g/t Au while inferred resources are 2.5 Mt @ 2.90 gr/t Au.

The company is confident that within 7 months it will get the necessary permits and the environmental impact assessment (EIA), license to use water and the agreement of the communities near the project as Quintay, Lacsanga and Paraná. After that the pre -feasibility study would begin.

Until that happens, it is expected that during the first year of production it reaches 100,000 tons in the areas containing the measured resources and shipping and selling it is made directly to local mills, thus avoiding the delays associated with construction of the plant, tailings and water effects. So, for now, Invicta will only be a producer and seller of raw gold.
Therefore, the company plans to start production by using tunnels of 1.2 km and as part of its strategy to reduce costs, outsource freight and sale of ore for processing.

Andean American Gold had completed a series of technical studies including metallurgy, rock mechanics, structural geology in the project area, hydrology, hydrogeology, Andahuasi power line and other engineering analysis.

 

17 March, 2014

Chile: CONDOR BLANCO PLANS TO EXPLODE MAGNETITE TAILINGS IN COPIAPO

Filed under: Minerandina International — Tags: — admin @ 11:29

4

Condor Blanco Mines Ltd., Sydney, expected to complete in the next few days a loan for € 10 million to finance its proposed Marianas iron project, located in northern Chile and make progress in the acquisition of a coal project, located in South Africa.

The latter corresponds to the project The Duel, located in the South African fields of Soutpansber in Limpopo. Condor Blanco hopes to acquire this project as part of the acquisition of the majority stake in the Chinese firm Signet Coking Coal, Hong Kong.

The Marianas project consists of reprocessing old magnetite tailings located in Copiapo, in the Atacama region. The company has estimated a total of 11 Mt of magnetite accumulated in historical tailings located in eastern perimeter of the city of Copiapo.

The tailings are dry and take a series of interconnected reservoirs, comprising an area in the order of 24 ha.

In the past, many companies have been interested in exploiting these tailings. However, until now it has been impossible due to the inability of the above initiatives to amalgamate the titles into a single entity.

Condor Blanco Mines, meanwhile, signed in July 2013 an agreement with the current owners of the tailings to acquire up to 50% of this project, making an initial payment of US$ 300,000. The company expects to start producing about 5,000 tons per month of concentrate containing iron and other metals such as copper, gold and molybdenum.

However, in the future plans to increase production to 30,000 tons per month, depending on the results of an environmental impact would be prepared and submitted to the authorities.

OSINERGMIN: TOWARDS REGIONAL ELECTRICITY INTERCONNECTION

Filed under: News — Tags: — admin @ 11:27

3

 

 

 

 

The Organismo Supervisor de la Inversión en Energía y Minería (Supervisory Agency for Investment in Energy and Mining) (OSINERGMIN) joint with its peers of the Andean Community (Colombia, Bolivia and Ecuador) will obtain within the next three months, the results of the Agreement of Power Interconnection, document that will plan how the transmission lines will be in those countries as well as regulatory harmonization of electricity tariffs.

This will be done within the framework of the Comité Andino de Organismos Normativos y Reguladores de Servicio de Electricidad [Andean Committee of Regulatory Bodies and Regulators for Electricity Service] (CANREL) which interim presidency, Peru is exercising during 2014, Jesus Tamayo, President of OSINERGMIN, told MinerAndina.Com. Peru’s primary responsibility is the organization of meetings of regional integration in electricity, in response to the difference in the management of the electricity market between countries.

Thus, the countries of the Andean Community may obtain besides further regional integration in electric field, collaboration between them for the exchange and development of joint works that will benefit them such as the construction of transmission lines, which seeks to ensure energy supply among the Andean countries.

According to this, Tamayo said that in our country tariff level is one of the most competitive with electricity rates up to 3 times cheaper than Chile and Mexico and up to 5 times more economic than Uruguay, which has one of the highest rates of region.

For example, in the commercial sector to 50,000 Kw/h, Peru is in fifth place with US$ 8.77/Kw/h behind countries like Brazil (US$ 9.91/Kw/h), Bolivia (US$ 10.53/Kw/h), Chile (US$ 15.03/Kw/h) and Panama (US$ 17.33/Kw/h)

Agenda launched

OSINERGMIN will have this year, the work of talk about the final version of the contract of the South Peruvian Pipeline (GSP), “where all the relationships between the parties on what are the rates for quality service and ease of access to infrastructure will be established” said the senior official.

Also the overseeing of two contracts of large mass of gas is underway with the intention of reaching the most remote areas of the country. These are:

Supply of Compressed Natural Gas: It is expected that to mid of this year could be gas stations where the supply is made, that will be transported in trucks from Ayacucho. Benefit will be in 10 cities of central and south Peru, between those are Huancavelica, Abancay , Cuzco , Juliaca and Puno.
Contract of massification of Natural Gas: The objective will be to distribute the natural liquefied gas to some areas of the south and north coast as Arequipa, Ilo, Moquegua, Tacna, Chiclayo, Huaraz, Trujillo, Chimbote and Cajamarca. This agreement is still in its early stages.

OSINERGMIN President added that this year the massification of natural gas in Lima will be intensified with a view to reach 400,000 users by the year 2016 through a strategy of tariff setting that will be approved the next two or three months.

On the other hand, in the field of hydrocarbons, Tamayo stressed that this year’s supervision and inspection will be effectively and deepen in the control movement of fuel trucks Through a pilot project using GPS and TV cameras, they can make a detailed monitoring of the destiny of this fuel in the city of Madre de Dios, which is primarily used for informal mining.

In the mining field, OSINERGMIN plans to continue with its main competition of supervision and control by unannounced visits about the safety facilities in companies classified as major mining companies and medium mining companies.

This, after in 2012 the functions related to environmental security were transferred to the Organismo de Evaluación y Fiscalización Ambiental [Agency for the Assessment and Environmental Control] (OEFA) and industrial worker safety was referred to the Ministerio de Trabajo (Ministry of Labour).

 

The race for the southern gas pipeline has began

Filed under: Briefs — Tags: — admin @ 11:25

There would be a first consortium formed to participate in the bidding for the project, according to sources of the newspaper El Comercio. This is formed by Argentina’s company Techint, once Camisea pipeline operator, French company GDF Suez – Enersur matrix and Sempra Energy, the largest gas distributor in the U.S.

CFO of Southern Legacy Minerals left its charge

Filed under: Briefs — Tags: — admin @ 11:24

Southern Legacy Minerals Inc., Idaho, junior mining company engaged in the exploration of gold and copper in Peru and Chile, announced through a press release that Antonio Pichardo stepped down as CFO of the company.

Fernando Pickmann President of the company said: “I would like to thank Antonio sincerely for his contribution to Southern Legacy; we wish him the best in his future endeavors.”

… and illegal mining damaged 116,000 ha in Madre de Dios according to WWF study

Filed under: Briefs — Tags: — admin @ 11:23

According to the study “Madre de Dios Wetlands: Impacts and threats” developed by World Wildlife Fund (WWF), the largest independent organization of conservation in the world, these wetlands have been heavily impacted by activities such as the removal of soil caused by illegal mining and the uncontrolled deforestation.

The study finds that in deforested areas, forests and water affected, Madre de Dios has more than 215,000 ha. impacted, of which 54% (116,000 ha) corresponds to the development of illegal mining.

Superior Court of Madre de Dios officially reinstated Huepetuhe judge

Filed under: Briefs — Tags: — admin @ 11:22

The President of the Superior Court of Madre de Dios, Adolfo Cayra Quispe, made official the return of Juan Carlos Becerra Marroquín magistrate judge of the Joint Criminal Court of Huepetuhe, confirmed the Judiciary.

According to Administrative Resolution Nº 267-2014, it was established that the magistrate returned and resume its duties since March 7, after he was surprisingly dismissed only seven weeks after being named head of the Court and annulled a series of court actions for firms related to illegal mining.

MINEM: Works in seismic exploration in oil blocks will have environmental control

Filed under: Briefs — Tags: — admin @ 11:22

The Minister of Energy and Mines, Eleodoro Mayorga said that the seismic exploration in oil blocks will have environmental control through submitting a Environmental Impact Statement (EIS).

However, he said that depending on the area to explore the company could request an Environmental Impact Assessment (EIA) and the predictability and objectivity of these studies will streamline the approval of the environmental in areas already intervened.

With this, the minister said that not all the oil exploration process will be exempt from EIA and what is being agree with other sectors, is simply to require an EIS in the stage of seismic work.

The Minister Mayorga made these explanations for the currently jobs done by the technicians of MINEM and other sectors to draft an Environmental Hydrocarbons Regulation Book that simplify procedures for issuing permits in the exploration process.

Workers Union strike conducted Cerro Lindo

Filed under: Briefs — Tags: — admin @ 11:21

Last 4th March, the Single Trade Workers Union of Cerro Lindo mining unit, located in the province of Chincha, launched a strike demanding the delivery of an additional bonus to the amount of profit sharing. The mine belongs to local pollymetallic producer Cía. Minera Milpo S.A.A.

After conversations with the company executives, workers resumed its work on March 6th.

Orovero Resources change its name

Filed under: Briefs — Tags: — admin @ 11:21

Canadian mining company Orovero Resources, Vancouver, with operations in Peru as the Rio Tabaconas gold project, announced that it has changed its name to Tolling Corporation. They also reported that the company shares have begun trading on the stock market since last March 10th under the symbol TON.

… and other projects will continue their course

Filed under: Briefs — Tags: — admin @ 11:20

On the other hand, the mining company has among its local priority projects, the expansion of El Brocal mine -where the investment will be US$ 80 million-, and the final phase of the manganese plant, located in the district of Rio Seco, in Huaral, whose end is announced within the next three months. Also the completion of the hydro electrical plant of Huanza, located in the province of Huarochirí whose commercial operation is scheduled for next March

Buenaventura will invest US$ 280 million in Peru and Mexico

Filed under: Briefs — Tags: — admin @ 11:19

Despite the fallen of gold during 2013, Cia de Minas Buenaventura, local leader in the production of precious metals, plans to allocate a total US$ 200 million for exploration and development work on projects in Mexico and US$ 80 million for Peru.
“We drilled a project in Mexico and now we are waiting for the results. We cannot say the name but we can ensure that we have identified Mexico as the country with the best opportunities for our company”, said Roque Benavides, Senior executive of Buenaventura.

Minmetals and Glencore Xstrata continue conversations about Las Bambas

Filed under: Briefs — Tags: — admin @ 11:19

Glencore Xstrata plc, Baar, fourth diversified and largest mining company in the world, with more than 50 operations, said Minmetals is it’s preferred bidder for its Las Bambas copper mine located in Apurimac region, in Peru.

In interview with the international media Financial Times, Ivan Glasenberg Executive President of Glencore, said that conversations between the two companies are focused on the selling price of the Peruvian project. “Now it’s just a discussion of prices. They [Minmetals] already know the asset”.

The Chinese mining company took advantage of its participation in the PDAC to inquire about the social environment of the project to Elias Segovia Regional President of Apurimac. They want to avoid repeating the mistakes of other Asian mining companies.

RODNEY THOMAS IS THE NEW PRESIDENT OF PDAC

Filed under: News — Tags: — admin @ 11:18

2

 

 

 

 

Rodney Thomas from Votorantim Metals Canada Inc, the new President of the Prospectors and Developers Association of Canada (PDAC) in replace of Glenn Nolan was very pleased with the attendance of 25,122 participants, including investors, analysts, mining executives, geologists, government officials, students and international delegations.

This confirms that the PDAC Convention “is still the most important world for the mining industry, which had Peru as the first sponsor country, taking this unique opportunity to bring relevant interests in the exploration and exploitation of minerals,” said PDAC in a press release.

“The mood was upbeat among the attendees,” said the new President about this annual Convention that in its version number 81, hosted 20 international ministers, a new record.
“We have seen a tremendous growth and interest in government authorities worldwide so this Convention provides various learning opportunities and exposure”, said Ross Gallinger, Executive Director of the PDAC.

For example, the PDAC Convention welcomed the Vice-President of Peru, Marisol Espinoza, who visited the event and held a series of bilateral meetings.

Also the Prime Minister of Canada, Stephen Harper and 49 federal parliamentarians came to lend their support to the mining industry in the event.

Not everyone is going to PDAC to find a partner or funding AFTER 60 YEARS, LONG LIFE TO YAURICOCHA

Filed under: News — Tags: — admin @ 11:17

 

 

Sierra Metals, Vancouver, -former Dia Bras-, a “mid-tier” mining company with operations in Peru and Mexico, plans to complete this year, more than 10,600 meters of drilling at its Yauricocha polymetallic mine, located in the province of Yauyos, Lima region, near 5,000 m a.s.l., Thomas Robyn, Senior Vice President of Exploration of the company, told MinerAndina.Com.

From the total, 4.320 meters correspond to the underground mine (Central Mine), and more than 6.345 meters in regional targets.

This drill campaign is the third year of an aggressive exploration program that began when Sierra Metals acquired the mine from the Gubbins family in June 2011, for US$ 286 million, and should result in a further increase of resources by year-end.

“When we bought the mine, we had 1.1 Mt in reserves, and then we started an aggressive underground drilling program, and we reached 4.2 Mt in 2012 and 6.4 Mt in 2013, enough for 7 years mine life. This is because, as a listed company in Canada, our market value is measured by our mine life”, said Thomas Robyn.
Regional exploration comprises four areas. Doña Leona: Central Mine target type, with high grades of silver-lead-zinc-copper and gold. Yauricocha Sur and Yauripunta, both similar as Central Mine target type, and San Juan-San Antonio, vein-hosted gold-copper type.

The reserve growth is only a side of the coin in the company’s goal of improving the production process, and includes increasing the recoveries and the mine efficiency through 2015, plus reducing costs, while maintaining the current level of production at 2,500 tpd processing rate. An expansion of production is not ruled out, but will be assessed within two or three years.

The other side of the coin is the construction of a new, 5.5km haurlage tunnel, parallel to the existing tunnel, which will be more stable and larger than the current tunnel and whose function is to bring the ore to the concentrator plant. To date, their progress is 60% towards completion of the tunnel.

Sierra Metals is also building a new internal shaft from 720 levels to 1220 level to access deeper levels of the mine, and a new raise from level 720 to surface for mine services.

The budgeted investment for 2014 and 2015 for exploration is US$ 2.2 million; while for total cost for the new access is US$ 47 million.

The mine that never lost money

cuadro

 

 

Yauricocha is a carbonate replacement deposit hosted by limestone, with mineralization that continues to depth. The mine produces three types of concentrates: zinc, lead and copper where the last two have silver content.

Since it was in the hands of the Gubbins family at Minera Corona -and during 60 years of life- Yauricocha never lost money, and was a fairly profitable mine. With Sierra Metals, the average production value for 2013 was US$130.8/t, with an average cash cost of US$ 52.2/t and a profit margin of 60%.

The estimated silver production for 2014 is approximately 1.52 million ounces, a decrease due to the change in mineralization.

In mid- 2012, the company changed its name from Dia Bras to Sierra Metals, to better reflect the nature of its business, as the name Dia Bras originated from a previous version of the company that explored for diamonds in Brazil. In 2003, Dia Bras began minerals exploration in Mexico.

cuadro2

 

 

 

Sierra Metals became interested in Yauricocha by the initiative of its Chairman, Alberto Arias, who comes from a well-known Peruvian mining family, nephew of a great miner Jesus Arias. Alberto Arias has an investment fund called Arias Research Capital Fund, which has the 51.8% stake in Sierra Metals.

When Sierra Metals bought the Yauricocha mine, the company ceased to be a junior company and is now a mid-tier company, keeping 82% of the new property. It was thanks to the cash flow generated by Yauricocha that the Canadian company has been able to expand its operations in Mexico, where it owns the Bolivar and Cusi mines, which had silver production during 2013 of 270.610 oz. and 423.089 oz, respectively.

“One of the things I like to say is, the mine has been operating for 60 years and people around it have been living there with this operating mine, so we don’t have any social issues. I think is great to work with people who are really capable. Engineering and geology staff at Yauricocha are very good, that’s why we didn’t make changes to the staff when we acquired the mine”, concluded Tom Robyn.

 

11 March, 2014

Mexico: PROVIDERS OF MINING INVESTED US$ 16.7 MILLION IN 2013

Filed under: Minerandina International — Tags: — admin @ 11:23

Fourteen companies from the mining industry invested US$16.7 million in Zacatecas in 2013 and generated 550 direct and 2,800 indirect jobs, according to the president of the Zacatecas Mining Cluster (CLUSMIN) Jaime Lomelin Guillen quoted by the local press.

He also highlighted the progress of the works for the installation of shipping equipment for mining in that State, that plant will be ready in June. “When we think of bringing shipping heavy machinery we don’t do it locally, but regionally and because we seek to boost for exports,” said Lomelín.

Other achievements the leader highlighted are the development of a model for the certification of suppliers made by seven mining companies in the state and attracting nine utility companies during 2013, as well as the significant increase in investment from five companies that were already operating in the state.

In addition, the affiliation of 42 new local utility companies to the Provider Committee of CLUSMIN was achieved.

Panama: FIRST QUANTUM WILL INVEST US$600 Mn IN “COBRE PANAMA” PROJECT

Filed under: Minerandina International — Tags: — admin @ 11:22

panama

First Quantum Minerals, Vancouver, mining company which develops in Peru the Haquira copper project, will invest US$ 600 million in its project of copper and gold Cobre Panama in 2014, according to the CFO Hannes Meyer.

The company has already invested US$ 578 million in the project in 2013, added to the US$ 913 million invested before purchasing. Although investment this year will be somewhat lower than advertised when purchasing the project investment will be strong during the first half of 2015, instead of Q4 2014, Meyer noted.

In January the company announced the results of a project review, which showed the capital costs of US$ 6.400 million; US$ 200 million over the calculations of the previous owner, Inmet Mining, a company that planned to invest US$ 2.150 million in Cobre Panama during 2013.

Commercial production of Cobre Panama will begin in the second half of 2017.

Bolivia: NINE MINING CONCESSIONS WILL GO TO HANDS OF STATE

Filed under: Minerandina International — Tags: — admin @ 11:21

bolivia

The Ministerio de Minería y Metalurgia [Ministry of Mining and Metallurgy] of Bolivia announced that at least 9 mining concessions, from 28 which were verified in three municipalities in the department of La Paz, will revert to the State to show that there is no activity performed. Some of the deposits contain gold, zinc, complexes, lead, silver, stones (quarries) and limestone, as reported by the Deputy Ministry of Mineral Policy in a technical report.

The deposits will be assigned to different productive actors based on a mine development plan and the new Mining Act. The report also mentions that it will proceed with the inspection of 33 other mining concessions located in the municipalities of Potosi and Caiza D, both in Potosi.

According to Law 403 Reversal of Mining Rights, adopted in September 2013, the reversal of mineral rights is permitted when rights are granted through special temporary authorizations (ATEs) or mining contracts to the verified absence of mining activities available.

The Corporación Minera de Bolivia [State Mining Corporation of Bolivia] data (COMIBOL), says there are 7,000 private concessions of the state and also collective character, of this amount, 2,454 are private. Of these private companies, the state will recover 70% of the investments, which will return to the Bolivian people and mining sectors of the country, as President Evo Morales warned during the enactment of Law 403, in September 2013.

In five years lithium batteries are going to be produced for export.

The Minister of Mining and Metallurgy, Mario Virreira announced that within five years, Bolivia will have industrial plants that will produce lithium ion batteries high density to supply the domestic market and for export.

Virreira made the announcement after signing a credit agreement between the Banco Central de Bolivia [Central Bank of Bolivia] (BCB) and the Corporación Minera de Bolivia [State Mining Corporation of Bolivia] (COMIBOL) for US$34.3 million to fund the implementation project of the Center for Research, Development and Piloting in Palca, Potosi.

This loan is part of the third stage of industrialization of lithium in the country, which will require a total investment of US$ 400 million. On 17 February, President Evo Morales opened the first pilot plant of Lithium Ion Batteries in Bolivia, with a capacity of 1,200 ampere hours, i.e., each day can join 1000 batteries for cell phones or computers.

 

Zincore Metals announced the resignation of a member of the Administrative Council

Filed under: Briefs — Tags: — admin @ 11:19

Zincore Metals Inc, Vancouver, junior mining company developing the Accha zinc project in the Cusco region, said Arnold Klassen Governing Board member has resigned from office.

The Cusco region will receive more budget this 2014

Filed under: Briefs — Tags: — admin @ 11:18

After 2 days of violent protests between villagers and police near Velasco Astete airport terminal and downtown Cusco, the regional president, René Concha reported on 28 February that the Presidencia de Consejo de Ministros (Presidency of the Council of Ministers) (PCM) and Ministerio de Economía y Finanzas (Ministry of Economy and Finance) (MEF) promised to deliver an additional budget of almost S/.200 million to the region to perform several works that have been paralyzed.

These measures were taken by the Government after the stoppage of more than 50,000 people that showed their annoyance at the repeated postponement of the Peruvian South Pipeline (GSP) and the International Airport of Chinchero.

… but it goes for the agroforestry in hand with canadian partners

Filed under: Briefs — Tags: — admin @ 11:17

On the other hand, the Canadian company announced on Feb. 27 that agreed to an alliance with the NGO Sociedad de Cooperación para el Desarrollo Internacional (Society for International Development Cooperation) (SOCODEVI) and the Canadian government to support the agro forestry – activity that represents the integration of agriculture care-forest, in the regions of Ancash and La Libertad.

This alliance will support a new program called “Project to promote diversification and competitiveness in mining regions” (PRODICOM) which also helps entrepreneurs to diversify their business and open new markets. As a starting point, the program will focus on dairy producers and fruits in La Libertad near the Lagunas Norte mine owned by Barrick.

Barrick will close Pierina and remove from other 7 mines in July 2014

Filed under: Briefs — Tags: — admin @ 11:16

Barrick Gold, Toronto, the world largest gold producer, will come off from 8 of the 27 operating mines including Pierina, located in Ancash, whose closure was projected for 2009 due to exhaustion of reserves, but the soaring price of gold valued the mineral avoiding this.

It also plans to sell its stake in mines Darlot, GrannySmith, Lawlers, Plutonic, Tulawaka Kanowka and Marigold in mid-2014, so in that line, Barrick will reduce by half its investment portfolio for this year of US$ 5,000 million to US$ 2,500 million. This, as part of its strategy to address the low gold price.

The announcement was made by Jamie Sokalsky, president of Barrick’s in the 23rd annual conference of BMO Capital Markets done in the US.

Indico Resources announced drill results in Ocaña

Filed under: Briefs — Tags: — admin @ 11:15

Indico Resources Ltd., Vancouver, junior mining company engaged in the discovery and exploration of deposits of copper- gold porphyry in South America, announced on 3 March the first results of the Phase 3 drilling at the Ocaña project with 13 holes completed to date, from a total of 1,434 meters.

Bob Baxter, President and CEO commented, “We are pleased to report the first results of our current work program. This program was initiated on the flanks of the extreme north of the oxide and the enriched zone of mineralization and confirms our understanding of this mineralization. The results are consistent with our expectations”.

The current drilling program is mainly of filling filler to define a horizontal layer near the surface. The program will be completed in mid or late April 2014 with 3050 meters in 32 drill holes.

Indico has recently signed a contract with Mining Plus Pty Ltd to undertake a NI 43-101 resource estimate for Ocaña at the end of this phase of drilling.

Azincourt Uranium enters the next stage of development in Macusani

Filed under: Briefs — Tags: — admin @ 11:14

Azincourt Uranium Inc, Vancouver, mining company focused on uranium projects, announced on 27 February, it has already restarted the advanced work on uranium projects located in the district of Macusani, Puno region, after 2 years of care and maintenance of resources.

Therefore, the drilling and exploration works plan to expand uranium resources where the further development is going to be in hand of Minergia SAC mining company, acquired in November 2013, which is also working with local communities and signing agreements. Also, Azincourt plans to drill 37,958 meters of diamond drilling in 232 holes.

Jinzhao Mining Peru will invest US$ 1,500 million in Pampa de Pongo

Filed under: Briefs — Tags: — admin @ 11:13

Jinzhao Mining Peru SA, mining and exploration company, subsidiary of the Chinese group Zibo Hongda (Shandong) known for its expertise in the production of iron ore, expects by the end of the year, the approval of environmental impact assessment (EIA) of its Pampa de Pongo iron project which would be presented in the second half 2014.

Currently the company is focused on optimizing the project in Arequipa, after last year, culminating the feasibility studies.

The iron complex was purchased in 2009 and will require an investment of approximately US$1,500 million, including related infrastructure, as announced CEO Xiaohuan Tang in an interview with international press.

Also, the senior executive said the company plans to achieve in the first phase of production between 10 and 11 Mt of iron per year, which in turn could be extended to between 20 and 22 Mt per year at a later stage. The current project design gives an approximate lifetime of 30 years.

Since the project was acquired, the company has invested US$80 million in its progress and hopes to start production in late 2016.

PDAC 2014: Junior mining companies will return to reactivate its explorations in 2014

Filed under: Briefs — Tags: — admin @ 11:12

According to a survey done by the international information media Reuters, most Canadian junior mining companies expect to revive their explorations this year, after a period in which the lack of money meant that the activity was stopped.

With little money, these companies reduced their drilling programs, and industry began to fear that many might delist from the stock exchange.

However, according to more than three quarters of the 60 junior mining companies that participated in the survey, they expected to have a drilling program at some point in the next 12 months, while less than six in 10 said they had made perforations in the last 12 months.

Among the main reasons for this revival, are the low cost of drilling and higher gold prices after a sharply fall last year.

The survey was conducted in late January and early February, while the industry was preparing for the Convention of the Association of Prospectors and Explorers of Canada (PDAC), which began on March 2 in Toronto.

PDAC 2014: MRREE and Ernst & Young presented “Guide for mining investment in Peru”

Filed under: Briefs — Tags: — admin @ 11:12

On past 27 February, the Ministerio de Relaciones Exteriores [Ministry of Foreign Affairs] and Ernst & Young (EY) presented the “Guide for mining investment in Peru” document whose purpose was to promote the country’s image in the PDAC 2014 Convention that takes held from 2 to 5 March in Toronto.

This guide brings together information on the various aspects to be considered by investors to help them make decisions about the exploration and development of new mining projects. The presentation was held at the headquarters of the Ministry of Foreign Affairs.

PDAC 2014: FRASER: Argentina falls in the index of perception of the political climate for investment

Filed under: Briefs — Tags: — admin @ 11:10

Jurisdictions in Argentina suffered among the largest drops in the policy perception index of the 2013 Fraser Institute survey of mining companies. Quebec, once the top jurisdiction, fell from 11th to 21st place.

PDAC 2014: Hochschild Silver

Filed under: Briefs — Tags: — admin @ 11:09

Hochschild Group mining production for 2014 should reach 21 million ounces of silver, of which 8 million become from its Pallancata mine in Peru, one of the the world’s largest primary silver. In addition, in Q4 2014, will start operations at Inmaculada project. The cost of the company’s cash will lower this year from US$ 22/oz to US$ 17/oz silver.

PDAC 2014: Colquipucro and Ayawilca, two important projects

Filed under: Briefs — Tags: — admin @ 11:08

Despite their proximity, they are different. While Colquipucro is emerging as a great discovery of a silver deposit, Ayawilca is at its side, seems to be a considerably large zinc deposit. Tinka Resources will continue with the jobs to update Colquipucro resources – that are currently 32.7 million ounces of silver – while they should define Ayawilca resources.

PDAC 2014: The demand of silver for electronics is flat

Filed under: Briefs — Tags: — admin @ 11:07

The increasingly popular “tablets” use 25% of the silver that laptops use. As a result, growth in the electronics market for silver is flat, says Jeffrey Christian, CEO of New York-based CPM Group, market analysis company of precious metals, during a conference at PDAC Convention 2014.

PDAC 2014: Peru Copper

Filed under: Briefs — Tags: — admin @ 11:06

For exploration and development of copper projects, there is no country in the world that combines: good geology, government support and infrastructure development, said Shaheen Luquman, Panoro Minerals CEO during his presentation at PDAC 2014.

He added that 10% of world copper reserves is located in the southern part of Peru, where Panoro develops its Cotabambas project.

PDAC 2014: Augusto Baertl will occupy a seat on the Board of the PDAC

Filed under: Briefs — Tags: — admin @ 11:05

The current board of the Prospectors and Developers Association of Canada (PDAC) is completing its term of two years and before choosing a new president, the board is renewed. In the new one, a Peruvian will be for the first time. Augusto Baertl, well known mining entrepreneur and from a mining family.

PERU, LAND OF OPPORTUNITIES Commitment of the Peruvian Government with the mining investment

Filed under: News — Tags: — admin @ 11:03

PDAC2

The Canadian Ambassador to Peru, Ms. Patricia Fortier announced President Humala’s visit to Canada in two months, which confirms the great moment in bilateral relations of both countries and of course, support for investments.

Also the new Minister of Energy and Mines, Eleodoro Mayorga, in his first public appearance, emphasized, during the opening ceremony of Peruvian Booth that “the Peruvian government is committed to work with companies that want to attract wealth and risk of sustainably in the regions where it develops…companies that explore not come errands, come to solve problems!”

He added that currently, the most important change that the Peruvians are having is to stop seeing mining as a predatory activity and rather see it as an activity that provides wealth and growth returns, making plans to leave benefits to localities, as for example, the issue of water .

“Mining is thus converted in an activity to come and do business with the communities,” he said, highlighting the model of the development tables in which the State, companies and communities decide together about the investments needed for their growth and that are being implemented nationally with public investment.

Investments for US$500 million

Following the line, the Vice President of Peru, Marisol Espinoza, also highlighted the close of the agreement of the Bureau of Development of Candarave, where there is a committed investment of S/.2 500 million in roads, hospitals and schools in the area.

She added that in a few weeks more, the announcement of Canadian for US$ 500 million will be done, but still would not specify in what projects or sectors.

On the issue of investment, “the government of President Humala is committed to three pillars: Accountability, transparency and working with communities. Thus, the sustainable development within a new model of understanding mining in its ongoing work with communities is guaranteed.

… MinerAndina from Toronto OVER 26,000 PEOPLE ATTENDING CONVENTION PDAC 2014 Peru stands out as FIRST COUNTRY SPONSOR

Filed under: News — Tags: — admin @ 11:01

PDAC1

Despite the industry downturn, and although official figures are not yet published, more than 26,000 delegates from 126 countries are participating in the Convention of the Prospectors and Developers Association of Canada (PDAC) 2014, said Joe Oliver, Minister of Natural Resources of Canada, during the Opening Ceremony, on past March 3rd, in which Peru was featured as COUNTRY FIRST SPONSOR.

“When I received the proposal of Peru as first mining country sponsor, I said, ‘this is thinking out of the box’,” said Glenn Nolan, President of the PDAC, remembering the details of what now looks and comments in all corridors of the world’s largest mining event .

And it is no wonder, considering that, with about 500 people, Peru is carrying again is carrying third largest delegation, led by none other than the Vice President of the country, Ms. Marisol Espinoza, who is attending this event for the second consecutive year. What’s more, Peru maintains a constant presence every day of the four that lasts PDAC Convention 2014 in conferences and meetings, and even outside the Metro Toronto Convention Centre, where on March 3, opened the Toronto Stock Exchange.

LATIN RESOURCES SEARCHS FOR A PARTNER FOR GUADALUPITO

Filed under: News — Tags: — admin @ 10:57

latin

Latin Resources Limited, Perth, junior mining company focused on the exploration of ferrous and nonferrous metals in Latin America, is seeking a partner to do the feasibility of its Guadalupito iron sands project, located 25 km from the northern port city of Chimbote, Chris Gale, CEO of Latin Resources, told MinerAndina.Com.

Guadalupito has completed a scoping study in 2012, just two years after the company acquired the project from local owner for US$ 20 million.

If Gudalupito becomes a mine, it would be the first operation of mineral sands in Peru with an estimated annual production of 15 Mt and resources of more than 1,300 Mt of sand with iron (magnetite), andalusite, limenite, zircon, rutile and other according to JORC standard, with an estimated value of $10,000 million.

“The deposit is very similar to the mines of iron sands of Australia, so it was very easy for our geologists to identify them”, said Gale, who is also President of the Council for Relations between Australia and Latin America, COALAR, adding that the mine would be a medium size, which implementation would require an investment of US$ 130 million.

Guadalupito has a strategic location, because it not only has nearby infrastructure, but also to have almost as neighbors Siderperú, one of the largest steel mills in Peru and property of the brazilian group Gerdau, the largest long steel producer in the Americas.

Latin Resources also has for exploration 110,000 ha of concessions in the coastal strip of Arequipa, Moquegua and Tacna, and 10 projects identified, including Iron Oxide – Copper and Gold (IOCG) type and porphyry copper.

In addition to these 10 projects, the Mariela project –under an option agreement–, was operated for the past 2 years by the Chinese company Junefield, and has finally been completely sold to them in recent months. On the other hand, the Australian company also has recently given an option to a Peruvian company for about 70% of its Ilo Norte project in four years, in exchange for cash payments and investment in drilling in this copper-gold project.

Latin retains the 10 early-stage projects (greenfields) including its new approach in Ilo Este, where the company is conducting studies of mapping, geophysics (magnetometry) and geochemistry in what looks like a major copper porphyry system.

“Peru is a good country to do business as it offers advantages. Among the main advantages are the less effective cost in exploration than in other countries like Australia where is quite high”, said Chris Gale, noting that the country is taking a special concern for the interests of the communities, which is very important to the company.

Latin Resources will also make efforts in developing the Borborema project, located in the area of Rio Grande do Norte in Brazil, which has since November last year.

“For the next years, Latin America will be the most important focus on investments due to the interest of countries like China, which plans to spend approximately US$100,000 million in our region”, Gale concluded.

24 February, 2014

Canada BARRICK ESTIMATED PRODUCE 6.5 MILLION OZ. GOLD FOR 2014

Filed under: Minerandina International — Tags: — admin @ 11:59

Barrick Gold Corp., Toronto, the world’s leading gold producer, announced last Thursday that it expects to reach peak production of 6.5 million ounces by 2014.

The company forecasts its gold prices will be ranging from US$ 920-US $ 980/oz while operating costs would be between US$ 590-US$ 640/oz.

Barrick also reported that the exploration budget for 2014, will vary from US$ 200-US$ 240 million and will continue to focus on high quality and that about 50% of the budget is allocated to Goldrush project in Nevada, where the measured and indicated resources increased by 1.6 million ounces to 10.0 million ounces in late 2013.

On the other hand, the Canadian company expects higher funding costs in the range of US$ 800 – US$ 825 million in 2014 as a result of the decision to temporarily suspend the Pascua-Lama project, which no longer interest is capitalized.

Results 2013

Production results from 2013 were also announced. According to the report, Barrick made a net loss of US$ 2.830 billion during the last quarter while for the full year 2013 was US$ 10.370 million.

He added that the net earnings were US$ 2.057 million and operating cash flow was US$ 4.240 million.

On the other hand, its main achievements include the production of 4 million ounces, equivalent to 55% of total production in five mines: Cortez, Goldstrike, Veladero, Pueblo Viejo and having an approximate cost of US$ 668 per oz.

He also highlighted the reduction of general and administrative expenses by nearly $2 million.

box1

 

PERU COUNTRY SPONSOR OF PDAC 2014 FOR FIRST TIME IN 81 YEARS

Filed under: News — Tags: — admin @ 11:54

P1070382

 

 

 

 

 

The Peruvian delegation to the Convention of the Prospectors and Developers Association of Canada (PDAC) 2014, will consist of 500 participants among them Vice President Marisol Espinoza, Minister of Energy and Mines Jorge Merino, Vice Minister of Economy Jose Gasha and all blocs congressmen, regional presidents, mayors, etc, according to a news release from the Canadian Chamber of Commerce of Peru.

This is the world´s largest mining investment event, and will be held next march from 2nd to 5th in Toronto .

This time, Peru will be the star of the convention, for the first time in the 81 years of the event our country has been designated exclusively as “Mining Country Sponsor”, which will allow us to promote Peru as an attractive country for investment in one of the most important financial centers in the world .

Additionally, it will also be attended by representatives from companies such as Buenaventura, Antamina, HudBay, Sulliden, Rio Tinto, Ferreyros, Deloitte, and others who will lead this visit to make this event a great opportunity to show that the country continues to offer competitive advantages over their peers.

MINERAL EXPORTS WILL RECOVER FOR 9% IN 2014

Filed under: News — Tags: — admin @ 11:51

P1310582

 

 

 

 

Due to the international stage, the recovery of total mining exports is projected for about 9% in 2014 to US$ 22.700 million, compared to last year when US$ 20.900 million was achieved, representing a drop of nearly 20% compared to 2012.

So said the Viceministro de Comercio Exterior y Turismo (Deputy Minister of Foreign Trade and Tourism) Edgar Vasquez, during his presentation “Benefits of FTAs in the mining sector“, as part of the weekly conference “Thursday Mining”, organized by the Institute of Mining Engineers of Peru.

The performance of the mining export sector during the year that passed reflected the international crisis, both on the side of the reduction of metal prices, as well as a slowdown in the economies of our major trading partners. This meant that the total Peruvian foreign trade was reduced to US$41.500 million, 10.5% less compared to US$ 46.400 million 2012.

The senior official said that in 2013 we had a 61% reduction in imports of capital goods related to mining (US$ 120 million) , totaling US$ 1.413 million, compared to US$ 3.639 million in 2012.

He indicated that in mining promotion during 2013, they had supported 48 companies participating in different trade fairs and missions, creating business opportunities for US$ 52.5 million.

One strategy to help to consolidate mining exports this year are the activities undertaken by the Comisión de Promoción del Perú para la Exportación y el Turismo (Commission for the Promotion of Peru Export and Tourism) (PROMPERÚ). These include the following:

Explorers Congress PDAC 2014 (Canada): Expect cover the participation of at least 10 domestic firms.
Technology Mission to Antofagasta (Chile): Expect the participation of 10 national companies.
Expomin 2014 (Chile): Expect the participation of 21 national business and trade opportunities for US$ 14 million.
Trade Mission to Mexico mining development: Expect the participation of 10 national business and trade opportunities for US$ 5 million.
Trade Mission to Bolivia mining development: Expect participation of 15 local companies with opportunities of up to US$ 4.5 million.
Expomina 2014 (Peru): Expect the participation of 40 national business and trade opportunities for US$ 6 million.
Colombia Minera 2014 (Colombia): Expect participation of 14 Peruvian companies and commercial opportunities for US$10 million.

He also indicated that the Free Trade Agreement (NAFTA) – which aims to ensure preferential access of Peruvian exports to these markets – continue to advance this 2014 with negotiations with countries such as El Salvador, Honduras and Turkey, a market of over 50 million. “We will reap the benefits that we have with the European Union to accept an extension by Turkey with whom we are also in the Trans-Pacific Partnership (TPP) agreement which, in economic terms would be the largest economy in the world by concentrating 33 % of world trade”.

Featured metallurgical engineers will be honored with the “Golden Tumi”

Filed under: Briefs — Tags: — admin @ 11:49

On 21 February, leading practitioners in metallurgical engineering from Peru will receive the “Golden Tumi” annual award given by the Chapter of Metallurgical Engineering College of Engineers of Peru (CIP).

Personalities like Patricia Fortier, Canadian ambassador Guillermo Shinno, Deputy Minister of Mines, Adalberto Rivadeneyra of Minera Chinalco, Elias Segovia, Regional President of Apurimac, among others, will be recognized with both the “Golden Tumi” award, as with the medal of recognition “ the Huaira of the Incas”.

The award ceremony and distinction will be held at a gala dinner at 7 pm at the Swissotel in San Isidro. In total 51 outstanding personalities of metallurgical exercise as political, diplomatic, educational field and the environment will be recognized.

Minera IRL announced changes to their corporate positions

Filed under: Briefs — Tags: — admin @ 11:47

Minera IRL Limited, a Peruvian mining company founded by Investor Resources Ltd., Melbourne, announced on February 10 the appointment of Mr. Daryl Hodges as Executive Director of the Board.

There were also two changes in management responsibilities. The secretary has been transferred to Brad Boland, who will be replacing Tim Miller, while Trish Kent retires from the position of Vice President of Corporate Relations, being Jeremy Link who assumes the investor relations front.

Both Tim Miller and Trish Kent will continue as consultants to the company.

… and obtained revenues of US$ 35.7 million by selling gold in 2013

IRL Chief Executive, Courtney Chamberlain also announced that revenues from sales of gold per year totaled US$ 35.7 million due to the sale of 25.200 ounces of gold at an average price of US$ 1.412 per oz.

New date of the South Gas Pipeline for the enter of global investors

Filed under: Briefs — Tags: — admin @ 11:46

Jorge Merino, Minister of Energy and Mines, said last Thursday 13, that there is a strong interest from a dozen foreign companies with capital from Spain, Israel, Canada, USA, China, Colombia, Brazil, Argentina and Peru to invest in the Southern Gas Pipeline .

He confirmed that the timeline for the competition of the project was extended until June 30, 2014 because of market considerations, which will ensure more competition, transparency and success in this process.

He explained that the date change was requested by the interested companies in this mega project, which represents an estimated US$4,000 million, in order to strengthen partnerships and economic investment proposals.

The Southern Gas Pipeline project will bring gas to places like Cusco, Moquegua, Arequipa and Puno.

MINEM and JOGMEC create training center for remediation of PAM

Filed under: Briefs — Tags: — admin @ 11:45

The executive vice president of the Japanese agency Japan Oil, Gas and Metals National Corporation (JOGMEC), Kuroki Kiesuke announced that in close collaboration with the Ministerio de Energía y Minas [Ministry of Energy and Mines] (MEM), will be promoted the creation of a training center for remediation of mining environmental liabilities (PAM), which will be invaluable in the formation of Peruvian specialists in the field.

The PAM are related to plant, effluents, emissions, debris or deposits of waste produced by mining operations, which constitute a permanent risk and potential for population health.

The technological contribution of Japan in the field, will be done through the regions in the Direcciones Regionales de Energía y Minas [Regional Offices of Energy and Mines] (DREM) to materialize in all places this knowledge is needed.

Buenaventura funded a study of S /. 3.3 million in Huancavelica

Filed under: Briefs — Tags: — admin @ 11:45

Cía. de Minas Buenaventura, invested S/.3.3 million in the technical study of modernization of the road Huancavelica-Lircay. The total budget of the project amounts to S/.360 million and will be provided by Provias Nacional, commission created by the Ministerio de Transportes y Comunicaciones [Ministry of Transport and Communications] (MTC) responsible for the execution of construction projects, upgrading, and maintenance of the national road network. This road has 77 km of asphalt and double track trail.

Communards liberate mining engineer

Filed under: Briefs — Tags: — admin @ 11:43

A mining engineer of the company Aguila Dorada, was released last Sunday, after being kidnapped on Monday by anti-mining residents of the community of Supayacu in the province of San Ignacio (Cajamarca) where the company operates a coffee project with social projection.

To his release, the villagers demanded a payment of S/.1.5 million to the mining company as part of compensation for the alleged environmental damage that the Project has caused in the area. However, after a dialogue sustained with company officials and the Presidencia del Consejo de Ministros [Presidency of the Council of Ministers] (PCM), the villagers agreed to release the worker.

Authorities confiscate about 24,000 boards used in illegal mining in Madre de Dios

Filed under: Briefs — Tags: — admin @ 11:43

Police from the Division of Tourism and Environment of Madre de Dios intervened two vehicles and confiscated about 24,000 wooden boards of the species “Screw”, “Lupuna”, “Sapote” and “Caraña” that were being used for illegal mining.

In the first car, police intervened, 11,311 wooden boards from the “screw” species which apparently did not had the legal documentation to support its origin and destination while in the second, 12,498 wooden boards from the species “Lupuna”, “sapote” and “Caraña” were confiscated. The Altogether totaled 23,809.

Company is investigated for ties to illegal mining in tax haven

Filed under: Briefs — Tags: — admin @ 11:42

The Axbridge Gold export company is on a list of about 60 exporters of gold being investigated for its links to illegal mining in Madre de Dios, Cusco and Puno.

After the intervention and seizure of nearly a ton of gold done by Customs, two months ago, three exporters join. These are unexpectedly linked to Axbridge Corp company located in the British Virgin Islands.

However, the most highlight discoveries remains in the quantities of gold. Inquiries done by the newspaper El Comercio, show that the exporter company Darsahn – fourth exporter in Peru in 2013 – records 8.1 ton. while the subsidiary in Lima Axbridge Corp has 1.3 ton and Oxford Gold with 400 kilos . These figures hit a record which is only overcome by majors companies like Barrick, Yanacocha and Buenaventura.

… and Colombia and Peru agree to fight illegal mining mafias in the Amazon

The foreign ministers Eda Rivas (Peru) and Maria Holguin (Colombia), signed on past February 12th a memorandum of understanding to jointly fight illegal mining that is affecting the Amazon.

The agreement also includes a joint meeting between the police and the armed forces of both countries to make a joint strategy to combat this problem.

The agreement between Peru and its South American neighbor occurs shortly after Customs intervened nearly a ton of illegal gold at the Jorge Chavez International Airport.

Karmin announces the granting of shares to directors and employees

Filed under: Briefs — Tags: — admin @ 11:40

Karmin Exploration Inc., Toronto, a junior mining company developing gold and zinc projects in Peru and Brazil, announced that it has agreed unanimously to grant shares to company directors and certain employees, in order to provide an additional financial incentive for continuous improvement in the performance of the company and as an incentive to stay in it.

Thus, the Canadian junior mining company awarded a total of 765,000 shares, at a price of C$0.20 -per share- to participants for a period of 5 years from February since February 2014.

Tinka intercepts new values of mineralization in Ayawilca

Filed under: Briefs — Tags: — admin @ 11:39

Tinka Resources Limited, Vancouver, junior company that explores the Ayawilca and Colquipurco projects in the Pasco region, announced the results of the analysis of the drilled holes A14 to A18 in Ayawilca project, in which Tinka owns 100%.

During drilling, 36 meters @ 5.9% Zn and 22.8 meters @ 5.8% Zn were found

“The company is pleased with these zinc mineralization intersections as they continue to demonstrate the potential of the project Ayawilca said Andrew Carter, CEO of Tinka.

Vena Resources improves joint venture agreement for project Las Princesas

Filed under: Briefs — Tags: — admin @ 11:38

The junior Vena Resources Inc., Toronto, announced that after the agreement signed on November 11, 2011, the company has improved its JV with Forrester Resources Corp for the gold-silver Project Las Princesas located in La Libertad region.

Vena has agreed to extend the first option for another 12 months and in return has agreed to indemnify Forrester paying CDN $ 35,000 on the date of extension option.

In addition, Forrester has committed to incur a minimum of US$ 400,000 in expenses during the first year of the project and must spend an additional US$5 million on the property within the next 6 years in order to increase its stake to 60%.

However, if they want to increase the stake to 70% Forrester must complete a feasibility study and if they want to get to 85% of the JV they will be responsible for financing the construction of the mine.

ANTOFAGASTA MINERALS STARTS DRILLING IN PROJECT SAMI

Filed under: News — Tags: — admin @ 11:37

SAMI

 

 

 

 

 

Minera Anaconda Perú S.A, a subsidiary of Antofagasta Minerals SA (Santiago) company from Luksic group, engaged in the exploration, production and marketing of copper in Chile and Peru, will release next March, the results of the first drill test in the Sami copper – gold project, located in the regions of Ayacucho and Huancavelica, in order to decide on the next steps.

That, after reaching an agreement in February, with Lara Exploration, Vancouver, exploration company with a diverse portfolio of projects primarily in Brazil and Peru, and owner of the project. In this way, Lara continues closing agreements (JV) with partners to share risk with their explorations.

Minera Anaconda completed in February the drilling of a 726 meters hole to test the area before the work was halted because of the rainy season which ends in March.

Meanwhile, Lara ‘s exploration work has been completed outlining 20 areas of gold and copper associated with abnormal high and low sulphidation epithermal type with quartz veins and hydrothermal breccias which is related to possible underlying porphyry systems. Also, its community relations team continues to work with Antofagasta to ensure community agreements and drilling permits on additional areas on the property

Under the agreement, Antofagasta has the option to invest US$6 million in exploration over four years to earn an initial 55% interest in the project, having to spend US$ 500,000 the first year.

From there, Antofagasta may elect to earn an additional 5% in two years to complete a Preliminary Economic Assessment and additional 15% (for a total of 75%) to complete a feasibility study within nine years.

13 February, 2014

United Kingdom: LME ANNOUNCES NEXT STEPS IN LOGISTICS PROGRAM REFORMS

Filed under: Minerandina International — Tags: — admin @ 17:54

LMEThe London Metal Exchange (LME) announced on February 5 important next steps in their series of reforms initiated in November 2013, whose main objective is to reduce the buildup of queues in the affected stores.

These changes are on the way for implementation on 1 April 2014 as planned. So, after a rigorous tender process, the consultancy Oliver Wyman was selected to carry out a large-scale logistics network storage review of the LME. The objective is to provide an independent opinion on the reasonable expectations and operational requirements for loading and holding metals.

The LME has also commissioned a legal study of its logistics agreement, which will be conducted by Addleshaw Goddard LLP. The review will run in parallel with the logistics review to ensure that the Agreement is appropriate to the planned objectives.

“The appointment of independent external consultants to carry out a full review logistics represents tangible steps to ensure that the physical network of the LME continues to support our global contracts” said Garry Jones, CEO of LME.

Chile: ESPERANZA MINE WILL INVEST US$109 MN TO INCREASE PRODUCTION

Filed under: Minerandina International — Tags: — admin @ 17:54

esperanzaMinera Esperanza, a copper-gold operation controlled by the local mining group Luksic (70%) and Japanese company Marubeni (30%), develops and optimization project to increase copper and gold production from 15% and 20%, at its Esperanza mine, located 30 km from Sierra Gorda, and 167 km from Antofagasta port.

Minera Esperanza began operations in 2011 with a design capacity of 190,000 tpa of copper in concentrate and 230,000 ounces of gold, annually. However, after two years of operations, production has always been below that level. In 2012, Esperanza produced 163,200 tonnes of copper and 174,900 tonnes in 2013. The useful life of the deposit would extend until 2026.

The proposed optimization cost, is around US$109 million and includes the installation of a new crushing system and baked to process 20,000 tpd of ore, which will assist the current grinding system of Esperanza. The new plant would be operational by 2015.

Minera Esperanza awarded the Finnish-Swedish firm Metso Mining, Helsinki, the construction of the new crushing plant, whose development involved 500 workers at the peak of the project.

Metso will execute the EPC contract for engineering, procurement and construction of the project, including material handling equipment, crushing, ore sorting, automation systems, civil works and electromechanical equipment for the new plant.

The equipment to be supplied includes three new cone crushers, three screeners, three in two sizes, seven banana feeder belts, two feeders and nine ore conveyors for a total area of 1 km.

Switzerland: GLENCORE-XSTRATA ANNOUNCES 26% INCREASE IN COPPER PRODUCTION

Filed under: Minerandina International — Tags: — admin @ 17:52

xstrata-copperGlencore Xstrata plc, Baar, diversified mining company and the fourth largest in the world with over 50 operations, announced on past 11 February, its 2013 production report.

The main highlights are the 26% growth of total average of copper production compared to 2012,  for about 1.5 Mt, driven by a strong growth in its Collahuasi mine (Chile), which recorded an increase of 58% equivalent to 195,600 tonnes in Q2 –as well as an increase of 43%  of African copper equivalent to 398,600 tons.

Meanwhile, the coal production increased by 4% to 138.1 Mt, driven by the growth of PRODECO Colombia and Australian operations.

As for the production of zinc, it fell 9%, equivalent to 1.4 Mt due to the end of the useful life of the Brunswick and Perseverance mines in Canada, in June 2013. However, the company expects a zinc regrowth in 2014, with the expansion of its operations in Australia.

Glencore – Xstrata said on the other hand, the mineral reserves in the Las Bambas (Peru) in development copper project, contains 6.9 Mt of copper.

Featured metallurgical engineers will be honored with the “Golden Tumi”

Filed under: Briefs — Tags: — admin @ 17:51

On next 21st February, leading professionals of metallurgical engineering in Peru, will receive the “Golden Tumi” annual award given by the Chapter of Metallurgical Engineering of the College of Engineers of Peru (CIP). The award ceremony and distinction will be held at a gala dinner at 7 pm at the Swissotel in San Isidro.

This event is considered one of the most important in metallurgical industry, and trust to overcome in its second year, which was done in 2012, bringing together the best engineering professionals of this sector, according to Mr. Oscar Tinoco, President of the Chapter of Metallurgical Engineering of the Departmental Council of Lima.

Also, the medal “The Huaira Inka” will be delivered as part of a tribute to leading professionals in political, diplomatic, educational and environmental fields.

Manager of SIMSA presents resignation

Filed under: Briefs — Tags: — admin @ 17:51

Cia. Minera San Ignacio de Morococha S.A (SIMSA), which operates the San Vicente mining unit in the Junin Region, announced through a statement that Luis Enrique Seijas, submitted his resignation as CEO of the company.

Construction Manager of Milpo leaves the charge

Filed under: Briefs — Tags: — admin @ 17:51

Compañía Minera Milpo S.A.A., announced through a press release that Clever Párraga stepped down as Construction Manager after 7 years.

68 development centers throughout Peru are identified

Filed under: Briefs — Tags: — admin @ 17:51

Peruvian consultant Proyectos y Estudios Mineros de Inversión [Mining and Investment Projects] (PROESMIN) has identified 68 development centers –those places that have a population greater than 5,000 people and have all the services and communication facilities– thanks to an analysis tool that allows map projections via a coordinate system.

These development centers are located throughout the entire country. So, on the coast, cities like Piura, Chiclayo, Trujillo and Lima, are those that make the most developed areas.

Also, in the Andean region, the main centers are Arequipa, Cusco, Huancayo, Cerro de Pasco and Cajamarca, while in the Amazon are Iquitos, Yurimaguas, Tumbes, Lamas, Tarapoto, Contamana, Pucallpa and Puerto Maldonado.

540 new MW will enter the system in the coming weeks

Filed under: Briefs — Tags: — admin @ 17:50

“In the coming weeks, 540 new MW will enter the system from a new thermal plant from Fenix Power Perú company in Chilca”, Jorge Merino, Minister of Energy and Mines, said in an interview by local media, last February 5th.

He argued that the ability to generate electricity is guaranteed, because only in 2013, 2100 new MW have entered the national system and the country has additional 700 MW of cold reserve, for thermal plants that are ready to enter when the system requires them both in the north and south.

He explained that the power outage registered on past Monday 03rd February in the northern cone of Lima, was the result of simultaneous failures that occurred in transmission lines by the Red de Energía del Perú [Power Grid Peru Company] (REP), but not in generation system. He noted that is being evaluated by the Organismo Supervisor de la Inversión en Energía [Supervisory Agency for Investment in Energy] (OSINERG) and the Comité de Operación Económica del Sistema Eléctrico Interconectado Nacional [Committee of Economic Operation of the National Interconnected System] (COES -SEIN) to make the system have more reliable measures.

…And bids for construction of the South Energetic Node keep its way

Also, the Minister Merino  announced that the Ministerio de Energía y Minas [Ministry of Energy and Mines] plans to  bid the construction of new transmission lines, substations, 1,100 MW from hydropower and other infrastructure, in addition to the two power plants of 500 MW each, as part of the South Energetic Node, which were concessioned in November.

Bear Creek initiate international arbitration against Peru

Filed under: Briefs — Tags: — admin @ 17:50

Bear Creek Mining Company, Vancouver, junior mining company that explores argentiferous Santa Ana and Corani projects (Puno), announced on February 7th they gave the Ministerio de Economía y Finanzas [Ministry of Economy and Finance] a notice of intent to preserve the rights of company to initiate arbitration for the Santa Ana project if no resolution is reached with the Peruvian government.

The controversy arises from the enactment of the Supreme Decree 032 done by the Peruvian Government in June 25th, 2011, indicating to terminate the rights of the company to operate the Santa Ana project and resulting in a total cessation of the activities in Santa Ana and significant damage to Bear Creek.

The filing of this notice also initiates a consultation period of six months between the parties during which they will try to resolve the dispute amicably. If an amicable settlement is not reached at that time, Bear Creek may initiate international arbitration against Peru under TLC agreement between Canada and Peru in May 2008.

Trevali reached 58,000 tons in January

Filed under: Briefs — Tags: — admin @ 17:50

Trevali Mining Corporation, Vancouver, junior mining company with operations in Peru and Canada, announced on past February 4th that its Zn-Pb-Ag Santander mine, located in province Huaral continued production at total 2,000 tpd capacity and reached a production of about 58,000 tons during January.

Also, the average grade (49% Zn) have resulted in approximately 3,650 tonnes of zinc concentrate and 2,800 tonnes of lead and silver concentrate (with an average of 55.6% Pb and 47.5 oz/t Ag) delivered and sold to the marketer partner, Glencore.

AndeanGold agrees a loan of US$ 4 million per Urumalqui

Filed under: Briefs — Tags: — admin @ 17:50

AndeanGold Ltd., Vancouver, junior mining company engaged in the exploration and development of precious metal deposits in Colombia, Ecuador and Peru, announced the signing of a letter of intent with no binding with Corporación Financiera de Desarrollo [Financial Development Corporation] (COFIDE) on past 6th February, for a loan of US$ 4 million.

The capital will be used to finance development plans of the Urumalqui silver-gold project, located in La Libertad region, which would become an operation with a 350 tpd production rate, but is expected to be lower at the beginning.

The loan will be effective in about 4 months, while permits for the operation would take between 9-12 months. Therefore, the start of operations are expected to begin in about two years.

Newmont projects gold production of 5.3 million ounces for 2014

Filed under: Briefs — Tags: — admin @ 17:49

Newmont Mining Corp., Denver, principal owner of Minera Yanacocha (51.35%) through a joint venture with local company Cia. de Minas Buenaventura (43.65%) projects a stable gold production and expects to reach 5.3 million oz. It also hopes to increase copper production from 160.000 to 175,000 tons.

With respect to the prices of both metals, Newmont estimates between US$ 1.075 to US$ 1.175 per ounce of gold and US$ 2.75 to US$ 2.95 per pound of copper.

In addition, the company also expects an approximate 20% reduction in overhead costs, continuing to execute its strategy of securing the franchise gold by additional cost reductions through sustainable operational improvements.

Also during 2014 Newmont expects to invest from US$ 1,300 to US$ 1,400 million in consolidated capital, of which approximately 90% will be allocated to capital maintenance. Projects that create value, lower costs and extending the life of the mine will be a priority.

COPPER DEMAND WILL GROW 4% DURING 2014

Filed under: News — Tags: — admin @ 17:49

Copper prices would end the year at US$ 7,000 / ton

cobreDuring 2014 the consumption of copper in the world will grow 4%, while production will reach 4.1%, Vivienne Lloyd, principal consultant of Commodities Research Unit, CRU, London, a leading consulting analysis of world metal markets, told MinerAndina.Com.

This growth is based on the best projections for European consumptions and investments announced by the Chinese state, although a slowdown that would go hand in hand with the economic slowdown in China is estimated. “We see that sustain growth rates of 8.8% for China, is not sustainable, and we expect it to be 6.05%”, said Lloyd.

However, this slowdown would be mitigated by the potential investments of the Chinese State grid and the China Railways railway company. “We project a balanced market in the first half of the year, with a continuing tightness of cathodes that will be moving to a small surplus in the second half of the year, when the stock overhang leads to greater levels of refined production” said the specialist.

CRU predicts copper prices peaking at US$7.360/t in Q2 before falling to around US$7.000/ton by the end of the year when the surplus begins to flow.

Performance in 2013

Last year, the China copper demand rebounded strongly with a growth rate of 8.8% due to a combination of good levels of industrial production and the impact of the replacement of finished and semi-finished products.

Another reason for the increase was the tightness in the scrap market which also boosted the demand for cathodes.

World Copper Conference 2014- COPPER 2014

These and other key issues in the copper market will be analyzed in detail by expert analysts, countries representatives and companies leader of the world copper industry.

COPPER 2014 will take place between 7 – 9 April in Santiago, Chile. The event will present the supply chain of the global copper industry, performing a thorough analysis of the market, from the perspective of consumption in China, the problem of supply, such as cost control, nationalization of resources, storage of LME, the role of private equity, pricing, prospects and more.

The speakers who have so far confirmed their attendance are:

•    Thomas Keller, CEO, Codelco

•    Peter Beaven, President, Copper, BHP Billiton

•    Hennie Faul, Chief Executive Officer,  Copper, Anglo American

•    Diego Hernández C., CEO, Antofagasta Minerals

•    Abraham Chahuán, CEO, Cía. Minera Antamina

•    Garry Jones, CEO, London Metal Exchange

•    Colin Hamilton, Head of Global Commodities Research, Macquarie Group Limited

•    Gustavo Lagos, Professor, Catholic University of Chile

•    Oscar González Rocha, Southern Copper Corp.

•    Michael Lion, Chairman, Sims Metal Management Asia Ltd.

•    Robert Lind, Chief Economist, Anglo American

For more information, please contact MinerAndina, collaborator and media partner of COPPER 2014 in Peru.

ENERGY DEMAND WILL REACH 67,492 GWH IN 2018

Filed under: News — Tags: — admin @ 17:47

CesarEnergy demand in Peru projects an average annual growth of 10.8% between 2014 and 2018, reaching by the year 2018 just over 67,492 GWh, compared with the current level of 44,703 GWh.

This growth will have its basis in mining projects as Constancia and Cerro Verde, whose new production is estimated at 80 Mt per year and up to 350,000 tpd of copper, respectively.

So it was said by Cesar Butron, chairman of the Comité de Operación Económica del Sistema Interconectado Nacional [Economic Operation of the National Interconnected System] (COES-SINAC), during his presentation in the framework part of the weekly conferences called Thursday Mining, organized by the Instituto de Ingenieros de Minas del Perú [Institute of Mining Engineers of Peru] on past February 6th.

COES is a private company formed by SEIN agents (generators, transmitters, distributors and free users) whose task is to coordinate SEIN operation of short, medium and long term at minimum cost, while preserving the security of the system and better use of energy resources.

Most of the new demand will come from the south, where 1,168 MW will accumulate until 2018, only on large projects, “then the burden and stress will be on the south that is why we must have resources for that area of the country,” said Butron, adding that  although the electrical system of the north will have prominence in the future and that the center remains the area of greatest demand, will not grow much and will only reach 137 MW until that year.

He added that by 2018, 4800 new MW in generation will be installed, only 14% less of the 5,575 MW we currently have.

Despite the growth, after 2018 there are no new generation projects to be developed, noted with concern the high official. The main reason for this is the existing environmental and social opposition.

“The Inambari project, which involves the construction of a large dam and commissioning of a hydroelectric plant in the high-tech Inambari river, could produce more than 2,000 MW a year of electricity, helping to fill that void of projects after 2018. But unfortunately, people regard the Amazon as the last lung of the planet that should not be touched. But I think to ‘flood’ 300, 400 or 500 km2 in different electric plants within 1’285,315km2  of the whole country, is a price that we can afford to continue with the development of Peru, while obviously providing the people its requiring basic needs and improving their quality of life”, he said.

 cobre2

2013 figures

On the other hand, Butron said that during 2013 the total effective power of the country –the amount of power delivered or absorbed by an element within a given time– was 7,776 MW, of which 41% belongs to hydropower and 59% for power stations.

In terms of energy production –all forms of primary energy– reached 39,669 GWh, an increase of almost 6.3% compared to 2012 where we only get to 37,321 GWh as “a result of the country growth”.

He added that there has been a change in the structure of the electricity supply in the country, with a preponderance of natural gas power plants over hydroelectric power plants because of Camisea. Thus, now the thermal capacity is larger than the hydro since the former have 536MW, while the latter only have 311 MW.

10 February, 2014

MINEM : GOAL FOR INVESTMENT MINING WILL BE US$ 3,000 MILLION FOR 2014

Filed under: News — Tags: — admin @ 15:54

ShinoThe Ministerio de Energía y Minas [Ministry of Energy and Mines] began on past 30th January 2014, the new Mining Thrusdays cycle of the Instituto de Ingenieros de Minas [Institute of Mining Engineers] with a lecture of the 2013 results of the MINING portfolio. Deputy Minister Guillermo Shinno, addressed several topics during his presentation.

Shinno highlighted for example, the continued growth of mining investments during 2013 despite the complicated social contexts of major mining projects. “Only in November 2013 we had the same amount of investment throughout 2012, we believe we should be between US$1500 to US$ 3000 million investment last year. We expect to have the same amount of investments for this 2014”, he said.

On the other hand, the Deputy Minister said that our country remains to be attractive for their high amounts of reserves in Ag, Cu, Zn and Pb, as well as the quality and price of labor, and indicated that copper production estimates from 1.3 Mt to 2.8 Mt by 2016, is a goal that can be reached with the start-up or continuation of projects as Toromocho, Constancia, Las Bambas or Cerro Verde”.

He also said that, together with the Ministerio de Agricultura y Riego [Ministry of Agriculture and Irrigation] has been running since mid 2012, an agreement through Mi Riego [My Irrigation] program, to bring water to local communities as well as built projects to provide water to the them, among which highlighted the Chonta dam in Cajamarca, that thanks to this construction may have water for the next 30 years.

He also highlighted the “developing tables” work, with which “we seek to restore the confidence of the population that now sees mining as threatening. Fortunately we are having good results, so one of our challenges for this 2014 is going to be the implement of many “development tables” for the population in order to make them believe again in an efficient State”, he said.

ICBC BANK PERU ENTERED TO LIMA STOCK EXCHANGE

Filed under: News — Tags: — admin @ 15:53

ICBCICBC Peru Bank, ICBC, Beijing –local subsidiary of the Industrial and Commercial Bank of China Ltd.– officially joined its shares on the Bolsa de Valores de Lima, BVL, [Lima Stock Exchange] in January, after receiving the approval of the Superintendency of Securities Market.

The start of operations is scheduled for February 6, the date on which they will open their offices and attention to financial services.

Eduardo Patsias, General Manager of Deputy Corporate Banking of ICBC Bank Peru, highlighted the favorable conditions for the development of international investment and business that our country offers, as well as the strategic location of Peru in Latin America.

On the other hand, Francis Stenning, CEO of the BVL, stressed the importance of the incorporation of ICBC to the Lima market in the development of the Peruvian banking system, being the “first Peruvian bank established with Chinese capital in the country”.

Initially, ICBC Peru Bank –which has an initial capital of US$50 million–  will offer financial products and services to major corporations in Peru, driving, among others, foreign trade with countries in the Asia Pacific region, as reported by bank representatives.

The ICBC is considered China’s largest bank and one of the largest in the world by market capitalization. It currently operates in 39 countries through 383 offices and a network of 17,000 domestic offices, which serve more than 393 million individual customers and 4.3 million businesses.

NATIONAL DAY OF AUSTRALIA

Filed under: News — Tags: — admin @ 15:52

DIA DE ASUTRALIA 2014With a greeting to the solution of the border dispute between Chile and Peru by the International Court of Justice in The Hague, began his speech the Ambassador of Australia in Peru, Mr. John Woods, during the National Australia Day ceremony, held on Jan. 30.

“The solution to the conflict will benefit not only the relations between Peru and Chile, but also to the Pacific Alliance where Australia is an observer”, he said, adding that thus promoting trade and investment will be strengthened.

In the 50th anniversary of diplomatic relations between Peru and Australia, Ambassador Woods highlighted not only the Australian companies primarily investments in mining, energy, but also capacity building and human development promoted by businesses and institutions of his country, in alliance with their Peruvian counterparts.

Minera Gold discovers four outcrops near Tumi project

Filed under: Briefs — Tags: — admin @ 15:51

Minera Gold Ltd, Perth, junior company developing Tumi gold project in Ica, announced on past 28th January, the discovery of 4 new outcrops in the project which is currently under exploration.

Also during the last fieldwork carried out between December and January, a large magnetic anomaly of about 600 x 800 meters was identified located at north of the project, possibly caused by intrusive rocks containing copper visible oxides and quartz. Geologically, this anomaly has many similarities with Tumi.

Riverside Resources and Hochschild Mining sign agreement for a Project in Mexico

Filed under: Briefs — Tags: — admin @ 15:51

Riverside Resources Inc, Vancouver mining company with a large portfolio of projects in gold, silver and copper, announced on past February 3rd the signing of a definitive agreement with Hochschild Mining PLC London / Lima, to acquire a 100% interest in the Cajon gold project located in Sonora, Mexico.

Exploration work completed recently shown excellent potential for a number of high grade mineralized systems historically sampled, covering 10 separate areas where 336 rock samples and 96 samples are in the range of 0.3 gr/t to 175 gr/t Au , including 47 samples from 1gr/t to 175 gr/t Au .

Hochschild Mining will have the opportunity to earn a 65% interest in the project, if exploration expenditures over four years are around US$ 5 million. Riverside will have the remain 35%. An active exploration program is expected for 2014.

Minera IRL shares issues to Rio Tinto for Ollachea

Filed under: Briefs — Tags: — admin @ 15:51

Minera IRL Limited, a Peruvian mining company founded by Investor Resources Ltd, Melbourne, announced on past 28th January, the issuance of 44,126,780 shares in favor of Rio Tinto Mining, Melbourne, in order to pay the first part of the final payment for the Ollachea gold project located in Puno.

This first payment is equivalent to US$7.31 million and represents 34% of the total. The remaining 66% is equivalent to US$14.19 million matures and ends in July 2016. Transactions are expected to begin on 3 February. With this, Rio Tinto will have 19.44% of shares while IRL will have the remainder percentage.

Illegal miners in Madre de Dios heeded a strike against Supreme Decree

Filed under: Briefs — Tags: — admin @ 15:51

On last January 30th illegal miners in Madre de Dios heeded a strike of 72 hours against Supreme Decree number 015-2013-IN which includes this region in the control system of chemical inputs and fuel.

Also the miners demanded the amendment of Article 5 of Decree 1100 which “prohibits the use of dredges and similar devices in streams, rivers, lakes, ponds, lakes, wetlands, and swamps”, and they prevent that mining could be done with dredges, strakes, rafts or carancheras.

Minsur installed roundtable with villagers of Antauta

Filed under: Briefs — Tags: — admin @ 15:50

Villagers of the district of Antauta in Puno, protesting against the mining company Minsur SA for demanding infrastructure improvements to its jurisdiction, decided to end the strike where they were blocking part of the road that conducts to San Rafael mine, owned by the mining company.

Therefore, Minsur installed last January 30th a dialogue roundtable with representatives of the Presidencia del Consejo de Ministros [Presidency of the Council of Ministers] and the population of Antauta. The meeting was held in the Parish Hall of the district. At the roundtable, the villagers asked the company to fund the water project and the signing of a framework agreement for the recruitment of a greater number of people in that district.

Minsur appoints new Country Manager for San Rafael

Filed under: Briefs — Tags: — admin @ 15:50

MINSUR S.A, a mining company engaged in the exploitation of tin in Puno, reported the appointment of Daniel Torres Espinoza as Operations Manager of the San Rafael Unit, located in Puno, the first and only tin producer in Peru and fourth in the world.

Volcan changes Andaychagua Operations Manager

Filed under: Briefs — Tags: — admin @ 15:50

Volcan Compañía Minera S.A.A., first local silver and zinc producer, announced the appointment of Mr. Carlos García Zapata as a new Operations Manager for Andaychagua mining unit, located in the district of Huay-Huay, Yauli province in the Junin region.

MINING CLAIMS FALL FOR SECOND CONSECUTIVE YEAR

Filed under: News — Tags: — admin @ 15:41

 Cementos Pacasmayo leads applications for mining claims in 2013

MAPA 2013 CONCESIONES MINERAS EXPLORACION Y EXPLOTACIONThe number of applications for mining claims –request for mineral rights for exploration or exploitation– decreased by 20% during 2013, reaching 5,797 at December 31 compared with 7,247 registered in 2012, according to statistics from the Dirección de Catastro Minero del Instituto Geológico Minero y Metalúrgico (INGEMMET). [Directorate of Mining Cadastre of the Geological Mining & Metallurgical Institute (INGEMMET)]*

In terms of hectares applicated, it represents a reduction of 23%, to 2’594, 078, 3’369, 508 in 2012.

New figures show the continuation of the downward trend of the mining claims, since 2012, after reaching his second historical record in 2011 with 9,942 applications (see Table 1). In 1995 the number of requests amounted to 10,417, because they were suspended in 1994 to sort all the cadastral system to UTM coordinates.

Table 1:National number of applications of mining claims (2011-2013)

Years

Mining claims

Hectares claimed

2011

9,942

5’413,128

2012

7,247

3’369,508

2013

5,797

2’594,078

Source: Directorate of Mining Cadastre of the Institute of Geological Mining and Metallurgical (INGEMMET)./ www.ingemmet.gob.pe

The decline in demand for mining claims matches the brake exploration activity, especially exploration companies (juniors), due to the restriction of risk project financing and the drop of international prices. In addition, there are internal factors.

“Every year there are fewer areas available to exercise mining because most of the country is geologically studied and potential mining areas have been requested by domestic and foreign companies, therefore, there is not much to explore”, Eng. Henry Luna, Director of the INGEMMET-Mining Cadastre, told MinerAndina.Com, adding that this goes hand in hand with most mining holders, who retain their rights even when not performing exploration work.

According to the General Mining Law, mining concession is granted for an indefinite period while the holder fulfills all the obligations established by law, such as the payment rights. If in the 6th year the holder has not made investments, they should pay a penalty. However, it doesn’t put a limit for an owner to put its concession in explotation.

Currently, the portfolio of mining projects in the country amounts to about US$ 60,000 million and occupies only 0.3% of the country territory. “This portfolio could increase significantly if we improve social conditions in the country and make agreements for domestic and foreign investors with the holders of mining concessions that are inactive – about 14% of the national Mining Concession System Grids –to promote studies to discover new mining projects. Also, make this 0.3% of ongoing projects enter the production stage mine”, said the senior official.

The least amount of mining claims requested, is also explained by the lack of new projects, said Mr. Luna, because there are very few projects with approved environmental studies because they must be evaluated not only by the MINEM, but must receive approvals and permits from other institutions and public entities such as the SERNANP, ANA and MININTER and become cumbersome formalities”**

The solution to this problem involves using ICT. “The State is responsibility to make a flow chart of the entire mining cycle and computationally integrate these entities in order to avoid duplication of processes and unnecessary procedures expenses that hurt investors and especially the country, which requires of these investments for their development”, said the Director of Mining Cadastre.

During 2013, the existing valid mining rights totaled 44,089 records of which only 35,409 became holders, while in 2012, 35,022 were receiving the ownership. However, such applications pending mining rights increased from 10,756 in 2012 to 8.680 in 2013, taking a reduction of just over 19%. (See Table 2) 

Table 2: Valid Mining rights – Number of records

   

Year

Certificated

Pending

Valids (certificated + Pending)

Al 31 Dic. 2011

32,088

11,383

43,471

Al 31 Dic. 2012

35,022

10,756

45,778

Al 31 Dic. 2013

35,409

8,680

44,089

Source: Directorate Mining Cadastre of the Institute of Geological Mining Metallurgical (INGEMMET)./ www.ingemmet.gob.pe

 Cementos Pacasmayo lead mining claims applications in 2013

Cementos Pacasmayo, flagship company of the industrial division of the Hochschild Group, dedicated to the production, distribution and marketing of cement and its derivatives, was the company that asked more claims and hectares claims with 130 and 107.006 ha., respectively.

It follows Golden Ideal Gold Mining, exploratory Chinese company, a member of an Asian consortium that also includes Junefield Mining and Super Strong companies. The Asian company had requested 99 claims and 83010.00 hectares claims, while Stellar Mining Ltd, an Australian gold explorer, base metals and petroleum company ranked third with 77 petitions. (See Table 3)

TABLE 3: 25 COMPANIES WITH MAJOR REQUEST OF MINING CLAIMS IN 2013

CERTIFICATED

QUANTITY

HECTARES

CEMENTOS PACASMAYO S.A.A.

130

     107,006
GOLDEN IDEAL GOLD MINING SAC

99

       83,010
STELLAR MINING PERU LTD SUCURSAL DEL PERU

82

       66,180
MINERA BARRICK MISQUICHILCA S.A.

77

       53,628
COMPANIA DE MINAS BUENAVENTURA S.A.A.

59

       45,260
KAIROS CAPITAL PERU S.A.C.

73

       42,759
TECK PERU S.A.

54

       41,900
NEWMONT PERU S.R.L.

49

       41,100
HENRY’S BUSINESS SAC

49

       37,600
MITSUI MINING & SMELTING CO. LTDA., SUCURSAL DEL P

40

       30,400
ADOLFO CHAFLOQUE MILLONES

87

       27,200
MINING COAL CORPORATION SAC

34

       24,700
MINERA DEL NORTE S.A.

33

       24,577
COMPANIA MINERA ZAHENA S.A.C.

31

       24,181
SANDER GONZALEZ DE ARMAS

48

       24,112
COMPANIA MINERA MILPO S.A.A.

35

       23,848
ANGLO AMERICAN PERU S.A.

34

       21,743
HBDK EPER MINING COMPANY S.A.C.

25

       17,099
SUMITOMO METAL MINING PERU S.A.

20

       16,800
MINSUR S.A.

20

       15,100
RIO TINTO MINING AND EXPLORATION S.A.C.

16

       14,600
ROCK BRIDGE MINING PERU S.R.L.

37

       14,349
COMPANIA MINERA VICHAYCOCHA S.A.C.

27

       13,673
SOUTHERN PERU COPPER CORPORATION, SUCURSAL DEL PER

16

       13,100
FELIPE FERNANDO CEPEDA RODRIGUEZ

13

       13,000

Source: Directorate Mining Cadastre of the Institute of Geological Mining Metallurgical (INGEMMET). / www.ingemmet.gob.pe

 Mining claims by region

Arequipa was the region that received the highest number of applications with 732 areas and 341.742 ha, respectively, followed by Ancash with 666 applications and 30,500 ha. (See Table 4)

Thus, 1,037 applications were given from regional governments, while 4,760 were made by the INGEMMET in Lima for a total of 5,797. This is because the national geological survey is responsible of processing and granting mining concessions of the general system, where medium and large mining companies don’t have a deadline to request concessions.

Available areas, such as extinguished rights totaled 35,083 ha. during 2013. The INGEMMET can take those areas for further investigation and referral to Proinversion for private investment.

Table 4: Mining claims request in all national territory – 2013

Region

Quantity

Claim Hectares

Arequipa

732

341,741.56

Ancash

666

301,500.09

Lima

660

247,303.86

Cusco

444

195,923.08

Ayacucho

386

193,755.49

Apurímac

374

175,891.08

La Libertad

423

165,491.21

Huánuco

262

115,800.00

Ica

240

108,380.01

San Martín

134

101,500.00

Moquegua

170

95,341.18

Huancavelica

205

89,334.00

Piura

183

88,480.97

Junín

288

88,311.52

Cajamarca

162

74,494.51

Tacna

133

73,128.98

Lambayeque

77

39,499.81

Pasco

69

29,225.97

Loreto

21

8,900.00

Tumbes

36

7,100.00

Amazonas

14

6,500.00

Ucayali

16

4,118.49

Puno

11

3,672.56

Madre de Dios

13

1,700.00

Mar

2

1,500.00

Callao (Lima)

4

400

Not admitted for extinction or inadmissibility

72

35,083.22

Source: Directorate of Mining Cadastre of the Institute of Geological, Mining & Metallurgical (INGEMMET)./ www.ingemmet.gob.pe

*INGEMMET: Instituto Geológico Minero Metalúrgico (INGEMMET). [Geological Mining & Metallurgical Institute]
*Dirección de Catastro Minero [Directorate Mining Cadastre]
** ANA: Autoridad Nacional del Agua [Water National Authorithy]
**SERNAMP: Servicio Nacional de Áreas Naturales Protegidas [National Service of Protected Natural Areas]
**MININTER: Ministerio de Interior [Interior Ministry]

3 February, 2014

China: TWELVE FREE TRADE ZONES WILL BE CREATED

Filed under: Minerandina International — Tags: — admin @ 14:49

china

The Chinese government gave its consent to the creation of 12 free trade zones (FTZ), following the authorization given to Shanghai last September, amid enthusiasm for these projects.

The FTZ Shanghai, the first of its kind, is a strategic national test to get market forces and promote trade and investment market-oriented reforms.

The municipality of Tianjin and Guangdong were allowed to establish FTZ, said a source of the Economic Information Daily, Xinhua, refusing to reveal the identification of the other 10.

After the consent of the Cabinet, a group of central government departments will conduct a joint study of the proposed areas, and prepare specific plans to establish a process that can take over a year, the source said.

So far, Tianjin and Guangdong have completed the study, which has just started in the other 10, the source said. “China does not set limits on the number of terms to construct FTZ or while meeting the requirements of an FTZ,” the source added.

The provincial regions of Zhejiang, Shandong, Liaoning, Henan, Fujian, Sichuan, Guangxi and Yunnan, and the cities of Suzhou, Wuxi and Hefei have noted that the filing of FTZ tops its list of priorities for 2014.

Chile: HOCHSCHILD ADVANCE IN EXPLORATION PROJECTS OF GOLD AND COPPER

Filed under: Minerandina International — Tags: — admin @ 14:47

hochild chile

Minera Hochschild Chile, the local subsidiary of Hochschild Mining plc, London/Lima, will review this year its copper-gold Valeriano, located just 27 km from mega gold and silver currently suspended – Pascua Lama project ownership Canadian Barrick Gold, Toronto.

Valeriano is near the border of Chile and Argentina, in the mountains of the Atacama region, and covers an area of 3,750 ha.

Hochschild confirmed by an exploration program that Valeriano could potentially be a major copper-gold porphyry at depth. The company said that during this summer, the project will remain in pending state, while the alternatives are analyzed for the next exploration campaign in the tank.

Valeriano was explored in the past by several important companies including Phelps Dodge (1989-1991) and Barrick (1995-1997) which, in total reached 12,575 m drilling. Since 1997, the deposit showed no significant further exploration.

Hochschild developed in 2012, 5,294 m of drilling, which threw in the first holes, evidence of a copper porphyry system at depth, which would contain a significant copper and gold mineralization. A second campaign of 2,421 m of drilling was developed by the company until Q2 2013.

Hochschild, has projects in Argentina and Chile. In November 2012 acquired the company Andina Minerals Inc., and with it the Volcan gold project, located in the prolific Maricunga gold belt in the mountains of the Atacama region. However, operations in Peru are responsible for most of its production.

During 2013 the company achieved 20.5 million silver equivalent ounces (13.6 million ounces of silver and 116,000 ounces of gold). Hochschild expects to produce at the end of this year, 21 million ounces of silver equivalent and expects further reduce maintenance costs throughout its operations, up to 5% during the year.

SIERRA METALS WILL COMPLETE UNDERGROUND INFRASTRUCTURE IN YAURICOCHA MINE

Filed under: News — Tags: — admin @ 14:44

sierra metals

Sierra Metals, Vancouver, medium polymetallic producer with mines in Peru and Mexico, announced plans for 2014 in its Yauricocha mine located in Yauyos province, Lima region. Among them to complete the underground mine infrastructure, reduce dilution –the percentage of waste rock which is incorporated to mineral – implement better control of water flows , conduct regional exploration outside the central area mine and maintain existing costs.

The Canadian company presented the Yauricocha annual production from 2013, which produced 1.87 million ounces of silver, down 13% compared to 2012 where it recorded 2.14 million ounces, 6.5 million pounds of copper, a decrease of 28 % compared to the previous yeawhere he earned 9.1 million pounds.

Regarding lead, the mine produced 37.1 million pounds, an increase of 5% compared to 2012 where they reach 35.2 million, in zinc showed a slight increase of 2% to 50.8 million of pounds , compared to 49.9 million obtained a year earlier.

Gold meanwhile, had a negative change of 36% to 6,736 oz compared to 2012 where he recorded 10.491 oz.

cuadro

 

 

Sierra Metals also announced its annual consolidated production including Yauricocha, Bolivar and Cusi mining (Mexico), with the following results:

cuadro2

Battle against illegal mining continues in Madre de Dios

Filed under: Briefs — Tags: — admin @ 14:37

The State will continue operations against illegal mining in Madre de Dios, this time in the district Huepetuhe province of Manu, in order to prevent the destruction of forests.

According to the High Commissioner on Mining Formalization Affairs, Daniel Urresti in this district mining is practiced in open pit activity that have take place 20 years ago and has destroyed more than 600,000 hectares.

Villagers of Arequipa blocked roads by cutting from mining

Filed under: Briefs — Tags: — admin @ 14:36

On past 22nd January, a group of people from the north of Arequipa, blocked for four hours the road that gets together this city with Cusco and Puno, because of the replenishment in the budget of the mining Canon that their municipalities receive and the repeal of the rule that make the mining tax.

Although they had initially called for a 48-hour strike, after the signing of an agreement with the governor Miguel Guzman, villagers clear the way.

Estrella Gold recovers 100% stake in its La Estrella project

Filed under: Briefs — Tags: — admin @ 14:36

Estrella Gold Corporation, Toronto, junior mining company developing a broad portfolio of gold projects in Peru and Chile, announced on past 22nd January the recovery of the 100% stake in its La Estrella flagship project, after his partner Mines Management Company (Werstern Australia) – withdrew from the joint venture agreement and left 75% of the shares.

“The system of ore in La Estrella is quite large, and we believe it has a tonnage potential with a fairly significant growth,” said John R. Wilson, president and CEO of La Estrella. The project is located in Huancavelica, and has 33 holes to date with multiple intercepts of gold and silver.

Hochschild will disenrolled two mines of silver due to depletion of reserves

Filed under: Briefs — Tags: — admin @ 14:34

Hochschild Mining plc, London, local precious metals producer operating in Peru, Mexico and Argentina, will close permanently its Moris (Mexico) and Ares (Peru) mines due to a depletion in their reserves.

Hochschild mining activities ceased in Moris in late 2011 but continued processing the stockpiled ore through cyanide in 2013. In regards to Ares, located in Arequipa, operations will close during Q1 2014, after 18 years of continuous operation.

… and projects production of 21 million ounces of silver for 2014

With the recent acquisition of 100% of the Pallancata mine- bought to IMZ, where they until recently had only 60% stake–, Hochschild will achieve the 21 million oz silver goal for 2014, despite the closure of Ares and Moris.

Macusani Yellowcake presented PEA for uranium deposits in Peru

Filed under: Briefs — Tags: — admin @ 14:32

Macusani Yellowcake Inc., Toronto, a junior mining company focused on uranium exploration in the prolific Macusani Plateau in the Puno region, announced the submission to SEDAR of the Preliminary Economic Assessment (PEA) for its uranium deposits.

The results of the PEA will demonstrate that the project has the potential to become a major low cost uranium operation and remains an excellent exploration potential to further expansions.

Candente Copper attended public workshop MEM for Cañariaco

Filed under: Briefs — Tags: — admin @ 14:31

Candente Copper Corp., Vancouver, junior mining company that operates the Cañariaco copper project located in the Lambayeque region, attended last January 24 a public workshop organized by the Ministerio de Energía y Minas [Ministry of Energy and Mines] as part of the approval of an amendment in the Semi Detailed Environmental Impact Assesment (SDEIA) for Cañariaco.

The workshop was organized by the request of Cañariaco Copper Peru SA, a subsidiary of Candente Copper, in the town of Atunloma and was attended by about 300 people as well as several authorities: governors, peace judges, associations leaders, presidents of rural rounds, in a climate of dialogue.

During the meeting, residents expressed support for the mining project and requested additional resources to the central government for infrastructure and development projects that are running in that area.

Indico Resources announced start of the third phase of drilling in Ocaña

Filed under: Briefs — Tags: — admin @ 14:30

Indico Resources Ltd., Vancouver, junior mining company engaged in the discovery and exploration of porphyry copper-gold deposits in South America, announced through a statement the start of the third drill phase of the Ocaña project.

This program should be completed by the end of March 2014 which will be a total of 3050 meters in 32 holes and comprising short vertical holes near the surface.

Environmental study of Tia Maria would be approved in Q2 2014

Filed under: Briefs — Tags: — admin @ 14:29

The Ministerio de Energía y Minas [Ministry of Energy and Mines] (MEM) expected to approve in Q2 2014 the Environmental Impact Assessment (EIA) of the Tia Maria copper project, owned by Southern Copper Corporation and based in the province of Islay, Arequipa.

This will be the second EIA submitted by the company controlled by Grupo Mexico, since the first was rejected by the population of Arequipa due to environmental concerns. But a public hearing held in December last year, gave its “social license” to the project implementation.

The US$1 billion Tia Maria project would increase the production of Southern Copper to about 120,000 tonnes of copper annually.

MILPO WILL RESTART ACTIVITIES IN CHAPI AND IVAN

Filed under: News — Tags: — admin @ 14:27

DSC_0067Milpo Mining Company SAA third local zinc producer, is evaluating several options to restart operations in its Chapi copper mine, located in Moquegua region, including the option of underground mining, Mr. Victor Gobitz, CEO of the company, told MinerAndina.Com, adding that, in late March, deadlines and other details will be announced.

Chapi halted its open pit operations in November 2012, due to the presence of primary sulfides that could not be exploited in the SX -EW process, as oxides identified, could not sustained economically the operation, in a context of low copper prices. The mine reached to produce up to 900 tons of copper cathodes per month.

The reopening of Chapi, as well as the options that are being evaluated to restart operations at the Ivan mine in Chile, is one of the steps Milpo is doing in its growth strategy in base metals, which happens to have 5 mines in operation within three years.

Chapi is a porphyry copper, whose oxide layer was going to explode in a first stage, waiting for a second exploitation of sulfides. That was the assessment made by Milpo after its start-up in 2006. With the new management, the company has redirected its strategy from a campaign focused on exploration in oxides and non sulfides – which will have to wait until a solid geological model.

This adds to the large installed capacity that Chapi has as an underground mine, thanks to which it was exploited in this way before belonging to Milpo. “The reset CAPEX is therefore very small,” said Mr. Gobitz , but declined to say the amount of investment.

The concept is repeated in the case of Ivan, the open pit operation and SX -EW process with a capacity of 1,000 tons of copper cathodes per month, located in the Atacama Desert.

It halted its operations in April 2012 by the high stripping ratio and the few financial reserves due to lower ore grades and high operating costs. Milpo is defining the next steps of a possible resumption of operations.

Milpo owns about 40,000 ha. concessions in Chile, where Ivan is located. So he focused on making explorations, mainly around Sierra Medina, an oxides deposit that before was an underground mine, 45km from Ivan.

“We have identified two areas near the Ivan plant, that we are going to explore to confirm if we can restart underground operations,” said Gobitz, adding that they should close 2014 with engineering and feasibility studies for both projects (Ivan and Sierra Medina) and restore the operational capability to generate positive cash flow.

In 2005, Votorantim Metais, Sao Paulo, producer of zinc, aluminum and nickel, acquired 24.9% of Milpo, participation was extended until 2010, when became majority shareholder, currently taking 50.06% of the Milpo shares. “That has brought Milpo a corporate vision and participation has been part of a strategy of vertical integration in the zinc business allowing the company access to more sophisticated markets”, he said.

Thus, in 2007 launched the Cerro Lindo mining unit located in the province of Chincha, Ica region, which began operating at a rate of 5,000 tpd and now makes 15,000 tpd, having produced in 2013 about 278,000 of dmt zinc concentrate, 19,000 dmt of lead concentrate , 130,000 dmt of copper concentrate, containing about 2.6 million ounces of silver. It is the first mine in Peru using desalinated seawater for its mining processes.

Milpo is evaluating whether to continue to expand the operations of this mining unit. The company has invested in better understanding the VMS type deposit, and gain more experience in the mining method.

caudro1

 

 

 

 

 

 

 

 

Synergies unified Atacocha -El Porvenir

Within its acquisition policy, Milpo bought Compania Minera Atacocha in 2008, located in the Pasco region, owned by Gallo mining family, and neighbor of El Porvenir mining unit, with which shares almost the same deposit. Both mines were operating independently. It is from last year (2013), the concept changes towards a holistic view with the unification of operations.

“We are building a geological model that will allow us to have a pattern of mineralization and exploration point to confirm the extensions of the deposit. We also seek to optimize both infrastructure and reduce costs. For example, we already have results that indicate that there have been no less than 10% reduction in operating costs and a higher rate of production”, Mr. Gobitz said.

In a first stage we have define one upervision in order to exploit synergies from an administrative point of view. Furthermore, additional studies have been conducted, as the potential for greater operational unification is large, since the deposits are open at depth and horizontally.

The El Porvenir underground mine, is 60 years in operation and is the deepest in Peru with Picasso Shaft of 1600 meters. In 2013 it produced 118,000 dmt of zinc concentrate, 23,000 dmt of lead concentrate, 6,000 dmt of copper concentrates, containing 1.9 million ounces of silver.

Meanwhile, Atacocha has been operating from 1936 and the mine depth reaches 1200-1300 meters. Synergies with El Porvenir seek to contribute to the optimization of the unit, which produced 83,000 dmt of zinc concentrate, 16,000 dmt of lead concentrate, 6,000 dmt of copper concentrates, containing 1.5 million ounces of silver, during 2013.

Future mines

Hilarion (Huanuco) , Magistral (Ancash) and Pukaqaqa (Huancavelica) are three exploration projects available to Milpo to become mines and which are “competing” to see who goes first . “All three have very advanced exploration and in this 2014 engineering is being tuned to try to size them to a smaller operational scale, focused on the high-grade zones and develop in stages, to allow us a return on investment as soon as possible”, explains Gobitz and mentioned the case of Cerro Lindo, who also started at a lower level, and then continue to expand.

Hilarion is a polymetallic zinc -lead-silver skarn, like Atacocha-El Porvenir with almost complete its exploration. Prefeasibility is ready but in a not optimal dimension. Milpo is waiting to obtain the proper permits for the development stage.

Magistral is a copper- molybdenum porphyry, designed for a copper sulphide open pit operation, wich feasibility study is also resizing.

Pukaqaqa is a sulphide skarn copper-gold deposit and presents technical challenges that are in evaluation. Open pit operation is planned.

28 January, 2014

Mining contributed only 5.8% of the taxes in 2013

Filed under: Briefs — Tags: — admin @ 14:30

According to Tania Quispe, head of The Superintendencia Nacional de Administración Tributaria [The National Superintendency of Tax Administration] (SUNAT), tax revenues in the mining sector in 2013 fell by 46%, which translates into more than S/. 4 billion due to a reduction in the price of metals.

Quispe explained that the structure of tax revenues by sector has changed and we are now less dependent on the mining sector. Therefore, the decline has been reversed by other sectors such as the construction sector, which grew by 15% during 2013.

Peru 216 social conflicts recorded in December 2013

Filed under: Briefs — Tags: — admin @ 14:29

The Defensoría del Pueblo [Advocacy Office], recorded 216 social conflicts in December 2013, 170 of which are still active, 5 more conflicts than in the previous month, according to its latest report released on 15th January.

The main regions are Ancash (30), Apurimac (23) and Puno (18) and the most numerous are caused by social and environmental issues, recording 139 cases, being mining, the activity that generates higher fighting (48%).

Rolando Luque, Deputy for Prevention of Social Conflicts of the institution, said local governments are in charge of leading the process of conflict resolution. Also recommended to continue with the actions of dialogue given jointly by the Government and the Advocacy.

… and Tia Maria observations and in the final road

Filed under: Briefs — Tags: — admin @ 14:29

On the other hand, last January 20th was the deadline for various public and private entities to present to the Ministerio de Energía y Minas [Ministry of Energy and Mines] (MEM), the comments of the EIA. July Morriberón, Director of Institutional Relations at Southern, said MINEM now will classify observations and Southern have 40 days to fill them. He was convinced that authorization will be delivered before the first half of 2014.

Alterra ends Joint Venture with Peruvian company

Filed under: Briefs — Tags: — admin @ 14:27

Alterra Power Corp, Vancouver, global company leader in renewable energy that operates six power plants worldwide, announced completion of the JV (joint venture) with the Corporation Energy Development (EDC), a global leader in geothermal energy based in the Philippines, which covers the remaining assets of Alterra geothermal development in Peru.

Under the agreement, EDC will get a 70% in the portfolio of future projects and will fund 100% of the following totaling an investment of US$ 6 million in development costs.

Future activities include advanced scans designed to identify the best locations for the development of power plants and construction.

Panoro continues to intersect high grade gold and copper in Cotabambas

Filed under: Briefs — Tags: — admin @ 14:26

Panoro Minerals Ltd, Vancouver, junior mining company that manages a diversified portfolio of copper projects in Peru, announced through a press release, the results of its Cotabambas copper-gold project, located in Apurimac, where Panoro owns 100%.

Drill results include east, north, northwest and southeast side of Ccalla deposit. Some of the most important results were the interception of 69.5 m. primary copper @ 0.79% Cu, 0.29 gr/t Au, 7.82gr/t Ag. A second interval of 39.5 m. @ 0.96% Cu, 0.31 gr/t Au, 7.47 gr/t Ag, and a third interval of 78.2 m. @ 0.63% Cu, 0.40 gr/t Au and 4.83 gr/t Ag.

Likewise, in another of the holes of 47.5 m, a primary copper of 0.80% Cu, 0.40 gr/t Au and 5.19gr/t Ag was found.

27 January, 2014

EXPOMIN WILL REWARD JOURNALISTS IN A CONTEST OF MINING

Filed under: Minerandina International — Tags: — admin @ 16:04

Logo concurso

 

 

In this new edition of EXPOMIN the main event of mining in Chile, that will be held from 21 to 25 April this year, there will be the competition “Journalism Mining: disseminate the mining is to do the history of its characters” which has as main aims promoting the creation of quality journalism works related to the Chilean mining and strengthen the knowledge of this industry.

For this contest, they have established four categories , including two for written and broadcast journalism in a national level , and the other two in a regional level , in the same formats. Each of the four winners will win a monetary prize of US$ 1,500 plus a symbolic trophy that will be delivered during the official opening of EXPOMIN in Espacio Riesco , Santiago.

The works must have been published or disseminated by any media in regional or national media, from 1 January 2013 to 31 December of the same year. The reception of them will run until March 14, 2014.

Then the Works shall be assessed by the jury , composed of representatives of the Colegio de Periodistas de Chile [ Journalists Association of Chile], AIPEF , the Sociedad nacional de Minería [National Mining Society] ( SONAMI ), the Consejo Minero de Chile [Mining Council of Chile], CODELCO and Asociación de Proveedores de la Minería [Suppliers Association Mining] (APRIMIN).

For those who are interested in participate , the bases of the 4th Competition “ Journalism Prize Mining “ are posted on the website of EXPOMIN (www.expomin.cl).

In its previous version, the “ Mining Journalism Award “ was given only in two categories , national and regional , where the winners were Raul Gamboni Silva of Channel 13 and Alejandra Diaz Ponce of Genial Management Chanel respectively.

Chile CESCO proposes to change the paradigm of mining in Chile TO OVERCOME THE DISCONNECT BETWEEN MINING AND SOCIETY

Filed under: Minerandina International — Tags: — admin @ 16:03

cesco

The Centro de Estudios del Cobre y la Minería [Study Center for Copper and Mining] (CESCO) announced the publication of its document: “Mining as a platform for development: Towards an integrated and sustainable relationship with the mining industry in Chile”, developed in the context of the 30th anniversary of CESCO.

The document describes the main CESCO approaches in mining and reflects on how the industry can achieve comprehensive and sustainable relationship, becoming an effective platform for the development of the country.

For a decisive impulse to this activity, CESCO makes proposals on the key areas where work is needed to overcome the disconnection between mining and the rest of society and not pass up the opportunity for development that the country currently presents.

“We are facing a stage where social conditions and the competitiveness of the mining industry have changed,” said Juan Carlos Guajardo, executive director of CESCO. “This is why it is necessary to consider a country long-term reflection on the industry and the mining model we want for the future of Chile,” he added.

The final document can be downloaded from the following link.

 

Canada UNCERTAINTY IN EXPLORATION CONTINUES IN MINING SECTOR FOR 2014

Filed under: Minerandina International — Tags: — admin @ 16:00

exploracionimnera

Market uncertainty continues to weight on the industry for 2014. Without renewed investor interest in the coming months, most junior mining companies and many small producers will have no choice but to restrict its efforts on exploration activities throughout the year. As a result, the Canadian consulting firm SNL Metals & Mining, expected during 2014 a drop in the number of reports with significant drilling results, particularly in countries with a strong junior mining presence, such as Canada and Australia.

This conclusion was reached in its Annual Survey of Corporate Exploration Strategies in Mining, where he analyzed 351 projects that reported at least one significant result of drilling during 2013.

The top 10 countries with exploration budgets in 2013 attracted a total of US$ 7.8 billion for all stages of exploration in gold, base metals, platinum group metals and uranium.

When budgets of countries are compared to the number of results of significant drilling reported in its mines and projects, it is clear that exploration expenditure in countries with higher levels of juniors activity as Australia, Canada and the United States, resulting in more significant results of drilling in countries with weaker juniors.

Primary gold projects were the most active, followed distantly by copper, nickel, uranium, PGM projects and primary zinc-lead.

As reported in the previous study, companies focused their exploration programs in assets last stages. In addition, 196 projects under development and feasibility reserve, had significant results, compared with 90 and 65 projects at an early stage in preproduction and production assets. More than 55% of the projects are in the top three countries with larger budgets: 90 projects with Australia, Canada with 76 and the United States was 29, while the rest is divided among the other 51 countries.

IMP PARTICIPATED IN THE WEEK OF MINING ENGINEER

Filed under: News — Tags: — admin @ 15:58

 

 

 

 

 

 

 

 

 

3iimp

 

 

 

 

Dr. Jessica Kogel, president of the Society for Mining, Metallurgy & Exploration (SME) and Senior Manager of the mining and geological IMERYS group, noted that many of the mining companies in recent years have changed CEO’s in response to the needs of higher profitability in its activities. She indicated that our country is an attractive and ideal territory for investors due to the economic stability and the existing governance and stressed that the future of Peruvian mining depends on the decisions that are currently taking.

It was in her presentation called Mining Business Trends: Investing in our future on past 15th January, as part of the Week of Mining Engineering of Peru held between the 13th and 17th of the month.

Mr. Romulo Mucho, IIMP president who was in charge of the “Mining and Agriculture, together for Peru” conference, stressed the need for politicians who implement policies to further advance in the development of the mining sector in Peru. In addition, he said that mining and agriculture were complementary activities and the challenge was to learn to manage both resources for the welfare and development of our country.

Mr. Ciro Alvarado, of the Mining Department of the Ministry of Energy and Mines, was also present with the conference “Administrative Procedures and Detailed Engineering for Awards and Benefit Plan Mined “.

At the same ceremony a tribute to Mr. Abraham Chahuan was held for his outstanding professional and personal background, his management and recognitions as president and general manager of the Antamina Mining Company as well as his work at the 31st PERUMIN Mining Convention held last September in the city of Arequipa

FOCUS VENTURES WILL INVEST MORE THAN US$ 15 MILLION IN BAYOVAR 12

Filed under: News — Tags: — admin @ 15:55

 

 

 

 

 

 

 

2bayovar12

 

 

 

 

 

Focus Ventures Ltd., Vancouver, phosphate explorer company in Latin America, announced through a press release, that plans to invest more than US$15 million in the Bayovar 12 phosphate project, after signing an agreement with the company John Paulo Quay SAC to acquire 70% stake in the latter of Bayovar 12 located in the desert of Sechura, Piura region.

The agreement was signed on past January 14th and requires Focus Ventures to invest in exploration, pre-feasibility study and cash payments. After that, it will have the preferential right to acquire the remaining 30% of the project. The first drilling will begin in late January.
Focus expected this to be the main part of its exploration activities for 2014.

The company will conduct a drilling campaign of 20 holes and will focus on the western half of the grant in order to estimate the resource whose conceptual geological objective is to house 80Mt – 100Mt of phosphate ore 12% -17% P2O5 – roughly in line with other deposits of rock phosphate as Bayóvar operated by companies Mosaic Company and Mitsui Corporation.

This would confirm the great potential of the project to accommodate a large deposit of sedimentary phosphates.

The Bayovar mine –one of the largest phosphate deposits in South America comprising 22,000 ha belongs to Brazil’s mining company Vale, the world’s second largest mining company and the world’s largest iron ore producer–, is located within the concession Bayovar 2 about 15 km west of Bayovar 12 project. Vale awarded this mine in 2008 and two years later, sold minority stakes in the project to Mosaic (35%) and Mitsui (25 %) in the amount of US$ 660 million.

Fosfatos del Pacífico (FOSPAC) subisidiary company of Cementos Pacasmayo and Mitsubishi Group –company that has 30% share of FOSPAC–, are also developing a phosphate deposit in Bayovar 9 concession, which is located immediately north of the Bayovar mine. The project includes a useful life of 20 years on the basis of 130 meters (dry density) of reserves and measured and indicated resources grading 17.5% P2O5.

Golder Associates, a global company providing consulting services in areas such as mining, oil, energy and urban development, will continue to advice Focus on sampling, analytical protocol, the drilling program and recommendations on optimizing the space between the holes for resource classification

Solar panels to Amazon for more than S /. 136 million

Filed under: Briefs — Tags: — admin @ 15:51

The Minister of Energy and Mines Jorge Merino, announced on past 16th January, the implementation of a rural electrification program for more than S/.136 million in all regions of the southern area of the Amazonas region, starting in Condorcanqui and Utcubamba provinces.

The goal is to install solar panels to benefit the people in these places which is widely dispersed and cannot have traditional power connection. He said that by the end of 2016, 6000 towns will have this service.
Alterra ends Joint Venture with Peruvian company

Alterra Power Corp, Vancouver, global company leader in renewable energy that operates six power plants worldwide, announced completion of the JV (joint venture) with the Corporation Energy Development (EDC), a global leader in geothermal energy based in the Philippines, which covers the remaining assets of Alterra geothermal development in Peru.

Under the agreement, EDC will get a 70% in the portfolio of future projects and will fund 100% of the following totaling an investment of US$ 6 million in development costs.

Future activities include advanced scans designed to identify the best locations for the development of power plants and construction.

The OCMA judge opened an investigation to the return of illegall gold

Filed under: Briefs — Tags: — admin @ 15:50

After being uncovered by an investigation of El Comercio newspaper, seizure of 508 kg of illegal gold valued at US$18.8 million, the Oficina de Control de la Magistratura [the Office for Control] (OCMA) opened a judicial inquiry into Ucayali Judge, Wenceslao Portugal, for the return of 316 kg. gold illegally obtained to the exporter Comercializadora de Metales Rivero, which is under investigation and intervention of the Customs. The company in question does not have an address record in the Ucayali region.

Population of Islay analyzed Tia Maria EIA together with environmental specialists

Filed under: Briefs — Tags: — admin @ 15:49

The population of the capital of Islay, were the Southern Copper’s Tia Maria project is located, returned to hear the explanation of the Environmental Impact Assessment (EIA) of the project on last 17th January. This time Ricardo Giesecke, former environment minister, economist Juan Aste and a representative of the NGO CoperAcción discussed the study with the residents.

The event was organized by the Frente de Defensa del Valle del Tambo [Front for the Defense of the Tambo Valley] through its leader Pepe Julio Gutierrez who said the analysis helped them to make observations to the project which will be presented soon.

Mining investment will be US$ 8.800 million in 2014

Filed under: Briefs — Tags: — admin @ 15:46

The Sociedad Nacional de Minería, Petróleo y Energía [The National Society of Mining, Petroleum and Energy] (SNMPE), projected an investment of US$8.8 billion in the mining sector at the end of 2014, due to the electoral situation in the provinces and the social conflicts would not take the seriousness of previous years, said Eva Arias, president of the SNMPE.

She also provides for the entry into production of a large number of mines with a total investment of around US$ 5.600 million. Such is the case of the enlargement of Marcona that will require US$1.5 billion, Constancia of US$1.8 billion, Inmaculada US$370 million and Shahuindo US$132 million.

Vena closes sale of assets uranium Uranium Agincourt

Filed under: Briefs — Tags: — admin @ 15:44

The junior Vena Resources Inc., Toronto, announced on 16TH January by a statement that Azincourt Uranimun acquired 50% of its shares in exchange for a total payment of US$ 1,000,000 for uranium projects Macusani and Munani in the Puno region.

“This is an important milestone for Vena because the investment is reactivated in the uranium business. We believe that uranium will provide a significant increase over time as it continues to invest in the growth of the resource based in Macusani “, said Juan Vegarra, Chairman and CEO of Vena.

Tinka intercepts new values of mineralization at northwest of Ayawilca

Filed under: Briefs — Tags: — admin @ 15:43

Tinka Resources Limited, Vancouver, junior company that explores Colquipurco and Ayawilca projects in the Pasco region, announced the results of the analysis of the A13-14 to A13-17 holes of Ayawilca project which Tinka owns 100%.

During drilling, 24 meters were found with @2.8% Zn and 6.3 meters with 6.19% Zn.

“The company is pleased with these zinc mineralization intersections as they continue to demonstrate the potential of Ayawilca project,” said Andrew Carter, CEO of Tinka.

Chinese consortium could pay US$ 5,000 million Las Bambas

Filed under: Briefs — Tags: — admin @ 15:42

According to sources from the Wall Street Journal, a consortium integrated by China Minmetals, Citic Group and Guoxin Group is the only bidder left in the auction for the Peruvian copper mine construction, Las Bambas of Glencore-Xstrata, although another bidder could still emerge.

The operation could exceed US$5,000 million, and would be one of the largest international purchases by Chinese companies, constituting one of the mergers and major acquisitions in Peru and the most expensive for a Chinese company in Latin America and the U.S.

The sale was a condition imposed by the Chinese government to approve the merger of Glencore and Xstrata in 2013, and to avoid distortions in the copper market.

The record for a Chinese mining acquisition in Peru is from CHINALCO, recorded it in 2008 when it bought the Toromocho project for US$ 762 million.

RIO ALTO WITH MORE THAN US$ 8 MILLION IN EXPLORATION IN LA ARENA

Filed under: News — Tags: — admin @ 15:34

1 La Arena

 

 

 

 

 

 

Rio Alto Mining Limited, Vancouver, mining company operating La Arena gold mine in Peru, located in La Libertad region, announced a 2014 exploration budget of US8.2 milli on in mine and surroundings.

The program plans to drill approximately 14,500 meters reverse circulation (RC) around the pit Calaorco in order to add them to the current reserves and resources of approximately 1.66 million ounces of oxides. Another 5,000 meters RC are going to be drilled in each of the exploration targets Carmen and El Alizar, located in the 27,000 ha of La Arena extension.

Also is planned to drill 10.000 meters in the immediate area surrounding the oxide operation and designated for future mine infrastructure areas sulfide.

Thus, Rio Alto plans to complete in February, an update of the gold oxide resource and reserve estimate of La Arena, along with which will release an updated plan of mine production report, the financial model and the estimation capital support for the oxides operation.

During 2014, La Arena plans to produce between 190,000 and 210,000 ounces of gold at an operating cost in the range of US$ 629/oz to US$ 695/oz. Also forecast to be within a range of US$824/oz to US$911/oz for general maintenance costs including selling expenses, exploration and capital maintenance.

The 2014 budget for maintenance of the gold mine is around US$ 35.4 million and includes the construction yard (US$20.8 million ), the landfill construction (US$4 million), plant acid water treatment (US$ 2.2 million) and the expansion of local schools (US$ 0.8 million).

The budget for Phase II of the project including the cost of the feasibility study, the power line and substation and the acquisition of surface rights will be US$ 26 million.

Phase II includes the expansion of La Arena to incorporate the ore mined and gold / copper sulfide process, simultaneously with the continuous production of gold in reserves.

During 2013, The Arena produced and sold a total of 214.742 ounces of gold.

box 1

21 January, 2014

Chile: CODELCO SULPHIDES PROJECT CONTINUES IN RAJO INCA FROM SALVADOR

Filed under: Minerandina International — Tags: — admin @ 13:41

CODELCO, the largest copper producer in Chile and the world, plans to develop this year a feasibility study of the Rajo Inca copper sulfides project, belonging to Salvador Division, one of seven production centers of the state corporation, located near the town of Diego de Almagro, at 2,300 meters above sea level in the Atacama Region.

Currently, the Salvador Division, operates the Inca underground mine and open pits in Campamento Antiguo and Damiana Norte producing a total of 60,000 tpa of fine copper, one part of which is obtained in the hydrometallurgical processing line oxides. The line will be closed during the first quarter of this year due to the depletion of reserves oxides, reduced production, and high production costs.

To counter this closure, and increase production operations, the Division plans to exploit the sulfides in Rajo Inca, a site currently located on the Inca underground mine.

“In recent years the hydrometallurgical Salvador Division line has progressively decreased production. While in 2010 contributed with 25,400 tonnes of copper, in 2013 contributed with 16,000 tonnes. This drop in production has been also accompanied by a steady increase in costs, which rose from US$240 c lb on average in 2010, to about US$ 350 c/lb during 2013”, said Armando Olavarria, general manager of the Salvador Division.

He added that in 2012, this production line had losses of US$47 million and, last year, they were US$15 million.

United Kingdom: LME ADDS THREE NEW BUSINESS PARTNERS

Filed under: Minerandina International — Tags: — admin @ 13:40

The London Metal Exchange (LME) announced through a press release, the incorporation of companies GF Financial Markets –Home insurance broker in the UK–, Lee Kee Group –a leading international integrated companies in the chain supply of non-ferrous metals–, and Vitol S.A. –one of the largest multinational energy trading companies in the world–, as new members of its flat trading partners.

Thus, GF Financial Markets joins as associate Category 1 giving them the ability to negotiate contracts for buying and selling to customers and be members of the clearing house.

Meanwhile Lee Kee Group and Vitol S. A have also been incorporated as associate members in Category 5, which only allows them to negotiate as customers.

Government inaugurates electrification works in Huancavelica

Filed under: Briefs — Tags: — admin @ 13:40

The President of the Council of Ministers, Cesar Villanueva Arevalo, opened on January 10, nine rural electrification works that benefit the residents of 77 rural communities in three provinces of Huancavelica region.

This electrical energy is supplied to 812 households in the provinces of Acobamba, Huancavelica and Tayacaja favoring districts Acoria, Cuenca, Palca, Vilches, Huancavelica, Surcobamba, Huaribamba, Safety, Yauli Blanket Huachocolpa, Laria and Acostambo.

OEFA will program 2,076 environmental supervision in 2014

Filed under: Briefs — Tags: — admin @ 13:39

The Organismo de Evaluación y Fiscalización Ambiental [Agency for Assessment and Environmental Control] (OEFA), reported that has scheduled 2,076 direct environmental focused supervision throughout all the Peruvian territory during 2014.

OEFA also announced that it intends to identify 2,000 potential environmental liabilities and monitor the performance of about 500 Entities Environmental Control (EFA). This is part of the approval of its Annual Plan Evaluation and Environmental Control (PLANEFA) 2014, a planning tool that seeks to regulate and guide the technical performance and schedule of the evaluation functions, supervision, monitoring and sanctioning body.

During the current year, PLANEFA will be oriented comprehensively to evaluate the performance of production units of the same economic activity operating in the same geographical area. For example, mining monitoring actions will be scheduled for watershed; in the fisheries sector, the intervention will be by bays; in hydrocarbons, the intervention will be batch exploration and exploitation; and finally into electricity, intervention will be performed by nodes and isolated energy systems and environmental direct subsectors, supervision targeted for mining, oil, electricity, fishery and industry.

Strike from Raura mine workers ended

Filed under: Briefs — Tags: — admin @ 13:39

Through a press release, Compañía Minera Raura S.A., said on past 10th January, that the mine workers decided to lift the general strike peacefully held from January 03, in its mining unit located in the district of Lauricocha in Huanuco, where 800 miners demanded the replacement of staff whose employment contract had expired.

Proinversion and Antamina will promote tax works in Ancash

Filed under: Briefs — Tags: — admin @ 13:39

The Agencia para la Promoción de la Inversión Privada [Agency for Promotion of Private Investment] (ProInversión) and Antamina Mining Company signed on past 8th January, an agreement to promote the development, financing and implementation of infrastructure projects in the Ancash region, in the form of “Works by Tax”.

Ricardo Morel, Vice President of Corporate Affairs of Antamina, said the mining company has identified a portfolio of 36 investment projects in the framework of the “Works by Tax” law by S/.182 million by emphasizing its Area of Operative Influence.

The ProInversión Executive Director, Javier Illescas, welcomed the commitment by Antamina and noted that this agreement reflects the prioritized portfolio of the Regional Government of Ancash of 66 projects in areas such as health, education, road infrastructure, sanitation, among others, implemented by this method with an estimated investment of S/.463 million.

ProInversion will accompany these processes as a strategic partner through the agreement with specific personnel located in Huaraz to provide targeted technical assistance to the Regional Government of Ancash and municipalities.

Mining canon for regions will fall by almost half in 2014

Filed under: Briefs — Tags: — admin @ 13:38

The Grupo Propuesta Ciudadana [Citizen Proposal Group] (GPD) estimates that the 2014 allocation for mining canon projected by S/.2.600 million by the Ministerio de Economía y Finanzas [Ministry of Economy and Finance] (MEF) – could cut between 45% and 50% compared to last year, when it reached S/.3.800 million and more than 50% over 2012 years that recorded S/.5.120 million.

“If we see that the official canon mining was S/.3.800 million in 2013, then may fall to S/.2.100 million in the best case or until the S/.1.900 million at worst”, said Epifanio Baca, GDP economist, a consortium of non-governmental organizations that have a common interest to support the development of public policy proposals.

The official figure for the collection of income tax (where the resources for the mining canon are from) will be announced in April, when the Superintendencia Nacional de Administración Tributaria [National Superintendency of Tax Administration], SUNAT, regularize the respective payments.

Customs intervened 508 kilos of illegal gold

Filed under: Briefs — Tags: — admin @ 13:38

In a striking operation against illegal mining, customs agents intervened 508 kg of gold valued at US$18.8 million in alleged illegal proceeds and that last December were going to be send to U.S. and Italy refineries from six exporters of metal that are under investigation today according to sources of El Comercio newspaper.

The charges of these exporting companies based in Lima, Arequipa, Puno and Madre de Dios were intervened on 4, 10, 13 and 23 December 2013. It was found that companies like Minerals Distributor Rivero (304 kg. of gold), CG Koening ( 111.5 kg.), Mining & Energy Solutions (50.2 kg.), Giovanni Gold (18.5 kg.), Peru Miner Holding (15.3 kg.) and Ares Gold (8.5 kg.) totalized 508 kg of doubtful origin of gold, 43 kg more than the intervened between 2012 and 2013 in the Lima and Madre de Dios airports and in the road Puno-Bolivia.

… and mining dams operating within the Tambopata Reserve were destroyed

On past 8th January, Navy of Peru, the Public Ministry and the National Police destroyed 13 river artifacts dedicated to illegal mining in the Tambopata National Reserve in Puerto Maldonado. Eighteen were engines, 5 suction pumps and 13 rafts called ‘Dragas-Strakes a’ very light craft that carry suction motors.

The operation was conducted in the rivers Tambopata and Malinowski, within the Tambopata National Reserve by the Navy, 25 police officers and authorities of the Regional Directorate of Energy and Mines and its Environmental Office of Madre de Dios.

Sierra Metals announced the payment of its fourth quarterly dividend

Filed under: Briefs — Tags: — admin @ 13:37

Sierra Metals, Vancouver, medium polymetallic producer with mines in Peru and Mexico, announced its fourth dividend payment of approximately C$ 2.5 million or C$0.016 per share payable on January 31, 2014 to holders of Common Stock.

The declaration and payment of future dividends will be subject to the requirements of the company, as well as compliance with the statutory solvency test.

HudBay announced financing purchase C $ 150 million

Filed under: News — Tags: — admin @ 13:37

HudBay Minerals Inc., Toronto, producer mining company of base metals with explorations in Peru, Chile and Colombia, announced that it has signed an agreement with a syndicate of underwriters co-led by GMP Securities LP and BMO Capital Markets to acquire through a finance 18,200,000 common shares of the company at a price of C$8.25 per share, resulting in a gain of C$150,000,000 for HudBay.

The company intends to use the net proceeds from the offering for general corporate purposes and to advance its growth strategy.

AndeanGold seeks debt restructure Gitennes by Urumalqui

Filed under: Briefs — Tags: — admin @ 13:36

AndeanGold Ltd., Vancouver, junior mining company engaged in the exploration and development of precious metal deposits in Colombia, Ecuador and Peru, continue seeking alternatives funding to keep their right to acquire 100% of interest in the silver-gold project Urumalqui, located in the La Libertad region.

It was when they announced the failure to comply with payment of $150,000 for the right to acquire 40% interest in Urumalqui to Gitennes Exploration Inc, Vancouver, explorer company of copper, gold and silver in Peru.

Under the agreement between the companies, AndeanGold has the right to purchase a percentage of the amount of interest in Urumalqui, now extended until March 3, 2014, deadline to remedy the debt to Gitennes Exploration.

Trevali reached 2000 tpd at its Santander Mine during December

Filed under: Briefs — Tags: — admin @ 13:35

Trevali Mining Corporation, Vancouver, junior mining company with operations in Peru and Canada, announced today that the launch of the mineral processing plant and production of zinc and lead-silver concentrates, of its Santander mine located in the province of Huaral, reached the total rated capacity of 2,000 tpd in December.

The average grades for the month were 3.6% Zn, 1.5% Pb and 1.4 oz/t Ag, while metals concentrates resulted in approximately 3.900t and 2,300t of zinc and lead concentrates, respectively, delivered and sold to partner Glencore.

Meanwhile, the company is moving towards a total feed production scheduled for Q1 2014, when its deposits Magistral North and Magistral Centre have made the full transition to underground production.

Merrill Lynch recommends purchase of shares in Glencore

Filed under: Briefs — Tags: — admin @ 13:35

According to the consulting firm Merrill Lynch, New York, specialist in services  for the capital markets, investment banking and capital management, the sale of the Glencore-Xstrata mega copper project copper Las Bambas (Apurimac), could be very soon.

Therefore recommended to their clients to buy shares of the swiss mining conglomerate and trader, adding that, in the buy of Las Bambas, a consortium of four companies led by Canadian Teck Resources would be interested and Glencore would convince a third bidder of being involved in the purchase.

According to Merrill, selling Las Bambas would allow Glencore cut their capital expenditures in US$3,000 million, giving the group US$10,000 million to spend on acquisitions or dividends. In addition, it would save production costs in their copper, zinc and nickel divisions around the world.

In 2013, the swiss mining group Xstrata and Glencore International, announced their merge to form one of the largest mining companies in the world. However, chinese regulators imposed as a condition to sell one of its copper projects to decrease their market control. Glencore chose Las Bambas located in Apurimac whose investment amounts to US$ 5.900 million.

BEAR CREEK BEGINS DRILLING IN ITS CARITO GOLD PROJECT

Filed under: News — Tags: — admin @ 13:34

Bear Creek Mining Company, Vancouver, junior mining company that explores argentiferous Santa Ana and Corani projects (Puno), announced the start of drilling on in its Carito copper-gold project located within the prolific belt which includes the deposits Antamina and Magistral, in the Ancash region.

The Phase I -drill program, consisting of seven holes for a total estimated of 2,500 meters, seeks to test primarily the two identified objective to date, a system of epithermal gold outcrop located within sedimentary rocks and an intrusive and underlying copper-gold system.

The potential of the district was unknown until explorers discovered recently gold mineralization below the high grade thin colluvial layer.

Carito is an undrilled gold-copper system, similar to La Arena deposit, a gold mine open pit operated by Rio Alto Ltd., Vancouver, with significant potential of copper porphyry in-depth exploration that continues today.

Gold mineralization is controlled by quartzites and sandstones of the Cretaceous Chimu formation, which hosts well known gold deposits scattered in north central Peru as La Arena, Lagunas Norte and Santa Rosa.

The two altered intrusive observed to date show values up to 1.06 gr/t Au and 0.59% Cu indicating a possible target for mineralization porphyry Cu-Au coincident with a strong response to Induced Polarization which suggest a high sulphide mineralization.

The test results will be announced at the end of Phase I drilling program between February – March. Also, the company will evaluate several additional prospects for future acquisitions or perforations.

FORTUNA SILVER EXPECTS A GROWTH OF 30% OF SILVER AND 51% OF GOLD

Filed under: News — Tags: — admin @ 13:32

Fortuna Silver Mines Inc, Vancouver, silver producer with operations in Peru and Mexico, expects for this 2014, an increase of 30% to  6 million ounces of silver and an increase by 51% to 32.300 ounces of gold, both in its Caylloma mine (Peru) and San Jose (Mexico).

The company plans to process 464,100 tonnes of ore at Caylloma, with average grades of 167gr/t Ag and capital expenditures estimated at US$10.7 million. Main investments will include: mining development (US$4.7 million), maintenance and energy (US$1.9 million) and brownfields exploration comprising unexplored territories near the mine (US$ 1.1 million).

During 2013, Caylloma produced 21.242 ounces of gold, an increase of 3% over the previous year. Lead production showed a slight decrease of 1%, resulting in 17,780,282 pounds, while zinc production increased by 13% to 25,210,845 pounds.

As for 2014 forecasts in the San Jose mine, Fortuna Silver expects to invest US$ 29.4 million including: mine development (US$7 million), expansion of tailings (US$11.7 million), project control water evaporation (US$2.2 million) and brownfields exploration of uncharted territories near San Jose (US$8.5 million). It also plans to process 683,000 tons of ore with an average grade of 203gr/t Ag and 1.56 gr/t Au.

In 2013, San Jose silver production reached around 4.6 million ounces, an increase of 16% over 2012.

“In our San Jose mine we anticipate a 30% increase in consolidated silver production driven by the expansion of the plant in San Jose. Also in Q2 2014 we want to extend our performance to 2000 tpd”, said Jorge A. Ganoza, President and CEO.

10 January, 2014

Australia: BARRICK AGREES TO DIVEST PLUTONIC MINE IN AUSTRALIA

Filed under: Minerandina International — Tags: — admin @ 17:56

Barrick Gold Corp., Toronto, the leading world gold producer, announced it has agreed to divest its Plutonic mine in Western Australia to Northern Star Resources Ltd. for total cash consideration of A$25 million, subject to certain closing adjustments. The transaction, which is subject to customary closing conditions, is expected to close in February, 2014.

Plutonic contained proven and probable reserves of 0.2 million ounces, measured and indicated resources of 0.8 million ounces and inferred resources of 1.0 million ounces as at December 31, 2012. The mine produced 86,000 ounces in the first nine months of 2013 at all-in sustaining costs of A$1,110 per ounce.

ZINC REGISTERED ITS BEST PERFORMANCE IN 2013, NICKEL IS BEHIND

Filed under: News — Tags: — admin @ 17:54

Among industrial metals, zinc had the best performance of 2013 recording a slight decline of 1.2% ending the year at US$ 2,055.50/t, according to a Reuters report .

Meanwhile, nickel and aluminum metals were the worst performers, scoring a decrease of 18.5 % and 13.2% respectively.

Copper lost 7.2% during 2013, but the decreases were less than expected due to the anticipated increase in mine production which faced obstacles and delays in the delivery of refined product. Therefore, during 2013 there was a drop in stocks at London Metal Exchange (LME), which on 31 December, extended its decline to 366,425 tons , the lowest level since January 2012.

Red metal on the LME closed at US$ 7,360/t in the last session of the year while aluminum traded at US$ 1,800/t. On the other hand, lead ended at US$ 2,219/t, with a fall of 4.8% in 2013.

Also, the tin was negotiated at US$ 22,350/t, down from 4.5% in 2013 while nickel was traded at US$13,900/t. Thus, despite annual losses, base metals have escalated in recent months as economic data in the U.S. and China improved.

Government allocated US$180 million for agricultural innovation

Filed under: Briefs — Tags: — admin @ 17:51

The government plans to invest US$180 million for a program of agricultural innovation, which will run during the first half of the year and will last until 2018, as part of a process of agricultural modernization with social inclusion, announced the Ministry of Agriculture and Irrigation (MINAGRI) .

To that end, the Executive approved a debt operation with the Inter- American Development Bank (BID), the World Bank (WB), entities that lend to Peru US$40 million each, while the Peruvian Central Government will finance US$100 million. These funds will go to the improvement of infrastructure, implementation of laboratory equipment, purchase of agricultural machinery and training of professionals to continue the research programs being undertaken at the national level.

The program will be implemented by the National Institute of Agrarian Innovation (INIA), a MINAGRI agency.

More than S/. 2.5 billion on water sanitation projects for 2013

Filed under: Briefs — Tags: — admin @ 17:49

The President Ollanta Humala, noted that, in order to supply water to low-income people, 2014 will be budgeted over than S/.2.5 billion (around US$900 million) in water sanitation projects , which was the amount allocated for the last year.

It was during the inauguration of the Taboada Treatment Wastewater Plant, the largest in South America, located in the former Oquendo farm in Callao.

Humala said Taboada has great relevance because it will solve 75% of the sanitation and waste treatment problem in Lima, and will benefit more than 5 million habitants .

Currently, from the 21 treatment wastewater plants that exist in the capital, only 16% of wastewater is generated by the residents of Lima and Callao.

After Taboada, in late 2014, La Chira plant will add 25% to the capacity of wastewater treatment. It will begin construction its next March with the mission to continue the decontamination of the beaches from Magdalena to Chorrillos .

With 23 treatment plants, including Taboada and La Chira, it will reach 100% of the decontamination of the sea. The beneficiaries will be the population of the 27 districts of Lima and Callao, including: Carabayllo, Ate, Bellavista, Breña, La Perla, La Punta, Pueblo Libre, San Juan de Lurigancho, San Martin de Porres, San Miguel, Santa Anita, among other municipalities.

Mantaro Water Management Authority was inaugurated in Huancayo

Filed under: Briefs — Tags: — admin @ 17:46

The Chief of the Autoridad Nacional del Agua [National Water Authority] (ANA), Jorge Luis Montenegro, opened the offices of the Autoridad Administrativa del Agua Mantaro [Mantaro Water Management Authority] (AAA) last December 27th thus starting the activities of this independent organism located in the city of Huancayo.

The AAA is responsible for driving the technical, legal, budgetary and administrative proceedings concerning the multisectoral water management in the Mantaro basin. It is composed by the local wáter administrations of Ayacucho, Huancavelica, Pasco and Mantaro in an extension of 34363.00 km2.

“This authority is one of the fourteen administrative authorities, the ANA is implementing in order to work hand in hand with users applying and working aspects related to the efficient and sustainable use of water resources”, Montenegro said.

MTC will award grant to Chinchero International Airport in February

Filed under: Briefs — Tags: — admin @ 17:45

The Ministerio de Transportes y Comunicaciones [Ministry of Transport and Communications], will award in February, the concession for the construction and operation of Chinchero International Airport in Cusco (AICC).

For this, the Regional Government of Cusco shall deliver to MTC the land already acquired by them, totally free of obstacles and encumbrances before the granting the concession. This project will invest approximately US$ 543 million.

The rehabilitation of the airstrip and new passenger terminal at the airport in Pisco, which requires an investment of US$ 55 million are also streamline, the same will become the alternate Jorge Chavez International Airport, Lima.

… and works will also start for the new terminal of minerals

The MTC also reported that construction of a new terminal of minerals at the Port of Matarani will start with an investment of US$ 200 million. For the first quarter of the year, it is planned to build more than 2,500 km. waterway ports to complement Iquitos, Pucallpa and Yurimaguas.

Rio Cristal announces resignation

Filed under: Briefs — Tags: — admin @ 17:42

Rio Cristal Resources Corp, Vancouver, mining junior company, announced the resignation of Mr. Corey Dean as VP, Legal and Secretary of the Company, a role he has held since the founding of the Company in 2007, in order to devote more time to his current business activities.

Mining investment grew 15% between January and August 2013

Filed under: Briefs — Tags: — admin @ 17:41

Mining investment grew 15% between January and August 2013, from US$5.089 to US$ 5.875 billion, a notable increase thanks mainly to Las Bambas and Cerro Verde projects, reported the Central Reserve Bank (BCR).

Investment oriented to Bambas (operated by Glencore-Xstrata) increased from US$566 to US$1.124 billion between January and August 2013, compared to the same period last year, while in its closing mine project Tintaya, the investment increased from US$ 246 to US$ 386 million, 56% more.

Followers are Cerro Verde (operated by Sociedad Minera Cerro Verde) Colquijirca Expansion Project (Sociedad Minera El Brocal), Lagunas Norte Expansion Project (Barrick Misquichilca) and Constancia Project (HudBay Peru).

Xstrata Tintaya fined with 62 ITU for environmental violations in Espinar

Filed under: Briefs — Tags: — admin @ 17:36

The Court of Environmental Control (TFA) part of the Organismo de Evaluación y Fiscalización Ambiental [Agency of Assessment and Environmental Control] (OEFA) confirmed the fine of S/.235,600 (62 tax units), imposed to XstrataTintaya for committing three environmental offenses in Tintaya Mining Unit, located in Espinar, Cusco .

The TFA credited the responsibility of the company by the presence of sediments with high concentrations of copper in an area of approximately 1,000 m2 of natural pastures, not reporting the incident to OEFA nor submitting the investigation report of the incident. The presence of sediment copper originated by pumping water from a canal company, which led to an environmental emergency was not communicated to OEFA.

In its defense, the company argued that in the area, the soil presents high natural concentrations of metals, so that the mere verification of the presence of copper in natural pastures not accredit the existence of environmental damage.

Copper finished fifth sesión of gains and reached its highest level in 7 months

Filed under: Briefs — Tags: — admin @ 17:34

According to the Comisión Chilena del Cobre [Chilean Copper Commission] (COCHILCO), the red metal rose 0.61% to US$ 3.374 a pound on the London Metal Exchange (LME), compared to US$ 3.354/lb, closing price of the previous session recording its highest value since May 22, 2013.

Thus, it completed its fifth consecutive day of gains, due to the optimism about the recovery of the global economy and demand for industrial metals –despite signs of weakness from China, the world’s largest consumer with 40% of the global demand for refined copper,– which slowed in part profits.

AQM Copper Inc. renews contract with Pinnacle Capital Markets Consultant

Filed under: Briefs — Tags: — admin @ 17:33

AQM Copper, Inc. Vancouver, junior mining company that develops Zafranal copper project in the Arequipa region, announced that it has renewed for one year contract with Pinnacle Capital Markets, Toronto, consulting firm that provides a full range of services to publicly traded companies that operate primarily in mining, oil and gas, technology and renewable energy sectors.

This contract renewal aims to develop and execute a strategy of investor relations that will enhance and expand AQM Copper exposure to Canadian and international investment community and will help in promoting productive dialogues with analysts, brokers, potential investors and current shareholders.

Inca One announces the completion of your project’s Huaquillas

Filed under: Briefs — Tags: — admin @ 17:31

Inca One Resources, Vancouver, junior mining company engaged in the acquisition and promotion of mining concessions, announced through a statement that the organization has decided to change its market approach to the treatment and grinding metal, so it has begun the process to terminate the project of copper- gold called Huaquillas located in Cajamarca.

“We must concentrate all our efforts on this. We think this is a prudent decision to Inca One” said Edward Kelly, president and CEO of the company.

According to the announcement, another reason for project completion are the required exploration expenditures. However, the company said it will maintain the permits and the Environmental Impact Assessment (EIA), which will conduct a drilling program and will evaluate potential and the monetary opportunities.

Amendents to the draft of EIS La Arena Project are approved

Filed under: Briefs — Tags: — admin @ 17:30

Rio Alto Mining Limited announced that it has received formal notification from the General Bureau of Environmental Affairs (DGAA) of the Ministry of Energy and Mines (MEM) of Peru (Directorial Resolution N° 515-2013-MEM/AAM dated December 27, 2013), by which it approves modifications to the current Environmental Impact Study (EIA) for the La Arena Project Gold Oxide Mine.

This EIA modification allows Rio Alto to apply for permits for a future Phase 2 open pit sulphide mine, construction of an 18,000 tpd gold flotation plant and concentrator, expand the current waste dump facilities to accommodate sulphide waste and to use the Calaorco Pit for tailings deposition once open pit oxide reserves are exhausted.

A feasibility study underway on the Company’s Phase 2 copper/gold sulphide project is currently scheduled for completion in Q2 2014. Study work is focussed on maximizing future financial returns from the project and keeping start-up capital costs as low as practicably possible.

Alex Black, President & CEO commented that “The approval to modify the existing EIA at La Arena took a total of seven months to complete. This is a great achievement by the Rio Alto environmental team and demonstrates their ability to work closely with the various government agencies in Peru to complete this process in the shortest possible time”.

IPEN WILL PRIORITIZE THE USE OF A CYCLOTRON WITH AN INVESTMENT OF S/. 23 MILLION

Filed under: News — Tags: — admin @ 17:27

The Instituto Peruano de Energía Nuclear, [Peruvian Institute of Nuclear Energy] (IPEN) plans to invest this year S/.23 million (around US$8.3 million) for the start-up of a cyclotron, a nuclear equipment whose primary purpose is the production of radioisotopes primarily for the benefit of public health, Dr. Susana Petrick, President of IPEN, told MinerAndina.Com.

The Ministry of Energy and Mines has allocated those resources to IPEN to build the infrastructure to house the cyclotron, within the premises of the Instituto Nacional de Enfermedades Neoplásicas [National Institute of Neoplastic Diseases] (INEN), because this machine will help in the early and accurate detection of cancers, neurological illnesses and heart diseases.

This investment is part of the strategy to strengthen IPEN nuclear facilities and consolidate Peru, as a leading country in nuclear potential in Latin America. The IPEN currently has two nuclear reactors of 1 MW and 10 MW, a Nuclear Medicine Center, an industrial irradiation plant, a secondary dosimetric calibration laboratory besides the Nuclear Center laboratories.

Along these lines, it is expected that the institution in the short term modernize the multipurpose irradiation plant to support agricultural exporters and improve local management of fruits and vegetables, reducing this way the losses caused by microorganisms and insects. In some European countries products can only enter irradiated and soon will be the same in the increasingly demanding markets of USA and Asia.

At the same time, industrial and analytical uses of RP-10 reactor will be promoted –machine which has been used by IPEN since 1988– such as “the study or check of metalworking parts through neutrography a kind of ray that uses neutrons instead of gamma radiation or X and allows to observe metallic structures through cracks and structures,” said Dr. Petrick.

Susana Petrick PhD in Physics and a senior lecturer at the Universidad Nacional de Ingeniería [National University of Engineering] (UNI), who took the helm of IPEN in July last year, said to MinerAndina.Com, that one of the problems that was encountered when receiving IPEN’s office, was the close exhaustion of nuclear fuel (uranium) reactor, which was a risk of shortage in radiopharmaceuticals to hospitals which could hindered the development of the activities of IPEN.

“The nuclear fuel was in an emergency situation because the purchase was long overdue. One of the first things we had to resolve was this issue in order to continue working” said the high official.

The purchase of fuel is currently in process, but takes time. At the moment they have already obtained a favorable rating from the Department of Energy of the United States who provide the uranium needed for the production of low-enriched fuel elements using the reactor.

Another problem they will face in the short term is the subutlization of the reactor, which has practically been using for radioisotope production only, “regardless of the neutrons and installation may be used for other purposes, not just by Peruvians, but researchers and practitioners from across the region. It is the only research reactor in this side of South America that can provide a flow of sufficiently high neutron comparable only with a similar reactor that exists in Argentina, which is a regional nuclear power. We unfortunately have not adequately encouraged the use of such a powerful tool”, she said.

Priorities in 2014

President of IPEN emphasized the key priorities for 2014:

1. Water Studies: IPEN is applying isotope techniques to understand how groundwater resources are connected using radiotracers that are not harmful to nature. The purpose of this research is to know where to enter and where to leave these resources, which is already being done in the basins of the Rimac and Chillon rivers. The intention is to extend these studies to the Ica region where there is a serious problem of over-exploitation of groundwater. One of the first conclusions obtained is that the transit of water from the Andes to the coast, is not very fast but relatively slow because it takes about five years.

2. Study of erosion and wear of agricultural soils using nuclear techniques: has already started in the north of Peru. It is also pending a joint project with the International Atomic Energy Agency about regional agricultural soil erosion that will occur in the period 2014-2015.

3. Research on uranium: continue doing research on the potential for uranium mineral. In 2013 IPEN studied the central highlands and identified areas with higher concentration of mineral. Studies are already completed, but remains to estimate the potential. It could be culminated in the current year.

4. Development of Technetium-99 generator: The generator is a portable computer that has molybdenum with a half life of 66 hours. It has been working for a year in the design and production of technetium generators from fission molybdenum-99, with the aim of transporting radioisotopes of Tc-99, 6 hours average life further afield. The idea is to make part of the off-site reactor carrying molybdenum within the generator and make the radiochemical part in the place where you will apply the procedure. In this way you can reach various regions of our country. Even through these technetium generators, may be fitted gamma cameras in remote areas, such as Amazonas, Huanuco and Loreto, where there is high incidence of cancer.

Petrick highlighted the IPEN work in a variety of services such as the Secondary Dosimetric Calibration Laboratory or Neutron Activation Laboratory, internationally regarded as a laboratory that provides very accurate results. Such are the works done for obtaining improved barley recognized as a contribution by the IAEA and FAO, as well as pest control agro level, etc.

Petrick highlighted the IPEN work in a variety of services such as the Secondary Dosimetric Calibration Laboratory or the Neutron Activation Laboratory, internationally regarded as a laboratory that provides very accurate results. Such are the works done for obtaining improved barley recognized as a contribution by the IAEA and FAO, as well as pest control agro level, etc.

The official said that during his administration expects the IPEN emphasizes “for distributing applications to position ourselves as a regional Latin American research center opening for professionals from other countries with their problems, requirements and thus to have exchange of information and know how. Here’s how it works globally as Centro Nuclear de Huarangal [Huarangal Nuclear Center], a facility that was built as a “technological city of Peru”.

3 January, 2014

EXPOMIN 2014: “TIME FOR COMPETITIVENESS AND TECHNOLOGICAL INNOVATION”

Filed under: Minerandina International — Tags: — admin @ 12:15

The 13th International Congress EXPOMIN 2014, one of the main mining exhibitions in the world, hopes to break records in numbers of visitors in the version number 13 of the event that will be held between 21 and 25 April, in the city of Santiago, Chile.

Indeed, its organizers are expecting 80,000 people and over 1,600 exhibitors in an area of approximately 100,000 m2. They also estimated US$ 1,7 billion in new business.

The first EXPOMIN was in 1990, at that time 389 exhibitors and about 17,000 visitors in an area of 30,000 m²  were reunited.

“When a show has achieved a position, current problems practically doesn’t affect. Today EXPOMIN provides an effective platform interface between national and international suppliers to the mining industry and all related companies, such as engineering and consulting firms”, said Carlos Parada, executive director of EXPOMIN 2014 and commercial manager of FISA, organizer of the event.

He added that mining in Chile is currently living in a very competitive environment, as the mining industry in general is taking the rising production costs strategically and looking for new ways to reduce them.

No wonder that EXPOMIN 2014 slogan is “Time for Competitiveness and Technological Innovation” and will be held under the presidency of Nelson Pizarro, CEO of Lumina Copper Chile.

Six seminars, two workshops and two panel discussions

EXPOMIN 2014 will convene the heads of the major mining companies and institutions in the sector, who will participate in 6 seminars, 2 workshops and 2 round tables under the guidance of recognized experts from the public and private sector.

“Among the key issues facing the industry in the coming years, which will be addressed in the various sessions of the Congress, will also include: the lower grades of the deposits, the height of the mining operations, energy and water supply challenges, which have a material impact on competitiveness, “said Carlos Parada, adding that he planned at this event meet the vision of the new political, economic policy, labor, mining and energy, among other matters of interest.

Besides the Congress, there will be held the “Second Meeting of Technical Alternatives for Mining Professionals”, which aims to promote the industry among young people and to consider this as a linked career.

Also there will be the “Mining Pavilion”, where mining will be showed as an integrated industry and will be held a Business Roundtable between companies.

CHILE COPPER PRODUCTION INCREASES A 5,740 Mt IN 2013 …and projects 8,100 Mt for 2021

Filed under: Minerandina International — Tags: — admin @ 12:14

Chile expects to produce 5,740 Mt of fine copper in 2013, 5.6% more than the 5,433 Mt produced the previous year and accounting for nearly one third of total world copper production.

Although the figures for 2013 are not yet officially closed, the increased copper production in the country responds to the recovery operations of Collahuasi, an open pit mine owned equally by the Swiss group Glencore-Xstrata and Anglo American plc, whose production in October 2013 rose by 50% to 344,000 tons of fine copper, compared to 223,000 tons obtained in the same period last year.

The same case was repeated by Minera Escondida, which in the first ten months of this year exploded best copper grades totaling 1Mt produced, 13.2% above the 885,000 ton obtained in that period in 2012. The company is controlled by the Anglo-Australian BHP Billiton plc (57.5%) and Rio Tinto also participate (30%), Japan Escondida Corporation (10%) and 2 JECO Ltd (2.5%).

Meanwhile, CODELCO, the state copper producer and largest company in the world, maintain its production at the end of the year in 1,615 Mt of copper, slightly below those obtained 1,646 Mt in 2012. Although later this year began to exploit their new mine Ministro Hales, the company saw its production fall in almost all divisions, except El Teniente, which scored during October 2013, 338,000 tons of copper, compared to 335,000 ton produced in the same period in 2012.

Other operations which recorded the highest production of Anglo American Sur (AAS) –a partnership involving Anglo American plc (50.1%), CODELCO and Mitsubishi– reach a total of 384,300 tons of copper to October 2013, 11.3% higher than recorded last year. The improved performance of AAS is due to the new production of copper from the development of Los Bronces project which sees an average of 400,000 tpa expansion of these operations from the 230,000 tpa.

In other metals, gold and silver production in Chile also rose this year. In the first ten months of 2013, gold rose by 4.9% to 41.03 tons compared to 39.12 ton recorded a year earlier. Also, silver production was 989.17 tons, 5.2% more than 940.06 tons produced between January and October 2012. Meanwhile, molybdenum production in the country would remain at the same levels of 2012, reaching between January and October this year, 30,801 fine metric ton.

Meanwhile, the main mining export products in Chile are copper cathodes, which totaled US$17,450 million in the first eleven months of this year, 12.7% lower from US$19,983 million exported in same period last year, according to central bank figures.

This goes according with the aggregate trend as the total value of mining exports fell between January and November 2013, to US$40,5 billion, up 3.28% from US$ 41,9 billion exported during the same period last year. That total includes copper concentrate and cathodes, silver, gold, iron, molybdenum concentrates, lithium carbonate and sea salt.

Outlook 2021: 8,100 Mt of fine copper

The expansion of production of the largest copper producer in the world should continue according to official estimates projecting 8,100 Mt of fine copper for early next decade, provided by an investment portfolio of US$ 112 billion in mining projects to be materialized until 2021. This is three times higher than the investment reported in 2009, as announced by the Minister of Mining of this country, Hernán de Solminihac.

Meanwhile, Andrew MacLean, executive vice president of the Chilean Copper Commission, COCHILCO – state entity responsible for advising the Government on matters related to the production of copper and its by-products, in addition to all metallic and nonmetallic minerals, except coal and hydrocarbons– highlighted during an event, the positive impact that mining has generated in the country, as most infrastructure and associated services, and broader market suppliers, allowing improved living conditions of Chileans.

However, he added that this progress has been accompanied by a number of challenges, among which the most important have to do with having enough human capital, water and energy at competitive costs, and promote innovation and sustainability.

Among the legislative advances achieved this year the recent publication of a new title in the Mining Safety Regulations, the XV, which considered independently small-scale mining in the country. Similarly, in the field of mining sustainability, Minister Solminihac said this year becomes effective the new Law Nº 20,551 which regulates mine closure and mining facilities.

And spending in mineral exploration dropped 12%

In 2013, mining companies operating in Chile invested US$909 million in exploration spending in the country, 12% less than in 2012, when this figure reached US$1 billion. However, this did not prevent the country to maintain fifth place in the ranking of countries with main attraction of global spending on exploration, according to data provided by SNL-Metals Economics Group (MEG-SNL), a leading specialist agencies industry statistics – (See MA Nº796, Nº 800, Nº 801-2013).

This reduction was in any case less than the 30% drop on the global budget of mineral exploration in 2013, which fell to US$ 14.4 billion, compared to US$ 20,5 billion in 2012, the report SNL-MEG, mainly due to uncertainty in the industry.

Technologies Manager of Milpo left the charge

Filed under: Briefs — Tags: — admin @ 12:13

Compañía Minera Milpo S.A.A. announced through a press release that Oscar Rodas left the charge of Technologies Manager after 7 years.

ANA will invest S/.3 500 million in the basin Quilca – Chili of Arequipa

Filed under: Briefs — Tags: — admin @ 12:13

The National Water Authority (ANA) said it will invest over the next 20 years S/.3 500 million in order to ensure responsible management of water resources in the basin of Quilca – Chili, located in the Arequipa region.

According to Ramiro Pastor, ANA spokesman, economic investment will finance actions performed in terms of water quality, promoting efficiency to ensure the future supply in balance with the environment, among others.

The management plan was developed over 18 months with the participation of municipalities, public and private institutions and the organized users of agricultural, energy, mining and industrial sector which were also involved.

The document recently adopted has indicators to monitor and ongoing evaluation of the plan over the next 20 years.

Judiciary will create specialized court against illegal mining in Cusco and Piura

Filed under: Briefs — Tags: — admin @ 12:13

Another measure acquired to combat illegal mining, is the creation of specialized courts in Piura and Cusco, the latter of which also have jurisdiction in the regions of Madre de Dios and Puno announced Enrique Mendoza, chairman of the Judiciary.

Mendoza held a working meeting with the High Commissioner for the mining formalization, Daniel Urresti and upheld the decision of the executive to address this illegal activity.

Illegal mining was eradicated in 18% during 2013

Filed under: Briefs — Tags: — admin @ 12:12

According to the estimate made by the High Commissioner for the Mining Formalization, Daniel Urresti, the interdiction of illegal mining, promoted by the Government, allowed to eradicate this activity in 18% during 2013.

Urresti explained that 50% of illegal mining is located in the triangle formed by Puno, Cusco and Madre de Dios region in which this year began the strongest hit to the illegality. Thus, a police base was established in the town of Ananea, the entry point of the basin where any illegal machine is no longer used.

…and checkpoints against illegal mining in Nazca and Chala will be installed

The Government will install two checkpoints to monitor the origin of processed material of mining plants in Nazca (Ica) and Chala (Arequipa), informed Daniel Urresti on 23rd December.

Since January 2014 it will oversee the material transported by tippers that go to the mining camps of Nazca and Chala to obtain copper and gold respectively.

He said the area of Chala accounts 95% of treatment plants for gold separation, both illegal and informal and is up there that carry the rocks to grind them and put them into the pits.

He said that in July 2014 the goal is to reach 40% of eradication.

Single register of buyers of Cyanide and Mercury will begin in January

The Single register of buyers of Cyanide and Mercury Instrument in which must bear all those who wish to acquire chemicals, will be operational in January 2014, also reported Daniel Urresti.

With this, and through the National Superintendency of Tax Administration (SUNAT), these materials will be monitored and only will be sold to legalized miners as a way of promoting the formalization of the mining sector.

One million families would gain access to the domestic gas network by 2020

Filed under: Briefs — Tags: — admin @ 12:11

One million families would access to the service of natural gas (NG) with the installation of home networks by 2020, projected Aurelio Ochoa the executive president of consulting company Energy Consult.

He said the projection of the company Cálidda to achieve 585 industries connected to the network GN in the next five years also corresponds with the Government’s efforts to massively consumption.

However, Ochoa warned that these actions should go hand in hand with greater facility in home networks connections with the aim not only to reach 400,000 connections in Lima by 2016, but also a million by 2020.

In Lima there are only around 140,000 connections, and Ochoa indicated that the use of GN represents 33% of the country’s energy matrix and allows savings of 70% to other fuel substitutes.

 

Camisea royalties totaled US$ 109 million during 2013

Filed under: Briefs — Tags: — admin @ 12:11

The Camisea Consortium, composed by Pluspetrol, Repsol-YPF, Sonatrach, Hunt Oil, Techpetrol and SK announced that royalties paid to the state last November by gas activity, reached US$ 109.6 million.

By law, 50% of these royalties corresponds to the Regional Government of Cusco, provincial and district municipalities, which make a total of US$54.8 million and a daily intake exceeding S/.4 million for the Cuzco region for that concept.

Since the project began in 2004, the Camisea Consortium has delivered a total of US$ 6,086.2 million.

Indico Resources signs letter of intent with Qatar Mining for the Ocaña project

Filed under: Briefs — Tags: — admin @ 11:47

Indico Resources Ltd, Vancouver, junior mining company engaged in the discovery and exploration of copper-gold porphyries in South America, announced that it has signed a non-binding letter with Qatar Mining, Doha, regarding the development of the Ocaña copper project, located in the Arequipa region.

Qatar Mining is a subsidiary of Qatar Holdings, an international investment company founded by the Qatar Investment Authority (QIA), the state entity that seeks to strengthen the country’s economy through the diversification into new asset classes.

The project consists of 22 concessions covering 110.24 km, located in the northeastern area of the strip which hosts porphyry copper projects like Cuajone and Toquepala, Southern Peru (Mexico Group).

Under the letter of intent, Qatar Mining would own 51% of the company, and Indico would own the remaining 49 %. It is also expected that the board of directors of the company would be composed of five members, three of whom shall be appointed by Qatar Mining and two of whom shall be nominated by Indico Resources.

Conga would start in 2014 due to available to communities

Filed under: Briefs — Tags: — admin @ 11:46

The Conga copper-gold project, owned by Minera Yanacocha SRL in Cajamarca, could begin operations in 2014, if outstanding issues like support and care are resolved by the State as there is an unanimous support from the communities in the catchment area, estimated the High Commissioner of the Sustainability and Dialogue Office (SDO),Vladimiro Huaroc.

Two weeks ago in Cajamarca, Huaroc met with the leaders of the 32 communities around the project, and all were in favor not only of starting operations and signing a letter of commitment, but also for support the deal with Minera Yanacocha. The villagers want to reach a consensus that allows them to enter the mining production process to provide various services through the 200 small companies formed in the area.

To this adds the State’s response to the demands of communities in health, education and electrification, aspects that, according Huaroc, generate the conditions to start the project without major drawbacks.

Yanacocha mining company will start operations in Colorado in late April 2014

Filed under: Briefs — Tags: — admin @ 11:46

Minera Yanacocha SRL, operator of the Yanacocha gold mine, located in the district and province of Celendín, Cajamarca region, would start operating activities of the Colorado gold project – located 97 km from the city of Cajamarca, in the basins of the Jequetepeque, Crisnejas and Llaucano rivers- in late April 2014. This project has an investment of nearly US$ 2 million.

Yanacocha submitted to the Ministry of Energy and Mines (MINEM), the semi-detailed environmental impact study (EIASD) for Colorado, which is the only study that the company introduced in 2013. The EIASD is currently under evaluation and includes the completion of 659 holes 600 feet deep, near the district of La Encañada.

…and modification of the Carachugo’s EIS pit is not defined

The MINEM has in evaluation the submitting of a new modification of the Environmental Impact Study (EIS) for the expansion of the Carachugo pit –the first mine which began operations in 1993–, located in the east part of the Yanacocha operation in La Encañada.

This is the fourth amendment to the EIS commissioned by the company and was presented to MINEM last October. The last amendment was approved in February 2013.

The amendment of the EIS of the expansion of the Carachugo pit includes the exploitation of a mineral reserve where 3.47 Mt of ore is extracted. The activities referred to in the pit will last 8 years and 3 months.

IRL mining company and Rio Tinto agree new terms for payment of Ollachea

Filed under: Briefs — Tags: — admin @ 11:45

Minera IRL Limited, a Peruvian mining company founded by Investor Resources Ltd, Melbourne, announced through a press release that it has reached an agreement with Rio Tinto Mining, London, to pay 34% (US$ 7.3 million) of total US$ 21.5 million agreed with Rio Tinto in shares of Minera IRL, for the Ollachea gold mining project in Puno, the company’s flagship project.

The payment of the last installment, which represents 66% of the total (US$ 14.2 million), could be paid until 1 July 2016. Thus, Rio Tinto will have a 20% stake in the project.

Hochschild closed the purchase of IMZ

Filed under: Briefs — Tags: — admin @ 11:45

Hochschild Mining plc, London, local precious metals producer operating in Peru, Mexico and Argentina, reported on 23 December, the complete the acquisition of the mining company International Minerals Corporation (IMZ), Arizona,  partner in the administration of argentiferous Pallancata mine and Inmaculada gold- silver project, both located in Ayacucho.

Before, Hochschild had acquired 40% of stake. Now with the acquisition of the remaining 60%, the company becomes the sole shareholder of Pallancata and Inmaculada which will allow Hochschild to increase its silver production by 75% to 35 million ounces by 2017, 20 million oz in 2013. The purchase had a total cost of US$ 280 million.

Hochschild plans to start the assembling of the mines Pallancata and Inmaculada by the end of 2014 and start production in early 2015.  An investment of approximately US$ 70 million will be needed.

27 December, 2013

Chile: KINROSS CLOSES LA COIPA GOLD AND SILVER MINE

Filed under: Minerandina International — Tags: — admin @ 15:16

Minera Mantos de Oro, a subsidiary of Kinross Gold Inc., Toronto, completed in last October the exploitation of the last orebody of its gold and silver open pit mine La Coipa, located 140 km northeast of Copiapó, in Region Atacama, in the north of Chile.

La Coipa produced in the order of 178,000 ounces of gold per year during 2011 and 2012.

After completing the current operation in La Copia, Kinross announced its temporary closure, which took place two years ahead of schedule, as the company planned to do it at some point in 2015. However, the current decline in the gold price and the high costs associated with the operation would have advanced the decision.

Nevertheless, with the hope to continue the exploitation of La Coipa in the future, Kinross Gold is currently exploring the nearby sites Pompeya (La Coipa Phase 7), located 2 kilometers from La Coipa, and Catalina, located 800 meters from Phase 7.

Kinross Gold in Chile holds 25% of the copper-gold project Casale (Barrick Gold, 75%), and owns the Lobo-Marte gold and silver project, both currently deferred. The first because of environmental objections, and second, by their high capital costs, which are currently being reviewed by the company.

In addition, Kinross is the owner of the gold leaching operation Maricunga (former Refugio mine), whose production in the last year has been declining. All mineral assets are located in the area of the Maricunga gold belt in the high mountains near Copiapó and La Coipa mine.

OVER S/.100 MILLION IN INFRASTRUCTURE FOR COTABAMBAS

Filed under: News — Tags: — admin @ 15:15

The Cotabambas province, where the Glencore-Xstrata Copper- Las Bambas mega project develops, would receive over the next two years, “an investment of more than S/. 100 million for social and infrastructure investment,” Guido Ayerbe, mayor of Cotabambas told MinerAndina.Com.

This “because we have a Supreme Decree by which there is a first package of advance fee and a royalty fee of S/. 47 million and we are near to close a second package that could be above the S /100 million, which will benefit the population of Cotabambas with development works” said the mayor.

Among the works, is the reconstruction and expansion of the Educational Institute 1708 “with an estimated investment of S/.20 million for school infrastructure: new classrooms, recreation areas, etc. This investment is given to us by the Central Government through a debt fund routed through the Ministerio de Economía Finanzas (MEF) [Economy and Finance Ministry], which in the future will be discount of our own royalties canon” said Ayerbe.

He noted that in his province, central government investment is above S/.200 million which also includes priority projects of social development. He stressed that the education sector is investing in productive projects for children and youth and in creating programs for the development of their social and intellectual capacities. He said other priority projects are focus on health, transport, housing and agriculture.

Green light for development tables

On behalf of Cotabambas, the mayor hopes to continue the responsible development of mining because “what we want is this type of mining to be an opportunity for our region, because in our province we don’t have other income that can bring development and welfare at the same time.”

Therefore, Ayerbe emphasized the role of the Development Table of Cotabambas, which is the first constituted table and although it has been completed, it can be replicated elsewhere in the country. “I think so far the Development Table has for us a passing grade, for all what we have advanced. We have already closed this but it doesn’t stop there, because we also have a Monitoring Committee to oversee that all the commitments and agreements that were done are met.”

Ayerbe was clear in stating that development tables are “a bridge of dialogue between the government, business and the people in general, to avoid conflicts and we can live in social harmony. “We believe that we can carry out private investment if there is a good agreement between the local authority, the people, the Central Government and private enterprise”.

Peru: For the second consecutive year first place in rate contribution of energy system

Filed under: Briefs — Tags: — admin @ 15:14

According to the World Economic Forum (WEF), our country ranks for the second consecutive year the first place worldwide in the rate of contribution of energy systems, said the Minister of Energy and Mines Jorge Merino Tafur in a radio interview.

The energy development report on the Global Energy Architecture Performance Index Report 2014 confirms that the energy system of Peru is the most competitive.

That report assesses three indicators: competitiveness, universal access and energy security and compatibility with environmental sustainability energy sector. Overall, the Peru ranked in 15th out of 124 economies assessed by the WEF.

Merino added that the increase in electricity supply to 2,200 MV at the end of 2013, has contributed to the worldwide recognition. He also stressed that the country has a reserve equivalent to 38 % power demand.

…and greater access to energy continues

Tafur said its ministery will continue working to get more people, especially in rural areas, have access to the power system.

“We are consolidating important programs like Social Inclusion Energy Fund (SIEF) which contemplates to benefit a million vulnerable families with discount vouchers S/.16. So far, there are more than 630,000 beneficiaries, “he said.

He noted that 2013 will close with 160,000 gas connections in Lima. The goal is to add 100,000 connections every year, in order to extend the energy coverage of natural gas.

Chief Financial Officer of Minera Corona left the charge

Filed under: Briefs — Tags: — admin @ 15:13

Sociedad Minera Corona S.A., a mining company that operates the Yauricocha silver, copper, zinc and lead – mine located in Yauyos, Lima province, announced through a press release that its Chief Financial Officer, Robert Chauca, left office after 2 and a half months.

Alturas Minerals announced the resignation of its director Ronald Eschle

Filed under: Briefs — Tags: — admin @ 15:13

Alturas Minerals Corp., Toronto, junior mining company engaged in the exploration of gold and copper-gold in Peru and Chile, announced the acceptance of the resignation of Mr. Ronald Eschle as Director of the company to devote more time to their current business activities. The position was exercised since May 2010.

Concession of the second tranche of Longitudinal Sierra Highway was awarded

Filed under: Briefs — Tags: — admin @ 15:13

The Consortium Consierra Tranche II composed by the Spanish company Sacyr Concessions and Peruvian Málaga Brothers Construction, won the bid for 25 years of the second tranche of the Longitudinal Sierra Highway, done by ProInversión [Pro Investment], project that will connect cities in Cajamarca and La Libertad. This section consists of: Ciudad de Dios, Cajamarca-Chiple and Cajamarca-Trujillo.

This road project requires an investment of US$552 million and covers an area of 875 km approximately and will benefit 1,5 million habitants. The Consortium Consierra Section II beat seven other bidders that had complied with the requirements requested on the basis of the concession.

Police did a new operation against illegal mining

Filed under: Briefs — Tags: — admin @ 15:13

Police Agents did an operation against illegal mining in the area known as “La Pampa”, at kilometer 113 of the Inter-Oceanic Highway, in the area known as Sector 13, an area near the Tambopata National Reserve in the Madre de Dios region, informed the Presidencia del Consejo de Ministros (PCM) [Presidency of the Ministers Council].

In the place, 8 pools used in the extraction of gold by illegal miners were destroyed. Among the destroyed equipment, 21 engines, 800 gallons of fuel 12 trestles, 4 suction pumps and 4 electric generators used in illegal gold mining were found.

The operation, which ran with nearly a hundred police officers, was also attended by representatives of the Public Ministry and the Regional Office of Energy and Mines (ROEM).

Andean Gold closed last tranche of placement for US$ 500,000

Filed under: Briefs — Tags: — admin @ 15:12

Andean Gold Ltd., Vancouver, junior mining company exploring gold projects in Peru, Ecuador and Colombia, announced the closing of the final tranche of its previously announced private placement of US$500,000. In previous closures, the Company issued a total of 7,200,000 units, and an additional 1,000,000 units to raise gross proceeds of US$360,000 and US$50,000 respectively, making a total to date of 8,200,000 units at a price of $ 0.05 per unit and raise total revenue of US$410,000.

The amount of the placement will be used primarily to fund exploration expenditures on the Urumalqui silver-gold project located in La Libertad, northern Peru, as well as payment obligations and working capital.

Candente Gold announces non-brokered financing

Filed under: Briefs — Tags: — admin @ 15:12

Candente Gold Corp, junior mining company that explores for gold and silver in Mexico and Peru,  announced, that it has agreed to carry out a non-brokered private placement of approximately 10,000,000 common shares at a price of Cdn$0.05 per common share to raise gross proceeds of up to Cdn$500,000.

All common shares issued pursuant to the Private Placement will be subject a four-month hold period. The Company may pay a finder’s fee in connection with the Private Placement.

The net proceeds of the Private Placement will be used for funding evaluations of the Company’s El Oro Tailings project, including metallurgical test work, and for general corporate purposes

Darwin Resources continues the drilling on Suriloma

Filed under: Briefs — Tags: — admin @ 15:12

Darwin Resources Corp. Vancouver, exploratory mining company with several projects in Peru, continues the second phase of diamond drilling on its Suriloma gold and silver project, in La Libertad region, said Graham Carman, President & CEO of the company.

Through two 800 m holes in La Puerta area, the company hopes to test geophysical great scale areas that are below the epithermal outcropping of gold and silver that was partially drilled in shallow during 2013.

It is expected that the drilling program take approximately 4 weeks on a single platform. The results will be ready by the end of January 2014.

Tía María mining project gets social license

Filed under: Briefs — Tags: — admin @ 15:10

The Tia Maria’s Southern Peru Copper Corporation, copper project located in Cocachacra , Islay province in Arequipa region, received the “social license” after the public hearing in front of 1200 citizens from Cocachacra, Arequipa on 19th December.

The Minister of Energy and Mines Jorge Merino highlighted the shared effort of dialogue between the central, regional and local government along with private companies done in the public hearing.

However, during the course of the hearing, a group of villagers fought against the police for being in disagreement with the project. The main reason for rejection is a possible contamination of soil and water of Tambo Valley.

Tia Maria will produce 120,000 tons of copper a year, and will require an estimated US$1.7 billion investment. Its construction should start in Q1 2014 and “participation without violence nor rejection to extreme measures, will enable that 2016 will be the first full year of operation of the mine”, said Guillermo Vidalón, Superintendent of Public Relations of the company.

… and EIS of Tía María is expected in the next three months

“In the next 90 days, we hope to have the Environmental Impact Study (EIS) approved, because that is the process that law requires, which means that for Q1 2014 we already have a start date of construction of the project” Minister Jorge Merino said.

He highlighted the current configuration of a favorable opinion for investments done in the Macrosur region like the Majes-Siguas II project, Chinchero International Airport in Cusco and now the Tía María mining project.

Conga and Quellaveco will spearhead projects to be implemented in 2014

The minister Merino noted that he expected that Conga (Cajamarca) and Quellaveco (Moquegua) projects will spearhead the list of projects done in 2014 and hoped that both will go together with the recovery of international prices of copper and gold and with the improved performance of the economies of the United States, Europe and China.

Dynacor announced discovery of high grade of gold and copper in Tumipampa

Filed under: Briefs — Tags: — admin @ 15:09

Dynacor Gold Mines Inc. Quebec, gold producer operating the mill Acari at Ayacucho region and Tumipampa base metals project in Apurimac region, announced the latest results of the sampling of the Manto Dorado structure.

Four holes were drilled from an underground station: HDD01-350, HDD02-350-350 and HDD04 HDD03-350. In these holes high grade gold and polymetallic mineralization were obtained.

The results show that mineralization extends from 175m to 200m along the Manto Dorado structure and show high grades of 115.7 gr/t Au, 0.52 oz/t Ag, 3.03% Cu over 1.1m  in hole HDD02-350, 7.25 gr/t Au, 0.10 oz/t Ag and 0.42% Cu over 0.60 m in hole HDD04-350.

Hole Total Length Target Width (m) Au (g/t) Ag(oz/t) Cu (%)
HDD01-350-IM 120.8 Manto Dorado 1.56 14.67 0.24 0.51
HDD02-350-IM 101.5 Manto Dorado 1.10 115.7 0.52 3.03
HDD03-350-IM 131.0 Manto Dorado 1.42 23.73 0.25 0.19
HDD04-350-IM 109.5 Manto Dorado 0.6 7.25 0.10 0.42

Tinka intercepts mineralization northwest of Ayawilca

Filed under: Briefs — Tags: — admin @ 15:09

Tinka Resources Limited, Vancouver, junior company that explores Ayawilca and Colquipurco projects in Pasco region, announced the results of the analysis for the drill holes A13 -10 , A13 -13 , A13 -15 and A13 -17.

The intersections of zinc mineralization through A13 -16 and A13 -17 which were drilled 570 meters north east of A12 -08, are of great interest for the company. A13 -15 are located approximately 100 m west of the significant intersection of 70 m of 4.8 % Zn which was found in A12- 08.

Massive and semi – massive sulphides between 321.1m and 344.4m of depth were also intercepted. Also, this site is located along the large western margin of coincident magnetic anomaly which measures approximately 700 m from east to west and 700 m from north to south, respectively.

The company expects that the test results for A13 -14 and A13 -17 are available in early January 2014 to determine the level of intercepted mineralization.

BVL: THE GREAT FINANCIAL REGIONAL CENTER

Filed under: News — Tags: — admin @ 15:08

A decrease in tariffs, improvement in technology platforms and tax equalization, are the main issues that the Bolsa de Valores de Lima (BVL) [Lima Stock Exchange] addressed during 2014 in order to have a competitive market value, said Francis Stenning, its General Manager, during a press briefing on 18th December.

“We have the potential to become the major financial center of the region,” he added, saying that for 2014 they expect to double the 2013 transaction volume. With that goal Stenning said that throughout 2013, the BVL has undertaken various initiatives such as:

  • Establishment of a working group with the Economy and Finance Ministry: In July, they gave a series of rules to reform the capital markets and the brokerage firms in order to ease the performance of a larger number of operations and contribute to a greater competitiveness in the financial market. The homologation with Chile is expected before the year-end.
  • Contract signed with MillenniumIT Technologies Limited, a subsidiary of the London Stock Exchange, as a solutions supplier for new electronics platform, which will facilitate faster release of products and provide operational efficiency. This project has a duration of 2 years and its implementation will be ready by mid-2014.
  • Approval mechanism for primary public offerings (OPP) through the Integrated Latin American Market (MILA) will allow Peru, Colombia and Chile to participate openly in the primary placement of securities of any of these countries, through its local mechanism. The first OPP MILA will be in the first two weeks of January.

The BVL negotiated volume during 2013 fell by about 27% from S/.20 million (31.12.12) to S/15,7 million (17.12.13), mainly due to the behavior of commodity prices, the uncertainty of state involvement in the issue of REPSOL and the announcement of the developed economies reduce fiscal stimuli, explained Stenning, who felt that our market was “over-punished”.

The BVL’s capital risk segment, or junior segment, had a contraction of 37%, closing the year with 17 junior listed companies, only two more than the previous year: Lupaka Gold (February 2013) and Rokmaster Resources. (April 2013).

During 2013 BVL also obtained the three ISO certifications (Quality of Service Management, Information Security Management and Contingency Plans and Business Plans); the enlargement of the Board with the inclusion of independent directors and a Mexican representative for strategic strengthening.

Also the launch of the BVL’s Alternative Stock Market segment aimed at small and medium-sized Peruvian companies, which facilitates access to financing in the market at lower costs and with fewer requirements and reporting obligations; direct access to Foreign Exchange Market where they have opened up the possibility that, through the stock market, currencies be traded, and consolidation of MILA where BVL is working with its partners to try to achieve the entrance of Mexico next year.

20 December, 2013

UK HKEX AND LME ANNOUNCE FORMATION OF LME CLEAR BOARD

Filed under: Minerandina International — Tags: — admin @ 15:29

Hong Kong Exchanges and Clearing Limited (HKEx) and the London Metal Exchange (LME) are pleased to announce the formation of the Board of LME Clear, the LME’s self-clearing platform currently in development. LME Clear is on track to launch, as planned, on 22 September 2014.

The Board will be comprised of five independent non-executive directors and four executive Board members. The independent non-executive directors will be Richard Thornhill, Chairman; John Harrison; Marye Humphery; Nat le Roux; and Marco Strimer. The executive directors will be Trevor Spanner, Chief Executive of LME Clear; Gerald Greiner, HKEx Head of Global Clearing; Garry Jones, Chief Executive of the LME and Co-Head of Global Markets at HKEx; and Romnesh Lamba, HKEx Co-Head of Global Markets.

Gerald Greiner, HKEx’s Head of Global Clearing, said: “Having attracted individuals with proven experience and competence in clearing and market infrastructure, we are confident that the launch of LME Clear will be a core addition to HKEx Group’s capabilities in the clearing space.”

LME Clear is headquartered in London and has been designed and built in consultation with LME clearing members. It will be fully compliant with European Market Infrastructure Regulation (EMIR) and powered by state of the art technology.

Canada: BARRICK WANTS A CHINESE PARTNER TO REVIVE PASCUA LAMA

Filed under: Minerandina International — Tags: — admin @ 15:28

Barrick Gold, Toronto, the largest world gold producer, is looking for a strategic Chinese partner to strength its credit and financial solvency. The main objective is to revive the construction of Pascua Lama, the binational (Chile and Argentina) gold, silver, copper and other minerals mining project.

This concern arises because of the large decline in the price of metals and the unstable financial situation afflicting the entire mining industry internationally.

Thus, with the appointment of its new chairman John Thorton – who boasts a valuable portfolio of contacts in China, replacing Peter Munk, Barrick aims to shield his position from a strategic alliance with an Asian partner.

The company had already slipped that possibility in the quarterly statement issued at the end of October, by which the “temporary slowdown“ construction of Pascua Lama was announced. However, so far no one knows when that association will be and Barrick remain in silence about it.

BUENAVENTURA PROJECTS TO INVEST BETWEEN S/.10 AND S/.12 MILLION IN POVERTY REDUCTION

Filed under: News — Tags: — admin @ 15:27

Cía. de Minas Buenaventura, local leader in the production of precious metals, estimate that the investment in the next three years, will be from S/.10 to S/.12 million in the second part of Reduction and  Poverty Alleviation Project (PRA ) on the average of S/. 3 or S/.4 million per year, Carlos Augusto Claux Community Relations Coordinator of Buenaventura told MinerAndina.Com.

The PRA- program financed by the U.S. Agency for International Development (USAID) made an alliance with Buenaventura in 2010 primarily for the relief and reduction of poverty in Huancavelica. Similarly acted with other mining companies such as Antamina. The program ended in 2012. Thus, from now on, Buenaventura will assume 100% of the costs.

Claux explained that Buenaventura plans to continue its strategy of leverage, which is “to join forces with the state to attract public funds into stocks. This is achieved for example by conducting technical quality records that allow us to attract funds from regional and local governments. “

He said the company will continue to prioritize social investment in 3 aspects: education, water infrastructure and basic services, which relies on the work they have been doing.  These include:

Tourism project “Valley of the Volcanoes”: Located a few kilometers from Arequipa in Colca Valley. It began in 2008 in a preliminary way and two years later the investment began. Now it reaches approximately S/.6 million. Claux said that in 2014 they expect to invest more in infrastructure through the construction of an hotel, a museum, campgrounds, valley signaling, etc. along with state support and in 2015 they expect to have more tourists. “The investment also depends much of the Commonwealth of the mayors of the area,” he said.

Ayo – Huambo Road: This road will put together the Colca Valley with the Valley of the Volcanoes. Buenaventura has funded approximately S /. 2 million for technical records. Currently this route is in the hands of the Ministry of Transport and Communications, MTC, as part of a road axis and as have been declared a national route, there is no date scheduled for paving. The investment cost was approximately S/.50 million of which the Regional Government of Arequipa has advanced between S/.8 and S/10 million.

Churín – Oyón Road: Launched in February 2012 with an investment of approximately S/.100 million. It is only a part of the road that will connect Huacho and Brazil. The Huaura – Sayan – Churín stretch is currently building. It has an extension of 29 km and a significant investment of S/.91 million shared between the State and mining companies Raura, Los Quenuales and Buenaventura.

“In 2013 we dropped over 80% in our total mining production [...] However; Buenaventura is interested to focus its efforts on the efficient social investment. Although we do not have as many resources as before, we continue to contribute to the communities, so that social investment will be supported and coordinated with State programs such as Agroideas, Mi Riego, etc; And as for productive purposes, the company expects to raise at least US$ 3 for every dollar invested in both social and production investment” Claux concluded.

ENERGETIC-MINING POLICY: Copper production will double in 2016

Filed under: News — Tags: — admin @ 15:25

With a total investment of US$ 15,9 bn, Las Bambas, Constancia, Cerro Verde expansion, and Toromocho, will collaborate in duplícate copper production to 2.8 Mt by the year 2016 , from currently 1.3 Mt, according to projections from Minister of Energy and Mines, Jorge Merino, during its presentation in the framework of the “Mining Policy – Energy: Progress and Challenges of Investment Management for Development “ conference, that took place last December 12 at the JW Marriot Hotel.

Merino stressed that mining continues to be the engine of the national economy, with a portfolio of mining projects estimated at US$ 57.2 bn to be developed during the period 2013-2016, among which are La Granja, Zafranal, Mar Cobre, Majaz, etc.

Between January and September 2013, investments in exploration, expansion and development of new projects have reached US$ 6.7 bn, representing an increase of 15% over the same period last year. By the end of 2013 the investment will exceed US$ 10 bn, an increase of 17% compared to 2012.

On the other hand, Merino highlighted the key role of the Development tables which represent successful spaces for dialogue between the State, the populations in the areas of influence of mining and energy projects and companies. So far, 6 tables have been formed in Cotabambas, Janjas-Huarmey, Cañaris, Corani, Hualgayoc and Chumbivilcas. Cotabambas has been successfully completed.

Between 2012 and 2020 electricity generation will increase by 5,950 MW

During 2013, 1,500 MW of electricity supply have been incorporated while among the period 2012 – 2020, electricity is projected to increase by generating 5,950 MW, with investments of US$10.35bn, announced Minister Jorge Merino. This capital will allow having energy demand which is expected to increase by 4,000 MW in 2020.

He also commented that in the energy sector investments will reach US$38.2bn, but only US$ 12.1bn is for the electricity sector, while the remaining US$ 26.1bn for the hydrocarbons sector.

He further highlighted that these investments will be carried out by the private sector and emphasized major energy projects like the South Energy Node whose concession was granted last month, and the construction of the South peruvian Pipeline which will have to wait until February 2014 for his concession.

On the other hand, Merino emphasized that the task ahead is that the most remote areas of the country can access to energy that is why the government aims to achieve a level of electrification of 96 % nationally, compared to 87 % we have today.

Model Mine at Parque de las Leyendas celebrated its 39 anniversary

Filed under: Briefs — Tags: — admin @ 15:22

Model Mine administered by the Institute of Mining Engineers of Peru (IIMP) in the Parque de las Leyendas, turned 39 years of service to the dissemination of role that mining activity in the country and its importance to the national economy.

During the event, Eng. Jorge Vargas Fernández sons, received a tribute on behalf of his father, who had the idea to improve the image of the mining industry and was the main promoter of the Model Mine. The ceremony also performed a recognition to the 2 millionth visitor and Mr. Agilberto Beltrán for their contribution in building the Model Mine.

Model Mine was installed in the “sierra zone” of Parque de las Leyendas in 1974, to represent the main resources that hosts the Andes.

Nineteen years later, the Board administration of Parque de las Leyendas gave in concession the Model Mine to the IIMP, which immediately began its restoration and modernization.

Newrest central kitchen opened in Callao with an investment of US$ 10 million

Filed under: Briefs — Tags: — admin @ 15:22

Newrest, Toulouse, French company dedicated to corporate catering, opened its plant and central kitchen in Callao with an investment of US$ 10 million, in a total of 5600 m2 industrial area which includes separate areas for: hot kitchen, cold kitchen, bakery and pastries. These are added to the 60 central kitchens that Newrest has worldwide.

The company president Olivier Sadran, highlighted at a press conference, the high bacteriological security and safety in the preparation and service of food.

He added that Newrest has a contract with Goldfields La Cima to cater to 1,000 guests and 150 employees at its Cerro Corona mine operation, where Newrest takes local purchases to provision on local inputs and ingredients.

In 2014, the french company plans to reach US$ 1,400 million in turnover and in the next 2-3 years to reach a 50% of local market catering.

Mining investments could close at US$ 8,900 million

Filed under: Briefs — Tags: — admin @ 15:21

According to an estimate by the Sociedad Nacional de Minería, Petróelo y Energía, (SNMPE) [National Society of Mining, Petroleum and Energy], Peru’s mining investments would close 2013 with about US$ 8.9 bn and a similar number could be repeated in 2014.

Eva Arias, president of the union, said that the mining sector has been severely affected by the fall in mineral prices, in the case of gold, had a setback of 25%, while silver and copper decreased 21% and 8% respectively.

She estimated that the gold price will remain volatile during 2014 and warned that if it falls below the US$ 1200/oz, some mines may close.

On the other hand, Ms. Arias projected a 25% drop in mining tax revenue and the same amount in revenues by 2013 mining royalties.

Volcan with stable outlook by Standard & Poor’s

Filed under: Briefs — Tags: — admin @ 15:21

US rating venture agency Standard & Poor’s, issued a report last December 10 in uplifting the status of Volcan Compania Minera from BBB- to BB+ with a stable outlook, which qualifies the company as an organization of high solvency in good standing at the time of being qualified.

Therefore, the New York agency is waiting by increasing the production of zinc and silver by Volcan.

Panoro announces resource increase Antilla

Filed under: Briefs — Tags: — admin @ 15:21

Panoro Minerals Ltd,  Vancouver, junior mining company that manages a diversified portfolio of copper projects in Perú, announced through a press release, the latest mineral resource estimate for his Antilla copper-molybdenum porphyry project, located in the district of Sabaino, Antabamba province, Apurimac region, which Panoro is 100% owner.

The estimate was made by the consultant Tetra Tech, California, from the results of 9,130 meters drilling made by Panoro in 49 holes, and 5,162 meters of drilling in 39 holes made by others, available until June 11, 2013.

The main results are:

• Mineral resources totaled 188.5 Mt @ 0.40% Cu and 0.009% Mo, with 0.2% cut-off.

• Inferred mineral resources reached of 145.9 Mt @ 0.28% Cu and 0.009% Mo with cut-off of 0.2 %.

• The new facility reflects a 38% increase in Cu content and 53% increase in Mo content.

Initial production of Toromocho will be lower

Filed under: Briefs — admin @ 15:19

Aluminum Corporation of China Limited, CHINALCO, Beijing, projected a production of 190,498 t/year, for the recently opened Toromocho copper mine but the company’s latest report reveals that by 2014 the annual production will be between 150,000 t and 120,000 t.

Due to a delay in the availability of electricity, “the ore processed in the initial period of operation of the Toromocho deposit, will be smaller than originally planned, resulting in a decrease in copper production estimated for the 2014”, the report said.

Still, CHINALCO remains optimistic to reach a full production capacity for Q3 2014.

… and General Manager in Peru remains in the charge

CHINALCO directory, also announced the reappointment of Huang Shanfu as General Manager of its subsidiary in Peru for a period of three years.

Cobriza Metals signs an agreement with Zahena mine for Arekipay project

Filed under: Briefs — Tags: — admin @ 15:17

Candente Copper Corp., Vancouver, junior company that owns Cañariaco copper project, located in the Lambayeque region, announced through a press release that its subsidiary Cobriza Metals Peru and mining company Compañía Minera Zahena SAC have signed an agreement for its Arekipay copper-gold project.

Arikepay –porphyry discovered by the team of geologists of Candente-Cobriza– covers 4,000 ha and is located 110 km south of Arequipa and 45 km south of the Cerro Verde copper mine, of Freeport -McMoRan Copper & Gold Inc., Phoenix.

The partnership with Zahena is the first step in a new strategy of Candente Copper to increase the shares value with greater exposure of its different projects. Zahena could earn a 75% interest in Arikepay doing a spend of US$5 million on exploration and US$ 4 million in payments to Cobriza Metals within 4 years, and the payment of US$50,000 upon signing the agreement and execution of 3,000 m of drilling within 12 months of receiving all permits. After this stage, Zahena could reach 100% within 5 years if they complete a bankable feasibility study, a payment of US$10 million and a 2% NSR to Cobriza.

Buenaventura plans to enter Chile with gold mining

Filed under: Briefs — Tags: — admin @ 15:17

Cía. de Minas Buenaventura, the main local precious metals producer, will continue exploring opportunities in northern Chile to lash in the production of precious metals including acquisitions, partnerships and own projects, Roque Benavides, president of the Peruvian company,  said to the press of the southern country.

Thus, in 2014, they expect to enter into the Chilean gold mining. Benavides also said that along with Barrick Gold, Toronto, have been exploring in the vicinity of what was El Indio – Barrick mine.

On the other hand, he said his company has been evaluating small gold projects in the Maricunga mining district, in the center of Chile, 160 km east of Copiapo in the Atacama region. However, there have been no decisions about due to water shortages and high energy costs.

ANTAMINA PREPARES FOR UNDERGROUND EXPLOITATION

Filed under: News — Tags: — admin @ 15:16

Cia. Minera Antamina, the largest combined copper-zinc operation in the world, will produce at its open pit mine located in the highlands of Ancash, over 240,000 fine tons of zinc and from 430,000 to 440,000 fine tons of copper in 2013, an approximately increase of 12.7% and 3% reduction, respectively, over the previous year.

That is how Eng. Abraham Chahuán President of the company, announced during his presentation at the lunch conference organized by the Canada-Peru Chamber of Commerce, on 16th  December.

Although in 2014 they expect a lower production in both metals, from 2015 onwards “Antamina will be very close to a production of 450,000 tonnes of copper (420.000 to 450.000 on average) and in the range of 200,000 to 250,000 tons of zinc,” he said.

Within the mining planning, Antamina develops in phases the open pit –that already has 650 meters deep and 3.5km long. In late 2014 and part of 2015, Phase 4 will be completed and operation of Phase 5, Phase 6, and Phase 7 will begin. Then continue with the development of Phase 8. All this thanks to the large amount of equipment investment which today sum around US$300 million.

The resources and reserves of Antamina rise to nearly 2,000 Mt @ 0.84% Cu, 0.53% Zn, 9.8 gr/t Ag and 0.19% Mo and will continue to rise due to the aggressive exploration policy of the company from 70,000 to 100,000 meters per year, which goal “is to know the skarn in depth and prepare better for the future regarding the best method of exploitation. This year we have initiated preliminary studies to see if it is reasonable to have a mixed operation”, the executive said.

He added that within 5-7 years it may well know the situation underground, to take a decision.

Meanwhile, the drillings are finding more high-grade ore in several areas of the deposit, as the 96 meters @ 2.3% Cu and 1.9% Zn in the exo-skarn.

Antamina began his operations in 2001 with a daily processing capacity of 95,000 tons. Until September 2013, the cumulative investment reached US$15 bn, and a contribution to the Peruvian State of S/.16 bn (around US$5.7 bn) through taxes, canon and “voluntary contribution”.

Year and a half ago, Antamina had its first expansion of US$1,6 bn, to increase its processing capacity to 130.000 – 145.000 tpd, “but there are days we can process up to 160,000 tpd”, President of the company told. Antamina’s shareholders are BHP Billiton (33.75%), Glencore-Xstrata (33.75%), Teck (22.5%) and Mitsubishi Corporation (10%).

Communication and social progress

Abraham Chahuán explained the change of the company model in its social affairs, where the problem is not lack of resources but a lack of capacity for the design and implementation of projects, so it is important the presence of the State. “Bringing the State is the focus of the new model”, now become a multi-stakeholder model, rather than a model of two actors.

“One of the main achievements is to have 7 ‘development tables’ composed by the central government, regional government and local governments, besides communities and Antamina”, he said, adding that they have almost S/.40 million from different government funds used for social projects. Antamina has also advanced the draft tax works. “Up to date we have S/. 38 million and the idea is to achieve S/.100 million in the short term”.

Chahuán also stressed the importance of communications for today hold mining companies. “Antamina decided to change the way to do it”, he said -and today we have a very aggressive plan: we communicate everything we do.” He added that according to studies, the unfavorable perception of the population is 10%, 39% favorable and 51% neutral.

16 December, 2013

The Pacific Alliance Road Show has started

Filed under: Briefs — Tags: — admin @ 11:53

InPerú, aa nonprofit association formed by the most important business groups in Peru began its fifth road show in the Pacific Alliance on 9, 10 and 11 December where they were visiting Chile, Colombia and Mexico respectively.

Pacific Partnership is a regional integration initiative formed by Chile, Colombia, Mexico and Peru, created in April 2011. This time, aims to bring together 600 foreign investors interested in learning about Peru and evaluate potential business and its main purpose commercial development, integration and promoting common regulatory framework for the exchange of investment and business opportunities with the highest possible speed.

On March 6 -2014, InPerú wiil be in New York with a large delegation of miners because of the PDAC exploration mining event in Toronto, to be held day before. During May and June, they will be in Europe or Asia for September or October, in one of the two continents that have not been previously attended.

Canada: CANDENTE GOLD COULD RECEIVE UP TO US$ 25 MILLION FOR EL ORO

Filed under: Minerandina International — Tags: — admin @ 11:52

Candente Gold Corp., Vancouver, junior mining company exploring for gold and silver in Mexico and Peru, said through a press release that the Mining Development Trust (FIFOMI) public trust created by the Federal Government of Mexico in 1934, has shown interest in the company to provide financing of up to US$ 25 million for exploration and testing in the tank Tailings recently acquired by the company in El Oro, Mexico.

Candente Gold also indicated that FIFOMI is also interested in financing and technical assistance for exploration on extensions of the known veins or new veins in the El Oro property where Candente Gold has a 70% stake.

ROCKS AND INDUSTRIAL MINERALS RESOURCES OF THIRD MILLENNIUM

Filed under: News — Tags: — admin @ 11:52

The industrial minerals resources undeniably represent the third millennium, said Mr. Aníbal Gajardo from the National Service of Geology and Mining of Chile – SERNAGEOMIN, during his presentation at the 3th International Symposium on Industrial Rocks and Minerals, developed between 6 and 7 last December in the city of Trujillo.

“There is a global economy that is dictating this to occur, are also basic raw materials in the production activity with high volumes and operating worldwide and high prices …” noted the expert.

The event was attended by the Vice Chancellor of the University of Trujillo, Dra. Vilca Méndez; the Regional Manager of Mining and Hydrocarbons, Mr. Gian Franco Quezada and several scientists, professionals and public officials, who attended this event organized by the Instituto Geológico Minero y Metalúrgico, [Geological Mining and Metallurgical Institute] – INGEMMET.

Among the international speakers highlighted the participation of Antonio Henao, representative SUMICOL Crown of Colombia, as well as Sadou Reuben, chief of the Division of Industrial Rocks and Minerals, Geological Survey of Brazil , who spoke on “Paradigms, and environmental future of Industrial Minerals” and “Activities of the Research Society of Mineral Resources” respectively.

“The non-metallic resources are essential part of all our daily activities, primarily as raw materials, and thus represent an important potential develop in the future of Peru. That’s why we will continue making INGEMMET these types of events and workshops to further contribute to the development of all Peruvians, “said Ing Susana Vilca, president of INGEMMET.

COMMISSION ON ENERGY AND MINES PROMOTES WIND POWER

Filed under: News — Tags: — admin @ 11:51

The Chairman of the Commission on Energy and Mining of the Republic Congress, Agustín Molina, highlighted the law proposal presented by him to the Commission, to promote wind energy and thus boost clean technologies.

The initiative is being evaluated for approval. It consists in “declare wind power as national interest, highlighting its benefits to improve the life quality of Peruvians”, he told MinerAndina.Com. However, he added that wind energy is not taken into account in our country.

For the mining sector, the Commission has not submitted proposals, but according to Molina “The balance is clearly positive”, noting the conducting of a forum in the city of Andahuaylas led to artisanal miners in order to help and guide them in the topic of mining formalization” he said, adding that more than 500 artisanal miners were attracted to hear presentations of the sectors involved in the formalization process as the Ministry of Energy and Mines, Ministry of Environment, the Presidency of the Council of Ministers and the Local Water Management.

He noted that, although they don’t have a common agenda with regional governments “miners” itself planned visits and decentralized sessions of the Commission on Energy and Mines to cities like Cusco, Cajamarca, Madre de Dios and the desire for some members, to bring these meetings to other regions as Apurimac and Huanuco.

AQM Copper CFO changes

Filed under: Briefs — Tags: — admin @ 11:49

AQM Copper, Inc. Vancouver, junior mining company that develops Zafranal copper project in Arequipa, said through a statement that Alan Ahlgren stepped down as Chief Financial Officer of the Company since November 30, 2013. In his replacement was appointed Mr. Erick Underwood who began his duties from December 01 2013.

Interclima 2013 brought together more than 100 experts in climate change

Filed under: Briefs — Tags: — admin @ 11:49

The Environment Minister Manuel Pulgar-Vidal, opened on December 4, the international meeting on climate change, Interclima 2013, an event that brought together more than 100 climate change experts worldwide  and is the previous launch towards the COP20 to be held in Lima from 01 to 12 December 2014.

“Peru has to show their best skills and strategies to generate an atmosphere of trust that allows negotiators resolve entrapments and make the COP of Lima finished a draft that can be taken to France for completion and signing. Interclima helps this process”,said the minister.

Notable participants of the event were Marcelo Rocha, director of the World Cup Brazil, who spoke of the efforts of the Brazilian government to organize the first World Cup with a responsible energy use, and Roberto Acosta, Nobel Peace Prize and former coordinator of the Secretariat of the United Nations Framework Convention Climate Change.

There are few projects to face climate change in Peru

Filed under: Briefs — Tags: — admin @ 11:49

The Balance of Regional Report from Climate Change Management conducted by the Ministry of Environment (MINAM), indicates that there are 163 environmental regional projects that could create favorable conditions for adaptation to climate change, according to the SNIP projects archive, developed since 2009 to date.

However, of those 163, there are only 14 public investment projects that are explicitly aimed at face the issue of climate change with an investment of S/.59 million. These projects are mostly from municipalities. The report also notes that 62% of the difficulties in implementing actions against to this anomaly in the climate have to do with lack of funding, and 31% by the lack articulation between the actors involved in the issue. It also notes that 23% of regions have no study on the vulnerability of their sockets, which allow to evaluate the impacts of hazards weather linked to water.

Buenaventura workers resumed operations after three days of strike

Filed under: Briefs — Tags: — admin @ 11:48

Workers at Uchucchacua, mine in the province of Oyón, in Lima region, returned to work after a three-day strike demanding the reinstatement of workers fired and crippled its production, Cía. De Minas Buenaventura reported through a statement. The workers resumed their work last Saturday, after the strike declared illegal by the Ministry of Labour, but still has not reached a solution with respect to their demands.

BVL: First stock exchange in the world to have ISO 9001, 27001 and 22301

Filed under: Briefs — Tags: — admin @ 11:48

After about two years of having initiated a project aimed at improve their processes, the Bolsa de Valores de Lima [Lima Stock Exchange] (BVL) officially became the first exchange in the world in obtaining quality certification ISO 9001, Information Security, ISO 27001 and business continuity – ISO 22301.

Thus, these certifications place the BVL at the forefront with the prestigious bags as the United States, Tokyo, China and Brazil have either ISO 9001 or ISO 27001 but none of them is credited with the ISO 22301.

Mining would grow 8.4 % in 2014 according to BCP projection

Filed under: Briefs — Tags: — admin @ 11:47

According to projections did by the Economic Studies Department of the Bank of Credit of Peru (BCP) led by Juan Carlos Odar, mining would grow 8.4 % in 2014 , after increasing 2.5% in 2013 and exceed the figure of 2.2% in 2012. Thus, would be the most dynamic sector in the country.

“This growth would occur by the diversity of mining projects that will be specified in 2014, for it would be the sector with the most dynamic economic expansion followed by construction and electricity sectors with 7.2% and 5.9% respectively”, Odar said .

On the other hand, Odar mentioned that the expectation of stable prices for the two most important products gold and copper in the coming months, will be vital for mining recovery activity and noted that recent years have been difficult for mining because there have been setbacks and slight growth.

These projections were given during the presentation of the economic situation report called “Balance and Prospects 2013 – 2014” on December 3rd.

Vena Resources announces sale of Cordillera Contratistas S.A

Filed under: Briefs — Tags: — admin @ 11:47

Junior Vena Resources Inc., Toronto, announced that one of its subsidiaries, Contratistas Cordillera S.A., was acquired for an amount of US$ 100,000 for a private Peruvian company. Cordillera has obligations by US$1.1 million owed to third parties from transactions related to Azulcocha Mining, a subsidiary that was sold to Trafigura Beheer B.V., Amsterdam, on November 2012.

Juan Vegarra, President and CEO, stated that the efforts made by senior management to restructure the company’s balance sheet under difficult conditions, are beginning to generate significant improvements and provides a positive trend in production for 2014, where the company will focus its efforts to advance the Esquilache gold-silver-copper project and support the mining company Azincourt Uranium Inc, Vancouver, its new partner of uranium in Peru.

Hudbay Completes Offering of US$100,000,000

Filed under: Briefs — Tags: — admin @ 11:47

HudBay Minerals Inc., Toronto, announced that it has completed its previously announced offering of US$100 million aggregate principal amount of its 9.50% senior unsecured notes due October 1, 2020. The Notes are in addition to the US$650 million aggregate principal amount of 9.50% senior unsecured notes that Hudbay issued in September 2012 and June 2013. The Notes were priced at 100% of the aggregate principal amount, providing the company with gross proceeds of US$100 million and will yield 9.50% to maturity.

Hudbay plans to use the net proceeds from the offering for general corporate purposes and the development of its Lalor and Reed projects in Manitoba and its Constancia project in Peru.

Trevali announced advancement of Santander mine

Filed under: Briefs — Tags: — admin @ 11:46

Trevali Mining Corporation, Vancouver, junior mining company active in Peru and Canada, announced that the current implementation of the processing plant and concentrate production of its zinc and lead-silver mine, located in Santander in the province of Huaral, Lima region, continues to progress while the operation is headed 100% of commercial production planned for Q1 2014.

During November, Santander performance continued in 2,000 tpd which provides an effective plant availability of 100% in the total nominal capacity. On the other hand, the levels of concentrated zinc and lead-silver reached 5000 tn and 900 tn respectively and has been delivered and sold to Glencore partner.

… and significantly expands the area lead-silver-zinc

Trevali also announced results from three additional holes drilled in the deepest levels of the Santander Zona Rosa newfound, which gave a high grade of mineralization of lead, zinc and silver. The drilling also identified a sub-parallel replacement yielded values of zinc and lead in potentially exploitable intervals. All mineralization remains open at depth.

Toromocho started

Filed under: Briefs — Tags: — admin @ 11:46

Toromocho, a polymetallic operation located in the province of Yauli, Junín region, owned by Aluminum Corporation of China Limited, Chinalco, Pekin, was opened on Tuesday, December 10th, in a ceremony led by President Ollanta Humala and the mining and energy minister, Jorge Merino.

Merino said that the investment of US$ 4.820 million to launch Toromocho has a great importance for the country and Junín region, and therefore generate 2,500 direct employees and 7,500 indirect workers, as well as providing a boost to the production of copper which will grow 17% in 2014, while overall mining production will reach 10%.

FIRST QUANTUM DEFINES THREE NEW COPPER ZONES IN ACCHA MINING DISTRICT

Filed under: News — Tags: — admin @ 11:45

First Quantum Minerals Ltd., Vancouver,  mining company that develops the Haquira  copper project in the prolific Andahuaylas-Yauri copper belt, plans to begin soil sampling program, fill and detailed mapping on a scale of 1:2000 on all geochemical anomalies discovered in three areas within the copper mining district Accha in Cusco.

Areas called Larisa, Gema and Alcatraz – formerly known as Laca Laca – comprise about 50,000 hectares and have the potential to develop as copper projects after they were defined by an extensive regional exploration program that First Quantum held in late 2012, in accordance with Zincore Metals Inc., Vancouver, junior company exploring the Accha zinc project.

The aim of the work is to identify and prioritize initial drill targets for each area, and will allow First Quantum the right to earn up to 80% participation in each area, to meet the objectives. So, First Quantum can earn a 50.1% stake in an area only when the exploration has spent at least $ 4 million within 2.5 years.

The company may achieve subsequent additional rights if they start producing 1 Mt within 18 months from the date of acquisition of the area and reach 80%, if they begin the copper production within 8 years from the date agreed between both. If commercial production does not begin within the prescribed period, First Quantum will remain at 70% and 30% for Zincore. First Quantum will be responsible for all finance costs associated with the construction of a future mine.

Larisa

The copper is about 5.5 km. west of the Accha deposit in the northern part. 258 soil samples were taken on a regular grid of north-south orientation with a distance of 400 meters and subsequently, additional samples were taken every 200 meters. Furthermore, 54 rock samples were collected resulting copper values ranging from 100 to 900 ppm, molybdenum values from 2 to 10 ppm and 15-41 ppb gold values.

Alcatraz (Before-Laca Laca)

Copper is located about 5 km north project of Dolores copper-molybdenum. To date, work has been limited to the south of the anomaly sector and recently has been granted permission to the north. At this moment, 386 samples have been taken on a regular grid of north-south, with a distance of 400 meters. In the abnormal areas was also carried out a campaign of stuffing.  Copper values were found in soil ranging from 100-7500 ppm and molybdenum ranging from 4-119 ppm. We have also collected 10 new rock samples with majority values 676ppm molybdenum and 264 ppb gold.

Gema

Copper is found along the western border of Accha zinc deposit. The main anomaly in Gema covers an area of 3 km by 800 meters with copper values from 80 to 300 ppm and there are multiple anomalies (copper, molybdenum, arsenic, antimony, bismuth, tellurium and thallium) in sedimentary rocks, which cover an area of 4 km by 700 meters with copper values ranging from 60 to 500 ppm, arsenic ranging from 40-898 ppm and antimony values ranging from 8-202 ppm. There are also zinc (from 500-2900 ppm), lead (120-8100 ppm) and silver (from 1 to 5 ppm) located 4 km. northwest of the copper anomaly.

6 December, 2013

UK: RIO TINTO REDUCED CAPITAL SPENDING TO US$ 8,000 MILLION IN 2015

Filed under: Minerandina International — Tags: — admin @ 16:30

Rio Tinto plc, London, one of the five most diversified mining producers in the world, projected to reduce to US$ 8,000 million its capital expenses by 2015 in order to reduce debt.

Last week, Rio Tinto announced the delay of its expansion – which was planned for 2017 – in the iron operations located in Australia to generate savings of approximately US$ 3,000 million.

It also announced a reduction of its investments to US$ 11,000 million in 2014, slightly less than it was in 2013 when it recorded US$ 14.000 million.

During an investors’ seminar in Sydney, company executives said this year the company has reduced US$ 2,600 million in costs, including shrinkage to about US$ 850 million – almost half – in exploration expenditures.

With these cuts, Rio Tinto seeks to reduce a debt of US$ 22,000 million, which was reported in mid- 2013.

Canada: TREVALI STILL ASSESSING POSSIBLE NEW PRODUCTION PLANT

Filed under: Minerandina International — Tags: — admin @ 16:29

Trevali Mining Corporation, Vancouver, junior mining company with activities in Peru (Santander mine) and Canada, provided an update on activities being done in their Halfmile and Stratmat polymetallic deposits in the Bathurst mining camp of New Brunswick.

They are currently conducting making drillings and environmental studies besides further archaeological impact assessments in the aforementioned deposits. The objective of these studies is to investigate the possibility of opening a production plant, a project that could be done in 5 years.

Also, in about a year, the mining company plans to restart and expansion of the Caribou mine located north of New Brunswick, in order to continue producing 3,000 tpd of zinc concentrates, lead, and copper.

MINAM AND MINEM COMBINE EFFORTS AGAINST INFORMAL MINING

Filed under: News — Tags: — admin @ 16:29

The Ministry of Environment (MINAM) is implementing the Technical Assistance Plan for regional governments on the Instrument for Corrective Environmental Management – IGAC, tool that aims to reduce and remedy the negative environmental and social impacts caused by artisanal mining.

This Plan aims to strengthen the technical capacity of regional government officials and consultants to improve the quality and efficiency of the processes of production, review, and approval of the IGAC. It also aims to guide the subjects regarding the formalization procedures and providing follow-ups in their respective region.

The first part of the plan envisages working with 10 regional governments (Arequipa, Ayacucho, Puno, Apurimac, La Libertad, Madre de Dios, Ancash, Cusco, Piura, Pasco) in the review and evaluation of environmental management tools and will be an essential corrective requirement for mining formalization.

In the first implementation of the Plan made in Madre de Dios, MINAM had a great team of specialists in areas such as environmental regulations, environmental quality, biodiversity, soil quality, among others.

For his part, the Minister of Energy and Mines Jorge Merino, before the Commission of Andean, Amazonian, and Afro-Peruvian Peoples, Environment and Ecology Congress, announced that the government intends to encourage investors to come in order to implement mineral concentration plants allowing processing gold using techniques that do not generate ecological damage and regardless of the use of mercury. The sites chosen to start this initiative are the mining areas of Piura or the province of Chala in Arequipa.

He also felt that the process of formalizing the informal mining will reduce the levels of pollution to the environment that produces the uncontrolled use of mercury. He announced that they expect to formalize 50,000 illegal miners through the second One-Stop, located in Madre de Dios, which aims to facilitate and accelerate the process of mining formalization of small miners and artisanal miners.

CADE 2013: PERU MAY RECEIVE AN ADDITIONAL US$ 12.300 MM IN ANNUAL TAXES

Filed under: News — Tags: — admin @ 16:28

The mining companies present at the Annual Conference of Executives 2013 (CADE 2013), indicated that the State would receive an additional US$ 12,300 million a year in taxes if the investment portfolio in the industry is materialized, which is estimated at US$ 54,000 million, for which they showed their confidence and commitment.

After a review of the contribution of the mining sector to the development of Peru in recent decades, the CADE 2013 mining working group, led by Ignacio Bustamante and José Miguel Morales as mentor, gave a brief summary of the strategic long term plan by the National Society of Mining, Petroleum, and Energy.

Aligned with the vision of this plan, the working group proposed four specific commitments:

1. To deliver the State technical studies for five mining environmental remediation liabilities that are under state responsibility, by providing it with the best technical skills to achieve a solution beneficial to all in the shortest possible time.

2. To promote education and connectivity in mining communities through the provision of internet access to ten towns in order to make people to have access to great educational platforms.

3. To finance technical studies and the generation of agreements with the competent authorities to encourage improvements in the development, availability, and water conservation.

4. To support and determinedly fight against illegal mining.

On the other hand, they reaffirmed the clear commitment “to get Peru to be proud of being a mining country, and continue to promote investment in the sector to maximize its impact on the country’s development”. The team’s spokesmen were: Ignacio Bustamante, CEO of Hochschild Mining, Juan Luis Kruger, CEO of Minsur, Ernesto Balarezo, CEO of Goldfields La Cima.

PREVIOUS CONSULTING: ACTIONS FOR THE ENVIRONMENT?

Filed under: News — Tags: — admin @ 16:27

The Ministry of Environment (MINAM) projected for next year the categorization of the reserved area Sierra del Divisor (ZRSDD), which encompasses the territories of the province of Coronel Portillo, Ucayali region, and the provinces of Ucayali, Requena, and Maynas belonging to the Loreto region.

The ZRSDD is a declared reserved or protected area and seeks to protect the Sierra del Divisor, which is a mountain resort in the Amazonian lowlands. These mountains have a steep slope and an area of 1.5 million ha.

“The whole issue of protected areas is certainly an element that will be key for next year”, Alberto Barandiarán Gómez, Vice ministry advisor for Strategic Development of Natural Resources of MINAM, told MinerAndina.Com after its presentation on November 28 in the framework of the conference on Mining Thursday which is weekly organized by the Institute of Mining Engineers of Peru (IIMP).

The categorization of a conservation area is part of the policy of monitoring and identification of other measures such as the Single Text of Administrative Procedures (TUPA) being done by MINAM. Similarly, the development of some bills on environmental matters to the Vice ministry held in conjunction with the Congress. These bills must be identified by MINAM to see whether or not to make the consultation process.

The ministerial adviser added that there have been joint actions with the Ministry of Energy and Mines (MINEM) for updating processes of sectorial environmental regulations since both ministries are responsible for assessing the administrative and legislative measures that must pass through prior consultation. However, it is MINAM, the entity with which they are operating every inch.

Green light for Southern Energy Node

Filed under: Briefs — Tags: — admin @ 16:26

The Agency for Promotion of Private Investment Investment (ProInversión) awarded the Southern Energy Node project to the companies Samay I and EnerSur, estimating an associated investment of over US$ 700 million in Arequipa and Moquegua, cities where project construction starts.

The project of the Southern Energy Node consist of two thermic power plants (CT) of 500 MW each, which will be contributed to the energy system of the country, and will be fed by the so-called Southern Gas Pipeline of 1200km coming from the city of Anta in Cusco, to the port of Ilo in Moquegua.

“These new 1000 MW in the south will allow that part of the country to have much more reliable energy to develop all mining projects, cement, etc.., And consolidate a better reserve margin in the system”, said the Minister.

Merino said the start of operations of the CT located in Arequipa will be in May 2016, while the second CT of Moquegua will begin operating in March 2017.

Milpo Group comes apart from company Energia Ancash S.A.

Filed under: Briefs — Tags: — admin @ 16:25

Milpo Grupo, medium mines of copper, lead, and zinc producer, informed that the company Ancash Energy S.A. has been removed from the company’s organization after liquidation and corresponding extinction proceedings were concluded.

Now the companies comprising the Group are: Cemeco Commercial Company Inc., Compania Minera Atacocha SAA, Compania Minera Milpo SAA, Milpo Andina Peru SAC, Minera Atasilver SAC, Minera El Muki SA, Minera Pampa de Cobre SA, and Minera Rayrock Ltda (Chile). 

Ministers of Foreign Affairs and Environment presented COP20 logo

Filed under: Briefs — Tags: — admin @ 16:25

The Environment Minister Manuel Pulgar- Vidal, along with his counterpart Foreign Affairs Minister Eda Rivas, presented on November 26, the official logo of the Lima- COP20, the United Nations Summit on Climate Change will gather in our capital delegations from 190 countries around the world in search of a new climate agreement in December 2014.

According to the Minister of Environment, the COP20 logo symbolizes the climate moment in the world and the possibility and struggle we have as a society to stabilize global temperatures.

For his part, Minister of Foreign Affairs, Eda Rivas highlighted the commitment of its portfolio with the organization of the event and said that climate change is a major challenge for countries like ours seeking development through industrialization.

Lima’s COP20 is a key to getting a new binding global climate agreement, to achieve commitments to address the effects of climate change. On average, there will be over 12,000 people from all over the world that come to Peru to attend this event.

OEFA imposes fine to explorer company Miski Mayo

Filed under: Briefs — Tags: — admin @ 16:25

The Organismo de Evaluación y Fiscalización Ambiental [Agency for Assessment and Environmental Control] (OEFA) after supervising Miski Mayo SRL, exploration company specializing in phosphates, which imposed corrective actions and a fine in the amount of 10 UIT.

The fine was imposed after OEFA confirmed that Miski Mayo lacks a proper method of loading and unloading of concentrated phosphate and in that sense, encapsulation ordered the facility to avoid consequent negative impacts within the zone of influence in the operation of Bayóvar, port located 100km south of the city of Piura.

Mining output will increase and gas will reach most of the country

Filed under: Briefs — Tags: — admin @ 16:24

The Minister of Energy and Mines Jorge Merino, announced a 10% increase in copper production, equivalent to 2 Mt of additional copper as one of the sector goals for the coming year 2014.

He said that another goal of its portfolio is to start mining megaprojects in the Cajamarca, Arequipa, and Moquegua regions, for example. He further considered that mining exports in 2014 will reach US$27.000 million.

On the other hand, the Minister estimated that natural gas will reach all homes and vehicles of most cities of the coast, highland, and jungle in 2016. He added that the gas supply project to the Andean highlands is going to start together with the installation of networks in Abancay, Andahuaylas, Huamanga, Huanta, Huancavelica, Huancayo, Jauja, Cusco, and Puno. He announced that it is calling the same competition to install networks in cities such as Piura, Tumbes, Ucayali, Pasco, Junin, and Amazonas.

In this regard, he said that soon the gas pipeline in Ayacucho, which runs from the city of Tocto in the Cusco province to finish in Huamanga. Ayacucho is the first department to have gas because it is only 15km from the main pipe.

Tinka Resources closes financing for U.S. $ 595,000

Filed under: Briefs — Tags: — admin @ 16:23

Tinka Resources Ltd., Vancouver, junior company that explores the Colquipurco and Ayawilca projects in the Pasco region, has raised gross proceeds of US$595,000 through the issuance of 1,190,000 units at $0.50 per unit. Each unit consists of one common share and one-half of one non-transferable share purchase warrant. Each Warrant entitles the holder to purchase one common share at a price of $0.75 per common share until November 28, 2014.

All securities issued under the Financing are subject to a four-month hold period that expires on March 29, 2014.

The net proceeds of the private placement are expected to be used to advance exploration work on the Company’s Colquipucro and Ayawilca projects and for general working capital purposes.

Zincore Metals and First Quantum confirmed three copper high-priority areas

Filed under: Briefs — Tags: — admin @ 16:22

Zincore Metals Inc, Vancouver, junior mining company developing the Accha zinc project in the Cusco region, reported that it has confirmed three high copper priority areas in the project as a result of an extensive regional recognition exploration program conducted with First Quantum Minerals Ltd., Vancouver, in late 2012, in the prolific Andahuaylas – Yauri copper belt near the HaquiraFirst Quantum and Las Bambas - Glencore Xtsrata projects.

Zincore and First Quantum performed those works in Zincore properties, resulting in the discovery of 50,000 ha. with copper potential. ”These results provide further evidence of the potential of copper exploration we have always believed that exists within our field”, said Jorge Benavides CEO and President of Zincore.

Lupaka Gold Announces Agreement with Hochschild Mining by Josnitoro

Filed under: Briefs — Tags: — admin @ 16:22

Lupaka Gold Corp, Vancouver, junior mining company developing the Crucero and Invicta gold projects, through its subsidiary Minera Pacacorral, announced it has signed a memorandum with Compañia Minera Ares S.A.C. – indirect subsidiaries of Hochschild Mining plc –and Minera del Suroeste S.A.C., for the execution of a definitive agreement that will allow Lupaka to earn a 65% stake in the copper-gold project Josnitoro. The project is in the exploration stage and is located in the Apurimac region.

Previous exploration and drilling showed results of up to 7.74 gr/t Au, and the trench sampling results has yielded up to 33.6gr/t Au.

Lupaka Gold will be the operator of the project with a commitment to drill no less than 10,000 meters and complete a preliminary economic assessment (PEA) in a total period of 6 years. It also has to pay 100% of the cost of activities in order to exercise the option by 65% within 2 years of the execution of a definitive agreement.

In the event that Lupaka Gold cannot receive permission from the community to begin drilling, the company may abandon the option without penalty.

PERU REDUCES EXPLORATION SPENDING FOR CONTRACTION OF GOLD EXPLORATION

Filed under: News — Tags: — admin @ 16:20

Although it remains around 5% of global spending on mineral exploration, Peru is giving in its ranking positions as such spending destination, from the 6th to 7th place, this time beaten by Russia.

This is mainly explained by the reduction in expenditure on gold exploration, according to the annual study conducted by the consulting firm SNL Metals Economics Group, Halifax.

Indeed, the global mineral exploration industry decided to spend about US$ 760 million in Peru during 2013, a decrease of 29% from the historic record of US$ 1,070 obtained in 2012 - MA.Com –Nº796, 2013.

This reduction follows the global aggregate trend as the total mineral exploration expenditure fell 29% to US$ 15.200 million in 2013, compared to the previous year when it posted a historic record of US$ 21,500 million.

The outlook for 2014, although looking better, are not entirely convincing, since the Pipeline Activity Index, published by the same consultant, predicts that it may be at the lowest level in years.

The main conclusion of the study of global mineral exploration spending in 2013 found that countries with high levels of mineral exploration reduced activity during 2013. Whereas less traditional countries like Russia and the Congo saw increased spending.

Allocations to the top 10 countries accounted for almost two-thirds of the worldwide exploration budget total in 2013. The top nine countries are the same as in 2012, though there were a few shifts among the ranks — Russia moved to Nº 6 from Nº 8, dropping Peru and China back to Nº 7 and Nº 8, respectively. The only other change was that the DRC replaced Argentina in the Nº 10 spot; placing the African country among the top 10 exploration destinations for the first time.

Canada has been the top destination for exploration spending since overtaking Australia in 2002. In 2013, it experienced by far the largest dollar decline in allocations — more than double the declines recorded by the United States and Australia — lowering its share of total budgets to just over 13%, its smallest share since 1999. At the same time, Australian allocations decreased 25% year over year (less than the 30% worldwide decrease), leaving it only about US$25 million behind Canada.

The United States’ share of worldwide exploration has been about 7% or 8% since 2000, when it stood at 10%. Mexico’s 6% of the global total put it in the Nº. 4 spot, a place it has held since 2010. Chile took the Nº 5 spot worldwide for the third consecutive year, with its budget total a mere US$8 million behind Mexico.

Russia, which first entered the top 10 in 2002, reached the Nº4 spot in 2005 and 2007.  Allocations increased US$20 million in 2013, making Russia one of the few countries to experience an exploration budget increase, and moving it into the Nº6 spot overall. China, which first joined the top 10 in 2006, dropped to Nº8, while Brazil maintained the Nº9 spot for the fifth consecutive year.

29 November, 2013

USA: FREEPORT-MCMORAN ANNOUNCED THE Q3 2013 RESULTS

Filed under: Minerandina International — Tags: — admin @ 17:09

Freeport- McMoRan Copper & Gold Inc., Arizona, the lowest cost world copper producer and one of the world’s largest gold producers, announced the results of 3T2013.

Cash flow made a total of US$1,900 million during Q3 2013 and is expected to reach by the end of the year US$6,000 million. Net income totaled US$ 821 million, slightly lower than during the same period in 2012, of US$ 824 million.

Also, consolidated sales for the period were 1.04 billion pounds of copper, 395,000 ounces of gold, 23 million pounds of molybdenum and 16.5 million barrels of oil equivalent (MMBOE).

The company expects that for the close of the year that sales be approximately 4.1 billion pounds of copper, 1.1 million ounces of gold, 92 million pounds of molybdenum and 37.4 MMBO.

On the other hand, average prices realized during 3T2013 were US$ 3.28/lb Cu, smaller than those recorded in 3T2012, US$3.64/lb and US$1.329/oz Au, an equally lower price when compared to the USL US$ 1.728/oz. from Q3 2012.

RESULTS OF CESCO CRU – 2014 SCHOLARSHIP APPLICATIONS

Filed under: Minerandina International — Tags: — admin @ 17:08

The Centro de Estudios del Cobre y la Minería (Center for Copper and Mining Studies) (CESCO) and CRU, announced the winners for the 8th edition of the scholarship related to mining in economic management and professional fields. They are:

• María Alejandra Zegarra Díaz (Peru), Bachelor of Economics, Assistant Lecturer in Macroeconomics in the Center for Research at the Universidad del Pacífico.

• Monserrat Muñoz Yévenes (Chile), Commercial Engineer, Senior Planning and Finance Specialist at AngloAmerican.

• Carlos Zapata Lui (Peru), Economist, Regional Development Planning Manager at Rio Tinto – La Granja.

During February 2014, they will travel to Europe to share experiences with leading analysts of prestigious institutions like CRU in London and Atlantic Copper, in Madrid, besides visiting major mining companies and organizations linked to mining in these countries.

CESCO and CRU wishes to encourage interested people to consider applying in the 9th edition to be held in February 2015.

Chile: CASTILLO COPPER TARGETS NEW GENERATION OF COPPER MINES

Filed under: Minerandina International — Tags: — admin @ 17:07

The junior Castillo Copper (Subiaco, Western Australia) explores and seeks to put into production the new generation of larger copper projects in Chile, for which it has secured a significant portfolio of exploration properties and projects.

The goal the Australian company in Chile has set, is becoming a medium to higher producer with an output of 50,000 to 100,000 tons per year of fine copper. Its portfolio includes the following brochures:

• Río Rocín: porphyry copper deposit located in the central copper belt of Chile and mostly its largest exploration targets correspond to a supergene copper deposit of high grades.

• Posada: IOCG type deposit, located in the copper belt of northern Chile.

• Resguardo: copper deposit of hydrothermal mineralization in gaps related to copper porphyries in northern Chile from the Lower Tertiary period.

As its first exploration target, the company aims for the copper belt area Altos Andes in Chile, near Santiago, which in 2011 produced 1.2 Mt of copper in four porphyry copper type mines: Lieutenant (404,000 tpa), The Bronzes (221,000 tpa); Andina/White River (190,000 tpa) and Los Pelambres (380,000 tpa). Recent discoveries in this area, carried out by Anglo American plc and Glencore (ex Xstrata) – correspond to Los Sulfatos, San Enrique Monolito, and West Wall.

The second target of interest corresponds to the copper-iron belt near Copiapó, in northern Chile, where mines operate exploiting oxide type deposits of iron, copper, and gold (IOGC) related to the Atacama System Fault. Some deposits included in this fault are Candelaria/Ojos del Salado and Mantoverde, which together produced 250,000 tons of fine copper in 2011.

The third area in which Castillo Copper develops exploration is in copper porphyries corresponding to the Lower Tertiary, located in the copper belt northeast of Copiapo, which hosts the historic copper operations El Salvador and Potrerillos.

Canada: SNL MEG Pipeline Activity Index, September/October 2013 2014: LEVEL OF DRILLING ACTIVITY COULD BE THE LOWEST IN YEARS

Filed under: Minerandina International — Tags: — admin @ 17:06

SNL MEG’s Pipeline Activity Index (PAI) remained stable in September-October, but still sits at a historical low. Drilling activity and initial resource announcements continue to show the effects of drastically reduced grassroots spending in 2013.

While junior sector as a whole is still unable to attract the interest of investors, a limited number of explorers have secured strategic investors or found inventive ways to raise enough capital to keep at least some drills turning.

With the PAI remaining steady for the past six months, it is reasonable to assume that this is likely the bottom for the PAI, but the next question is—will it rebound sometime in 2014?.

The industry’s aggregate market cap improved in September before retreating slightly in October to finish the period just below $1.6 trillion. The improvements since the June 2013 low seem to indicate that the ongoing spending cuts are helping to restore investor confidence.

The number of significant drill results has remained flat for much of 2013, with a limited number of sufficiently capitalized junior companies continuing to advance their top projects. Companies typically pause over the holiday season, with this year’s break perhaps being extended longer than usual to conserve cash.

Based on the large numbers of juniors that will begin 2014 with no funding and the ongoing lack of available risk capital, the level of drilling activity in 2014 could be the lowest in years.

On a positive note, the two largest resources announced in September-October gave a boost to the total value of new resources that entered the pipeline. Torex Gold announced inferred resources of 3.4 million oz of gold, 31.4 million oz of silver, and 390,000 mt of copper for the Media Luna deposit at its Morelos project in Guerrero, Mexico, and GoldQuest announced resources of 2.2 million oz of gold, 159,000 Mt of copper, 3.5 million oz of silver, and 97,000 mt of zinc for its Romero project in the Dominican Republic.

For more information or to subscribe to the complete SNL MEG Industry Monitor, visit: www.SNL.com/MEG

NEW CHALLENGES AND POSSIBLE SOLUTIONS IN THE DISTRIBUTION OF MINING CANON

Filed under: News — Tags: — admin @ 17:03

The increase of mining canon will increase approximately 10% to 15% next year, Eng. Rómulo Mucho, President of the Institute of Mining Engineers of Peru (IIMP), told MinerAndina.com, in te framework of the Roundtable on mining canon, organized by IIMP on November 21, as part of activities for the week of its 70th anniversary of foundation.

He said that, since mining canon exist until 2012, the cumulative amount was S/.22, 000 million, from which” its use is still unknown”.

According to the Ministry of Economy and Finance (MEF), the amount distributed by mining canon between regions during 2012 was S /. 5.081 million, implying an estimated between S/.5,590 and S/.5,840 million by 2014, according to the projections of Eng. Mucho.

The executive said, however, that this depended above all, on the value of exports and hinted his optimism about China: ”I remain hopeful and optimistic that China will continue to buy and this in turn will bring more revenue, which is directly related to our earnings”.

However, Mucho said there are still major shortcomings with regards to the mining canon and coincided with Miguel Grau – Lead Partner of Estudio Grau and participant of the table – that the greatest challenge in the distribution of mining royalties is on the State’s duty of training in better management the main implementers such as regional authorities, and finding the best strategy to get this support to all regions which are or are not involved in mining.

“The resources of the canon are not intended for large projects such as roads, but should serve to improve the quality of life of people through construction of basic services, schools, pasture improvement, etc”,  Added Mucho.

For its part, Miguel Grau proposed that the State distribute the canon through bonds, ie, that ”the region that receives the bonus has a title that says it owns it, and it should use it, rather than give a badly use, or returns it to the Central Government. That way it would be more equitable”.

He further argued that the challenge we have today – eventhough we have a critical situation, is to make the State identify this as a great opportunity to negotiate, instruct, and converse, so that the fee is fair in all regions of the country.

ISA Colombia interested in expanding its investments in Peru

Filed under: Briefs — Tags: — admin @ 17:00

The company’s Electric Interconnection (ISA), Medellín, transnational organization with over 30 affiliates and subsidiaries in South America and Central America, is interested in expanding its investments in Peru, where it is already present through the transmission line projects TrujilloZapallal and Mantaro- Montalvo.

Therefore it will participate in other ProInversion calls. ISA Colombia has a primary interest in the proposed transmission line Moyobamba - Iquitos.

Patrollers conducted march against mining in Huancabamba

Filed under: Briefs — Tags: — admin @ 17:00

Arsenio Guevara, president of Peasant Patrols of Huancabamba in the Piura region, said about 7,000 patrolmen from the districts of Appalachian, Sondorillo, Sóndor, and Huancabamba, held a peaceful march in the city of Huancabamba on November 18, to protest against the mining companies that are at the head of the river basin and were granted by the Central Government in this place.

Government plans to eliminate 40% of illegal mining in July 2014

Filed under: Briefs — Tags: — admin @ 16:53

The Peruvian government has projected the eradication of 40% of the illegal mining practiced throughout the country by July 2014, according to estimates of the High Commissioner of Mining Formalization and Interdiction, Daniel Urresti.

He added that the ultimate goal of the government is to completely eradicate all illegal mining activities in the regions where the atmosphere is affected, not by seeking confrontation and destruction of machinery, but by working through mechanisms to eradicate these practices.

He announced that the forthcoming operating forfeiture will be made with the police in the towns of Huepetuhe, (Madre de Dios), and Quincemil (Cusco), where illegal mining has destroyed the area for the past 30 years.

… and Confiscation of 400 machines is announced

As a first step to begin to eradicate illegal mining in the country, about 400 machines that are not properly registered, will be confiscated in the province of San Antonio de Putina, in Puno region, in about a month. Also, those who hide or take into custody illegal equipment shall be reported by the government for criminal money laundering. Those who want to avoid being reported, have a term of 30 days abide the law and turn in their machines.

Mining exports suffer fall between January and September 2013

Filed under: Briefs — Tags: — admin @ 16:53

Peruvian mining exports reached US$ 17.248 billion between January and September 2013, lower figure compared to the US$ 19.472 million reported in the same period a year earlier due to the decline in the value of almost all export metals.

According to information from the Sociedad Nacional de Minería, Petróleo y Energía [National Society of Mining, Petroleum, and Energy], SNMPE, between January and September 2013 copper exports fell 6%, gold 17.4%, 29.8% lead, 7.1% tin, 9.8% iron and 31.6% molybdenum.

Only zinc and silver showed positive figures which reached 9.1% and 113.6% respectively.

Global steel production rose 6.6% in October

Filed under: Briefs — Tags: — admin @ 16:53

Global crude steel production rose 6.6% over last October, reaching 134 Mt according to the World Steel Association. This increase is due to better prices of the alloy which increased market confidence in recent months.

On the other hand, according to the same organism, production in China, the largest producer and consumer of the alloy, rose 9.2%. For its part, Europe and North America in October recorded an increase of 4% and 6.6% in the production of steel, respectively.

NATURAL GAS USERS WOULD TRIPLE TO 400,000 IN 2016

Filed under: News — Tags: — admin @ 16:50

The Ministry of Energy and Mines (MINEM) plans by 2016, tripling to 400,000 the number of residential users of natural gas (NG) in Lima and Callao, currently at approximately 133,000 users, said Luis Gonzales Talledo, MINEM adviser during the ”II International Congress of Natural Gas” organized by the Oficina Supervisora de la Inversión en Energía y Minería [Supervisory Agency for Investment in Energy and Mining], OSINERGMIN.

“There are no exact figures on investment because we continue working on them”, he added.

However, he said that while the country is absolutely stocked on NG, the objective is part of the government’s goal of mass consumption, in order to have cheaper energy, leading to increased investment and reach the poor.

Indeed, of the nearly 500 million cubic feet per day (Mf3/d) of NG in the pipeline, the country only consumes 400 Mf3/d, leaving the remaining 100 for emergency reserves. Gonzales added that there is even gas infrastructure with no use and the NG main problem is the lack of transport. However, he said that the MINEM is working to resolve the issue.

On the other hand, the consultant noted that the Social Inclusion Energy Fund (FISE) used to reduce the price of Liquefied Petroleum Gas (LPG) for users of extreme poverty in the countryside, is also applicable to popularize the consumption in low-income users of NG in Lima and Callao.

FISE resources will allow subsidizing the installation costs from the main network to connecting homes and low-income families living in the capital.

Thus, the MINEM is implementing the same model used for power transmission lines, where ”the State decides the annual plan of construction of power lines that is paid for the entire system, then those free users that contribute to FISE will be those through a minimum service fee which may benefit low-income families in the capital”, told to MinerAndina.Com.

With regard to the Natural Gas Vehicle (NGV) Gonzales said that it plans to reach 400 stations by 2020. There are currently 220 Gasocentros enabled only in Lima.

Electricity in the spotlight

Gonzales said that at present the country has a national energy supply of 7000 MW, while demand is 5500 MW.

For our country, reaching 1000 MW of electricity generation and should not be seen as something great, and for that we must promote investment to care for the growth of gas and energy, directing the market towards the gas instead of oil, he considered. The price of the latter ”will go up as reserves fall in the world and then begin to decline”, he said.

Thus, according to the energy matrix, the three main sources of energy supply of Peru are oil (39%), natural gas, gas fluids (33%), and hydropower (11%).

In terms of electricity generation, he said it is necessary to “hit the pedal” to build as much infrastructure “it’s of no use if the global economic report of 2012 indicates that we are first in the price of energy, if the electricity infrastructure we have is falling short. We need to start working quickly and invest in it”.

According to the report from MINEN on the Energy Matrix, we have projected a range of 88% rural electrification by 2020 with investments in projects of approximately US$ 2,000 million.

Vena Resources will sell its uranium assets in Puno

Filed under: Briefs — Tags: — admin @ 16:48

The junior Vena Resources Inc., Toronto, agreed to purchase shares with its similar Azincourt Uranium, Vancouver, whereby the first one sells to the second one, 50% of its stake in Minergia SAC, the JV between Vena Resources and Cameco Global Exploration Ltd., a Canadian company world leader in uranium production to 14% of the world total, which explores the Muñani and Macusani projects in Puno.

With this agreement, the current president and CEO of Vena Resources, Juan Vegarra, is appointed director of Azincourt Uranium, a company continue to lead the two uranium projects in Puno and willing to invest between CS$ 1.5 to 2 million per year in them.

Macusani and Muñani have 4,900 and 8,400 hectares respectively. The closing of the sale is subject to conditions such as the term of the sale of Vena Resources and Cameco.

Copper production would double in the next three years

Filed under: Briefs — Tags: — admin @ 16:48

The CEO of the Sociedad Nacional de Minería, Petróleo y Energía [National Society of Mining, Petroleum, and Energy], SNMPE, Mrs. Eva Arias, said copper production would double in a period of 3 years with the onset of Toromocho, Las Bambas, Constancia, and Cerro Verde expansion projects. Until last year, Peru’s copper production reached 1,431 tons.

Chinalco is out of competition for Las Bambas

Filed under: Briefs — Tags: — admin @ 16:48

Aluminum Corporation of China Limited (CHINALCO), Shanghai, the largest producer of aluminum in China, withdrew its intent to purchase the megaproject Las Bambas copper, belonging to Glencore Xstrata, located between the provinces of Cotabambas and Grau in the Apurimac region.

Glencore agreed to sell Las Bambas with an initial estimated value of US$ 6,000 million to CHINALCO. However, the mining company China Minmetals Corporation, Beijing, dedicated to the production and marketing of metals and minerals, has now been chosen as the preferred candidate for the project, according to the decision of the National Development and Reform Commission of China.

Glencore Xstrata estimates for the final time of sale, the group will have spent approximately US$ 3,000 million in Las Bambas, and projected to reach US$ 5.900 billion in total cost of production. The mine will begin operations in 2015, with an estimated production of more than 450,000 tonnes of copper per year in its first five years and after that 300,000 tons annual production period.

26 November, 2013

Chile: DAVID LOWELL RETURNS TO SEARCH FOR MORE COPPER IN NORTHERN CHILE

Filed under: Minerandina International — Tags: — admin @ 11:32

Lowell Copper Ltd. (Toronto), a company owned by David Lowell, the legendary discoverer of the Escondida mine, one of the largest copper deposits in the world, completed a technical report for the copper and molybdenum project Ricardo, a deposit in the early exploration stage, located in the Antofagasta area.

Ricardo is located 205 km northeast of Antofagasta, near the city of Calama and 15 km south of the Chuquicamata open pit mine, belonging to the state copper giant CODELCO.

The project was explored in the past by companies Cia. Minera Doña Inés de Collahuasi, CODELCO, Freeport Mac Moran, Inco, Rockwell & Mantos Blancos, and Rockwell & Rio Tinto Mining, and Exploration Ltd., among others.

The project covers an area of 158 km2 and is located in the mining district of Chuquicamata, in the prominent belt of porphyry copper in northern Chile, whose production in 2011, including the operations of Chuquicamata, Radomiro Tomic, and Mina Sur, totaled nearly a million tonnes of copper.

Last April, Lowell Copper acquired 100% ownership of Ricardo, through the acquisition of Minera Ricardo Resources Inc. SA, a Chilean company whose sole mineral property belonged to the mining concessions.

Lowell’s company acquired the property in order to explore and discover a deposit of porphyry copper and molybdenite, related to supergene mineralization at depth. The technical report, based on studies and exploration in the past and recent campaigns in the reservoir and geological evidence of the occurrence of mineralization of a blind porphyry copper, recommend the development of a new campaign that includes additional drilling.

NEW POSSIBILITIES OF WORK BETWEEN AGRICULTURE AND MINING

Filed under: News — Tags: — admin @ 11:32

The Ministry of Agriculture and Irrigation (MINAGRI), planned for next year, “to enlarge the possibilities of working with mining as more and more opportunities are opening and are more interested in participating in all these activities that support the agriculture”, Luis Zavaleta Remy, Deputy Minister of Agrarian Policy, told MinerAndina.Com, on November 14, in the framework of his presentation of the “4th National Census of Agriculture” during the conference of the Mining Thursday, weekly organized by the Institute of Mining Engineers of Peru.

The high official expressed confidence that all there is for next year, are more opportunities and found that mining in agricultural areas is both a problem and an opportunity. “The process we are doing to try to involve the private mining sector through discussions with farmers might work”, he said.

The expectation of the Deputy Minister is part of the strategy that its portfolio has been developing to reduce disputes between farmers and miners. In this line, during his presentation, he detailed some progress between mining companies and MINAGRI.

• Sprinkler System Cushurococha IV (Pasco Region): Agreement between Cia. Minera Antamina, the Municipality of Cajacay and the peasant community there. Investment: about S /. 34 million.

• Repowering Project for the Tacna Agrominas Research Center of Peru program with Institute Invertir and Southern Copper Corp. Investment: S /. 255 million.

• Cooperation agreement between the National Agrarian Health Service (SENASA) and Xstrata Tintaya for the “Integrated Health Plan for Prevention and Control of diseases in animal populations” (Espinar, Cusco). Approximate investment: S /. 635 million.

Zavaleta noted that these agreements will be beneficial to those areas of influence of mining companies.

On the other hand, he said that the MINAGRI is in a process of data dissemination of the IV Census, developed between October and November 2012. Part of the said process is to call for a competition in the promotion of outcomes research.

According to the Census, ther is only between 2% to 7% of technical assistance across the country, indicating the persistence of many deficit issues in the agricultural sector, the Deputy Minister said.

However, he highlighted the efforts made by MINAGRI in agricultural policies such as the “My Irrigation” program which has been designed to high Andean zone and has managed to double the initial budget of S /. 1 billion.

Zavaleta said that there’s still a problem with legal security for land titling where only 21% of agricultural communities are registered and have a title. He added that they are working towards formalizing land ownership with a program they have in preparation with the InterAmerican Development Bank (IDB) for US$ 50 million.

INSTITUTE OF MINING ENGINEERS CELEBRATES 70 ANNIVERSARY

Filed under: News — Tags: — admin @ 11:30

With a number of academic and protocolar activities, the Institute of Mining Engineers of Peru (IIMP), will hold from November 18 to 22 its 70th founding anniversary as one of the leading institutions of the Peruvian mining sector.

Activities began on Monday with a commemorating Mass in the Parroquia Sagrado Corazón de Jesús and then continued with the keynote address “Mining Social conflicts, What to do?”, presented by Eng. Lucio Rios Quinteros.

On Wednesday there will be the official welcome to the 20 new partners and the conference “The Mining Engineer´s Role in the small mining operation”. On Thursday 21 there will be a Roundtable called “Canon Minero “, in which the President of the IIMP, Mr. Romulo Mucho and Dr. Miguel Grau will participate.

Finally, to close the week of celebrations, on Friday November 22 there will be a the Gala Dinner at the Mediterranean Room of Los Delfines Hotel & Casino.

Contract between San Gabán and Electro Puno will run until 2019

Filed under: Briefs — Tags: — admin @ 11:28

San Gabán S.A, private generating company that serves the Carabaya province, Puno, announced the extension of the electricity supply contract it has with the state company Electro Puno S.A.A., concessionaire of electric power distribution, from January 1, 2012. The new contract term will be until May 31, 2019.

It also announced that from next January until the end of the contract, it has hired a variable power ranging from 23MW to 30 MW at the time of Avenue and 0 MW for the dry season.

More than 50 illegal mining camps destroyed in Pampa Blanca

Filed under: Briefs — Tags: — admin @ 11:28

About 300 police officers of Arequipa, Cusco, and Lima, destroyed more than 50 illegal mining camps in the area of Pampa Blanca, Ananea in the province of San Antonio de Putina.

Mining ban was announced weeks ago. This was the reason that approximately 60% of artisanal miners moved their equipment to other provinces of Puno. The operation will continue the following days.

Cementos Pacasmayo will invest US$ 12 million in coal mine

Filed under: Briefs — Tags: — admin @ 11:27

Cementos Pacasmayo S.A.A, subsidiary manufacturing company of the Hochschild Group, will put into operations, from 2016, its coal mine located in Otuzco, La Libertad region, with US$ 12 million investment, said Humberto Nadal, CEO of the company, adding that they are conducting geological studies to determine the size of the deposit.

The company plans to start in two or three years, the exploitation of 200,000 tons annually. With this project, Cementos Pacasmayo plans to stop importing coal from Colombia and source locally.

Evidence of fraud in purchase of La Oroya complex was presented

Filed under: Briefs — Tags: — admin @ 11:27

The judiciary Power already has in its possession documents which prove that the acquisition of La Oroya Metallurgical Complex (LOMC) by billionaire Ira Rennert controlling shareholder of Doe Run Peru, was fraudulent. Documents obtained by Consorcio Minero (CORMIN) local subsidiary of internationa trader Trafigura, Amsterdam, prove the simulation of a capital contribution of US$126.5 million to Metaloroya, an amount that was withdrawn on loan.

Months later the same Rennert turned into debt by US$ 250 million, making Doe Run Peru responsible later, a mining company that was in front of that debt with certain banks.

Toromocho mine production will increase by 16%

Filed under: Briefs — Tags: — admin @ 11:27

Aluminium Corporation of China, CHINALCO, Beijing, would start operating in December, its Toromocho project. The deposit has reserves of 2,000 Mt of ore, consisting of 20.000 million pounds of copper, 745 million pounds of molybdenum and 431 million ounces of silver and others. The greatest impact on the mining GDP would be in June 2014 when operating at 100% capacity.

The bank Scotiabank estimates that the mining GDP growth would be 7.4% by 2014 and expected growth rates in the sector of about 10% for the years 2015 and 2016.

It also refers that the increase in mine production in 2014 will result from the increased production of copper and to a lesser extent, silver production.

Milpo presents financial and operating results in Q3

Filed under: Briefs — Tags: — admin @ 11:27

Compañía Minera Milpo S.A.A., a Peruvian mining company engaged in the exploration, exploitation, processing and marketing of zinc, copper, and lead concentrates containing silver and gold, announced its financial and operating results for the 3Q.

The ore treated increased by 35% from 2,350t in Q3 2013, compared to 1,745t achieved in the same period during 2012. Furthermore, the production of zinc concentrates and lead has resulted in increased production by 17%.

Quellaveco project will be defined in December

Filed under: Briefs — Tags: — admin @ 11:26

Anglo American plc., London, transnational producer of diamonds, copper, nickel, iron, thermal coal, and platinum, confirmed officially that it will analyze the Quellaveco copper project, located in Torata, Moquegua, during the board meeting in December. The decision will be influenced by the prices and costs of the project to date.

The announcement was made by Hennie Faul, Executive Chairman of the copper division of the company, after a meeting with the Regional President of Moquegua, Martin Vizcarra.

Minera IRL registers 32% fall in revenue by Q3 2013

Filed under: Briefs — Tags: — admin @ 11:26

Minera IRL Limited, a Peruvian mining company founded by Investor Resources Ltd, Melbourne, reported an overall 32% drop in revenue for the 3Q 2013, when it reached US$ 8.5 million compared to US$ 12.5 million recorded during the same period earlier this year, representing a fall of 68% for Q3 2013. In addition, gross profit decreased from US$ 5.8 million in Q3 2012 to US$ 1.7 million a year later.

Gold sales reported a reaching 6.247 ounces in Q3 2013, compared to the 7,520 oz, achieved in the same period last year.

On the other hand, the production of gold in the Corihuarmi gold mine, located southeast of Lima, was 6.296 ounces, while in the same period last year production was 7,660 ounces.

The cash operating costs in Q3 2013 were US$ 650/oz, compared to US$ 653/oz reported in Q2 2013.

Also, after approval by the Ministry of Energy and Mines (MEM) of the Environmental Impact Assessment for the Ollachea project in Puno, the company remains in negotiations to finance the project.

Rio Alto had a net income of US$ 15.9 million in the third quarter

Filed under: Briefs — Tags: — admin @ 11:25

Rio Alto Mining Limited, Vancouver, which operates in Peru the La Arena gold mine located in the La Libertad region, presented its financial report by 3Q 2013 where cash income from operations was US$ 35.5 million, an increase of 3 % over the same period last year, when it reached US$ 34.3 million.

The Canadian mining company obtained during Q3 2013 a production of 59.157 ounces of gold at a cost of US$ 569/oz. It also maintains its estimated production from 190.000 to 210.000 oz of gold this year and continues to optimize operations at La Arena. To that end, it is in full resource and reserve detailed update will complete in Q1 2014.

Similarly, it also reported that it is continuing the feasibility study for the development of copper-gold deposit adjacent (Phase II) of La Arena, which will be presented during Q2 2014.

Infrastructure projects advance: MINING COMPANIES CONTRIBUTE WITH NEW ROAD NETWORK IN APURIMAC

Filed under: News — Tags: — admin @ 11:25

The Regional Government of Apurimac (GRA) and Compañia Minera Ares SAC (Hochschild Group) will be launched by year’s end, the 160km dirt road and 6 meters wide, linking the province of Aymaraes with Cerro Teta (Antabamba province) with an investment of S/. 14 million, Mr. Elias Segovia, Regional President of Apurimac, told MinerAndina.Com.

He added that in this public-private partnership, the private company in charge of this road project in the area, is responsible with 80% of funding, and several mining companies are interested in financing more road projects.

This is the penultimate road to be built within the existing regional management as part of a new road network that will not only improve communication in one of the most geographically complicated regions of the country, but to facilitate economic flows through access to markets for agricultural production, ranching, mining, and tourism, improving competitiveness.

The concept behind the network is to build roads to the production centers and agricultural areas, rather than towns as has been done, said the Regional President.

“The new road network is an important support in the tourism – agriculture package of Apurimac, whereby the farmer and even artisanal miner can easily go to the market and allow us to go up in the ranking of the competitiveness index, from the nineteenth we are in to the eighth”, said President Segovia.

The fourth and last road to be ready in April 2014 with an investment of S/.4 million, covers an area of 62 km by the Socllaccasa – Ollabamba stretch and will join Abancay with the mega copper project Las Bambas. “With this road one will reach Abancay in 2.5 hrs. which used to take 10 hours. The mining company Anubis Gold Mines S.A. will bring S/.2 million and the region, the rest”, he said.

These last two agricultural projects connect with mining provinces and complete the 4 rings comprising the new road network, whose sum investment amounts approximately S/.30 million. Additionally, it has placed asphalt layer to existing roads with a total length of 1400 km. with an investment of S/.860 million over 4 years, funding gives by the Ministry of Economy and Finance.

In addition to the road projects, the GRA has a portfolio for the construction of 4 bridges in agreement with the Regional Government of Ayacucho, which bind both regions, improving marketing and tourism. Ayacucho and Apurimac are divided by the Pampas river and so far there is only one bridge that crosses it.

In the same logic, Eng. Segovia said that the Abancay Regional Airport, “Luz de Los Andes” with a runway length of 2500 meters, will be ready by August 2014 with an investment of S /. 1 million for conditioning. He then held a public contest to finish construction.

Transandino Railroad Project of US$ 3,000 million

The profile for the railway construction project covering the stretch from Andahuaylas (Apurimac) – San Juan de Marcona, on the coast of the Ica region is ready. However, it isn’t still viable because it does not have any public-private partnership to do so.

Segovia said that the GRA has installed its Office of Promotion for Private Investment, which is engaged in turn, with a joint investment promotion office, formed by the Ica, Ayacucho, and Apurimac regions. Its first objective will be to seek bidders for this rail project, which will have an extension of 560 km and a cost in the order of US$ 3,000 million.

On the other hand, he announced that the cable car project on the Apurimac Canyon is ready for construction, it’ll have access to the Inca citadel of Choquequirao, whose development will last for approximately 15 months.

Regional proposal for informal mining

The GRA has designed a policy for handling informal mining, bounded only to miners-peasants, where it acts as an intermediary between companies owning mining concessions and the miners-peasants, to sign contracts for exploration and mining.

The mechanism for excellence is the dialogue between the parties, which must arrive at agreements and use permits of the surface. These negotiations have been taking place for the first time. “For the artisanal miner to begin to operate there has to be a permit from the Regional Directorate of Mines (DREM). This agreement between mining companies and community is the only way to ensure sustainable mining investment in time”, said Regional President and added as an example, the contract that the company already has with Apurimac Ferrum exploration.

According to Segovia, artisanal mining is not a political or social issue, but an economic problem.

15 November, 2013

China: CHINA CONFIRMS OPENING POLICY TO FOREIGN INVESTMENT

Filed under: Minerandina International — Tags: — admin @ 17:11

Chinese government expects a global economic recovery next year, and thus the recovery of financial markets for mining, after the great difficulties faced during 2013 due to the adjustment process of the global economy. Therefore expected that China will further open its mining sector to foreign investment and hopes to encourage them to participate in the exploration and use of resources and the development of shale gas.

“The Chinese government has attached great importance to the mining industry’s contribution to the country’s economic growth”, said Jiang Daming, minister for land and resources, during the Opening Ceremony at the 15th CHINA MINING Conference and Expo, in Tianjin city, between 2 and 5 November.

CHINA MINING is organized annually by the Ministry of Land and Resources and the Tianjin Municipal Government. The conference featured a robust selection of themes and subevents, in the view of many analysts, and included the participation of most mining countries and regions of the world, represented by their ministers, ambassadors and private sector.

The 15th CHINA MINING gathered more than 40 topics organized into sub-forums with exhibitors from over than 20 mining countries and regions and a total exhibition area of 26,000 m2.

Many of the presentations focused on international cooperation and the proposition that the global mining industry has a responsibility to protect the environment, ensure the best practice rehabilitation and comply with CSR guidelines.

Minister Jiang added that the establishment of the China (Shanghai) Pilot Free Trade Zone, means that China has stepped into a new stage of openness. In this line, the government will simplify the approval process and management of mineral resources, with the aim of improving the efficiency and comfort of investment in the mining sector.

Thus, and in accordance with the principles of the current Five-Year Plan, the government clearly reaffirms its opening to investment and partnership with foreign mining companies for the development of Chinese mining projects, particularly with companies willing to contribute and share advanced technical knowledge and best practices.

This is a significant change from the historical situation in which it has been very difficult for foreign firms to develop mining projects in the Asian giant.

China opened its mining sector to foreign investors in 2000, when it announced a policy to allow foreign companies to apply for mining exploration rights in the country. Between 2002 and 2008, there was a boom in foreign companies coming to China for mineral exploration. At its peak, more than 200 foreign companies were conducting mining operations in China.

GAP ENERGY REACHES US$ 32.000 MILLION

Filed under: News — Tags: — admin @ 13:04

There is an energy gap of US$ 32.000 million approximately as part of the challenges of the energy market, said President of the Association of AFP, Luis Valdivieso during the roundtable discussion on “Trends in financing energy projects “ as part of the 10th Energy Summit of the Southern Cone.

“While we are on the way to simplify the complex financial instruments, we still need to reduce and streamline the energy gap to allow more frequent investment”, he said, however, he also pointed out that our country is first in the ranking of the region with respect to profitability.

For his part, Robert Leigh, member of the Sociedad Administradora de Fondos de Inversión (Investment Management Society Fund) Summa, SAFI, he said that the energy sector works quite well when aligned with capital of pensioners, after suggesting that investing has to be long term. He also stated that the process for medium energy projects, whose implementation is 6-10 years on average, has an outlay of US$ 50 million approximately.

As for the types of technology used, both speakers agreed that despite progress in a matter of permissions, there is much to do in financing, but agreed to place the energy sector among the top three when making funding because of the ease and understanding that there is in the international community when investing.

COES warns of possible power outages this summer and…

The Committee on System Economic Operation (COES), agency responsible for coordinating the operation of short, medium, and long term National Interconnected Electric System (SEIN), warned that during February and March next year, the SEIN would be at risk of service cuts in power supply due to the operation output of Mantaro’s Hydroelectric Complex, the largest and most important of Peru located in the district of Colcabamba, Tayacaja province in Huancavelica. This output was requested by Electroperú for cleaning the Tablachaca dam, which enables the storage and regulation of water taken from the Mantaro River.

… Litte understanding and dialogue between the State and the electricity sector

There is no support from the authorities in the development of power projects matrices was the agreement reached by Daniel Camac, Commercial and Regulatory Manager of EnerSur, Saul Jabar, Managing Director of Hydro Generation Company of Cusco (EGECUSCO), and Rafael Acevedo, Wärtsilä Business Development Manager, (Helsinki) energy solutions specialist, who held the discussion group “energy Matrix Current Situation, Barriers, and Policies to Promote New Projects” at the 10th energy Summit.

In turn, they expressed their joint concern regarding the momentum that would be giving the new electric generation fleet, consisting of several hydroelectric plants in cities like Marcona, Piura, Guadeloupe, Carabaya, etc.

Meanwhile, Saul Yabar suggested, “Regional governments also need to take note to be able to support social work. Everything has to be accompanied by the authorities of the sector”.

Finally there is a commitment announced prior to 30 months between the entities responsible for the line pass of 220-500 KW.

A GROWTH OF 8% OF THE ELECTRICAL POWER SYSTEM IN PERU ESTIMATED FOR 2017

Filed under: News — Tags: — admin @ 13:03

The Committee on Economic Operation of the National Interconnected System (COES -SINAC), a private entity formed by SEIN agents (generators, transmitters, distributors, and Free Users), estimated growth of no less than 8% for the Peruvian electricity system until 2017, equivalent to about 4,000 MW, which will be distributed in the central and southern part of the country, said Cesar Butron, President of COES.

It was during his presentation “Peruvian electricity market outlook for the long term”, as part of the 10th Southern Cone Energy Summit organized by BNamericas news agency on last November 6 and 7.

Butron added that the center’s electrical system, which currently generates 500 MW – will remain the largest consumer and promoter of growth and it is expected that the electrical system in the south reaches an increase of 1000 MW by 2017.

The 10th Southern Cone Energy Summit aimed to give a deeper insight into trends in infrastructure and power generation, as well as investment prospects in various fields, including the oil and gas industry.

The meeting brought together about 400 people between speakers, moderators, and energy companies in general. Among the topics presented highlight, “Funding trends in energy projects”, “The optimization of power systems”, “The prospect of development and wind energy market”, among others.

… and Vestas will have first wind farm ready in June 2014

The Danish company Vestas, (Aarhus) and wind turbine manufacturer, will have the first wind farm ready by June 2014 in Cupisnique, La Libertad region, said Miguel Picardo, Vestas General Manager for the Southern Cone.

INGEMMET SIGNED AGREEMENT WITH CHINESE GEOLOGICAL SERVICE

Filed under: Briefs — Tags: — admin @ 13:00

The Institute of Geology, Mining and Metallurgy of Peru (INGEMMET), and the Geological Service of China, signed on November 6 a Specific Agreement for Mutual Cooperation within the framework of the Conference and Exhibition “CHINA MINING 2013”, conducted between November 2 and 5 in Tianjin.

The agreement involves bilateral cooperation in science and research for geological studies, providing INGEMMET’s professionals and technicians with technical training on geological mapping, geochemical prospection, structural analysis, data processing and mapping, among others.

The agreement was signed in the presence of Minister of Energy and Mines, Jorge Merino Tafur, Ambassador of Peru in China, Mr. Gonzalo Gutiérrez and Susana Vilca, President of INGEMMET. On behalf of the Chinese Geological Service participated its Vice President and Chief Geologist, and officials of the various areas of the CGS.

Peru participated in CHINA MINING 2013, with close to a 30 people delegation comprising representatives of the Embassy of Peru in China, the MEM, INGEMMET, National Society of Mining, Petroleum and Energy, Institute of Mining Engineers of Peru,  Jinzhao Mining, Ferreyros, Minera Poderosa, Minera Confianza, HudBay Minerals, Knight Piesold Peru, IIMPUL Peru, MinerAndina Comunicaciones, Realty Investment, FAMESA, Eval Management, and Mining Consultants, among others.

Transparency alliance between Peru and Canada for extractive industry announced

Filed under: Briefs — Tags: — admin @ 12:58

The Minister of Energy and Mines, Jorge Merino, announced the strategic alliance between the Peruvian Government and the Embassy of Canada, which allows the country to become an observer to the Group of Eight in the Extractive Sector. Merino stressed the importance of this agreement because “it will help in order to make a great leap to industrialization having as its locomotive industries operated responsibly”.

It further argued that the creation of the Consultative Council consisting of various sector leaders, seeks to “chart the course of a country that wants a transparent resource exploitation which reaches the poorest”, he said.

64% of Peruvians are in favor of mining

Filed under: Briefs — Tags: — admin @ 12:58

According to the latest survey by Pulso Peru, 64% of Peruvians are in favor of mining, a figure that rises to 76% for Lima capital. The surveyed mentioned the main reasons why they support this activity: 58% of respondents said mining creates jobs, and 16% said it improves regional economies, while 10% said that it generates increased tax and 9% added that it attracts investment.

Anglo Canadian Mining Corporation Announces New Chief Financial Officer

Filed under: Briefs — Tags: — admin @ 12:57

Anglo Canadian Mining Corporation, Vancouver, a subsidiary of Anglo – Canadian Gold Corp, a company dedicated to the exploration and development of gold, copper, and uranium projects, introduced its new Chief Financial Officer, James Turner, who served as director. Turner replaced in office Dave Cross.

Workers end Strike at Minas Buenaventura

Filed under: Briefs — Tags: — admin @ 12:57

Compañia de Minas Buenaventura SAA reported in a press release that workers belonging to unions of workers hired in its Orcopampa mine, ended the strike they held since October 21 of this year in search of better working conditions. The company did not elaborate on the agreement.

Mining Company Atacocha and Minera Atasilver merge

Filed under: Briefs — Tags: — admin @ 12:56

Compania Minera Atacocha local medium polymetallic enterprise belonging to the Brazilian group Votorantim, announced its merger with Minera Atasilver absorbing the latter as part of its strategy for raising capital and cost reduction. The measure will take effect on December 16.

Trevali Announces Funding of US$ 40 million

Filed under: Briefs — Tags: — admin @ 12:56

Trevali Mining Corporation, Vancouver, junior mining company with operations in Peru and Canada, announced through a press release a contract with Dundee Securities Ltd., Canadian investment dealer, for it to purchase through an agreement, 48’200,000 common shares of the company, about US$ 40.006 million.

The tender offer is valid until November 28, 2013. Trevali plans to use the proceeds as part of the funding line for the restart of operations in the mine Caribou and Bathurst’s Mining Camp operations in New Brunswick.

Copper and aluminum production in China hits record in October

Filed under: Briefs — Tags: — admin @ 12:56

China’s production of refined copper rose 2.9% monthly in October due to higher raw material supply and new capacity, while aluminum production also peaked, up 5% to 1.95 Mt, above the previous record of 1.86 Mt last August, the international news agency Reuters reported.

According to the National Bureau of Statistics China, copper production reached 637 958 tonnes in October, compared to the previous record of 620 086 tonnes in September.

Southern Copper presents Tia Maria’s Environmental Impact Study

Filed under: Briefs — Tags: — admin @ 12:56

Southern Copper, Arizona, the main producer of copper in Peru and Mexico, presented to the Ministry of Energy and Mines (MEM), a new environmental impact study (EIS) for its Tia Maria copper project, located in the district of Cocachacra in the Arequipa province of Islay.

The American company sent the new study after the completion of two public workshops with local communities last October.

In April 2011, the communities of influence of Tia Maria, opposed the continuation of the project due to the manifestations of those who feared that the initiative would leave local farmers without water.

Constancia Building on more than 47%

Filed under: Briefs — Tags: — admin @ 12:55

HudBay Peru, the local subsidiary of HudBay Minerals, Toronto, mining company focused on the discovery, production, and marketing of base and precious metals, announced that its Constancia copper project, located in the province of Chumbivilcas, Cusco Region, has completed 95% of the detailed engineering and by October 31, it had an overall progress in the construction of over 47%.

The total investment for the project will be US$ 1.708 million, projecting initial production by the end of 2014 and commercial production for the 2Q 2015.

This way, the timeline for the launch of what will be the first copper mine in Chumbivilcas and HudBay’s first mine in Peru, is progressing as scheduled.

For its part, the service contract that HudBay has signed with the local port authority for handling and storage of copper concentrates, has a 10-year duration, and has signed too, a power supply agreement for also 10 years. Both are in line with budgeted expectations.

HudBay has started construction activities of a power transmission line that will go from Tintaya to Constancia, for which it has signed preliminary contracts that allow it to obtain approximately 80% of the rights of access to required land for the construction of the transmission tower.

By October 31, 2013 HudBay has incurred costs of approximately US$ 872 million in the project and welcomed commitments for an additional US$ 336 million.

LATIN AMERICAN POWER PLANS TO GENERATE 1000 MW BETWEEN PERU AND CHILE

Filed under: News — Tags: — admin @ 12:54

Latin American Power (LAP), transnational corporation created by GMR Energia (Sao Paulo), dedicated to the development, construction, operation and investment in power generation in countries such as Peru, Chile, and Panama, will put into operation the hydroelectric plants of Runatullo 1 and 3 in Q3 2014, with a generation capacity in the order of 20 MW each, Mauricio Caamano, Commercial Manager of the company, told MinerAndina.Com, within the framework of the conference “Challenges for the Sector in the evolution of Generation Transmission Systems”, said during the 10th Southern Cone Energy Summit.

Located in the Junin region, both projects are part of a greater portfolio developed by LAP in the area, and also incorporating Tulumayo 4 and Tulumayo 5, energy projects of additional 137 MW which will be ready for the 1st half of 2016.

Thus, LAP plans to be operating in Peru, 350 MW (250 MW through hydroelectric plants and 100 MW with wind power) with an estimated investment of US$ 177 million, while in Chile, other 650MW with an investment of US$ 249 million. It is a very ambitious plan for its current level of generation of 75MW in Peru in its central plants Santa Cruz 1 and 2 in Ancash, and Huasahuasi 1 and 2 in Junín, which has evolved since the beginning of operations in February 2009.

“In Peru, although we have 350MW in operation at that time, we have a much bigger portfolio to develop long -term, which is already under construction, and that we will have in the next two to three years”, said the executive.

Compared with Chile, on the other hand, Peru boasts a major hydroelectric development, but the southern country, has a greater solar potential than Peru, thanks to its natural solar resources and price terms, Caamaño said.

“We want assurances that there will be transmission when we put our generation. In the case of Chile, we worked on a transmission project called “Electric Highway” which aims to ensure the clearance in the processes and permits for energy projects. However, it has been quite difficult because projects are delayed if there is no availability when we require it”.

At this point, he talked about the risks faced by generators in terms of technologies, suppliers, and other elements, as they are items directly related to costs, which is why they seek to stabilize by bilateral agreements between countries, helping to reduce costs and achieve greater productivity.

11 November, 2013

China: CONGA WILL BE “BRIDGE” BETWEEN GALENO AND MICHIQUILLAY

Filed under: Minerandina International — Tags: — admin @ 18:02

Minister of Energy and Mines in CHINA MINING 2013

The Conga project is a “bridge” that will allow the development of other projects in Cajamarca as Galeno (Minmetals) and Michiquillay (Anglo-American), said Minister of Energy and Mines, Jorge Merino, during his presentation in the Session Mining in Peru within the conference program of CHINA MINING Congress & Exhibition 2013, held in the city of Tianjin, between last November 2 and 5.

The Minister made reference to the copper – gold project that Minera Yanacocha was forced to suspend in November 2011, under pressure from the Regional Government of Cajamarca and Cajamarca’s sectors of the population, that is, by “political, not technical problems… ”

“In our opinion, these three projects can be optimized to have a common development with a common plant and sludge. This is an issue that we are supporting”, complimented Minister Merino.

He also announced that the Peruvian government is going to built a dam in the city of Cajamarca, and carry out the request for authorization for the construction of a second reservoir of Minera Yanacocha (El Perol), of the four that it committed itself to do. These form part of the agreement between the company and the government, which should contribute to the solution of the water problem in Cajamarca, one of the critical issues that triggered the protests against the project. The company completed construction of the Chailhuagón reservoir of 2.6 million m3 last May.

The government of President Humala has been making various efforts to revive Conga, an investment of nearly US$ 5,000 million and reserves of 6.5 million ounces of gold and 1,700 million pounds of copper, which the government is not willing to let go, since it is betting on copper as the main contributor to the portfolio of US$ 54.610 million that the country has.

Indeed, the Government forecasts growth of copper production of 1.3 Mt to 2.8 Mt by 2016 and overall portfolio of mining projects, which can generate development centers in the north, center, and south of the country, promoting national industrialization.

A few months ago 32 communities in the area of direct influence of Conga, expressed support for the project, rejecting opposition from regional authorities.

Minister Merino led the Peruvian Mission to China Mining 2013, composed of about 30 representatives of companies and institutions attended the largest mining event in Asia, with over 6,000 participants. The Peruvian delegation joined representatives of the Peruvian Embassy in China, MINEM, INGEMMET, National Society of Mining, Petroleum and Energy, Institute of Mining Engineers of Peru, Jinzhao Mining, Ferreyros, Minera Poderosa, Minera Confianza, HudBay Minerals, Knight Piesold Peru, IIMPUL Peru, MinerAndina Communicaciones, Realty Investment, FAMESA, mining consultants, among others.

Switzerland: GLENCORE XSTRATA INCREASED COPPER PRODUCTION IN 23%

Filed under: Minerandina International — Tags: — admin @ 18:01

Glencore Xstrata plc, Baar, fourth largest diversified mining company in the world with over 50 operations, highlighted the 23% increase in copper production (more than 1.07 Mt) in Q3 2013, due to improvements in their mines of Chile and Congo.

It also highlighted the tremendous growth of up to 43% in Collahuasi Sociedad Contractual Minera which has a marked improvement from June, reaching 130,800 tonnes of copper. Also, the increased production of zinc in 9% in the expansion projects in Africa and Australia.

7th EXPOBOLSA: OUTLOOK, VISION, AND EVOLUTION OF SECURITIES MARKET REFORM

Filed under: News — Tags: — admin @ 18:00

The Superintendency of Securities Market (SMV) aims to harmonize the tax issue and includes a change in the Investment Funds Act for 2014, informed the superintendent of the SMV, Lilian Rocca, during the roundtable discussion “Securities Market Reform”, made in context of the 7th edition of the ExpoBolsa, organized annually by the Bolsa de Valores de Lima, BVL [Lima Stock Exchange].

The 7th ExpoBolsa was held on last November 4 and 5, at the JW Marriott Hotel. The meeting’s main objective is to provide the tools for investment projects emphasizing the benefits of the stock market as a savings tool and profitability.

The Capital Market reforms that began in Q4 2011, is a joint effort of the SMV, the Ministry of Economy and Finance (MEF), the LSE and the Central Registry of Securities and Settlements, CAVALI.

“We have updated in a very short time the most important fundamentals of the market, we have adopted the Mercado Alternativo de Valores (Alternative Securities Market) (MAV), Regulation of Direct Market Access (DMA) and the Market of Institutional Investors”, said Rocca. He also highlighted the Mercado de Integración Latinoamericano (Latin American Integration Market) (MILA).

This week the new code of Good Corporate Governance for Peruvian companies will be published, announced Rocca after commenting that until December they have a busy schedule. The new code was updated by 14 public and private institutions gathered since February 2011, through a technical committee.

Meanwhile, Rafael Alcázar, Procapitales president stressed that “Today there is a kind of interaction and coordination between markets. The low rates put us in a competitive international environment and give us a sort of channel for moving forward. I think we should democratize the capital market and the challenge is to attract more investors. To this we must seek ways in which such offer fits with that demand”, he said.

In turn, Francis Stenning, CEO of the BVL and CAVALI president added that “the review and management of tax issues is essential as well as the role of intermediaries who are important to the democratization of the markets”.

Christian Laub, president of the BVL, said that there is a concerted effort to make this reform (Stock Market); however, this is “a fairly continuous process”.

The four speakers agreed that the actions that are being developed for the democratization of the market are important.

7th Expobolsa included Stock Market Course for the first time

The opening of the 7th Expobolsa was in made by the president of the BVL, Christian Laub, who stressed the importance of reducing tariffs announced by the Ministry of Economy and Finance.

The meeting brought together approximately 1,200 people and addressed issues such as the reform, the role and importance of the Securities Market for society, among others. The 7th Expobolsa first included a crash course on the Securities Market.

Within the region similar initiatives are developed such as Expomoney in Brazil and Expoinversión in Colombia. During the six previous editions, the Expobolsa brought together over 16,000 participants including experts, prestigious companies, and the general public.

… in Minera Atacocha

Filed under: Briefs — Tags: — admin @ 17:55

Cia. Minera Atacocha SA, local polymetallic producer operating the units of Atacocha and Santa Barbara in the Pasco region, announced the appointment of Jose Luis Alcala Valencia as Manager of Mining Operations Pasco, who held the position of Atacocha’s Mining Unit Manager until October 31.

Votorantim mobilizes Milpo executives and…

Filed under: Briefs — Tags: — admin @ 17:54

Compania Minera Milpo SAA, local medium copper, lead, and zinc producer, informed that Miller Arriel Pereira stepped down as Management Project Manager. Meanwhile, Jean Pierre Padrón Giraldo was appointed as Corporate Manager of Human Development and Institutional Relations.

The company also reported that Celso Victor Camac Condor left the office of Operations Manager of Mining Units to fill the position of Senior Operations Consultant.

Lenin Salazar Dulanto was also appointed as Manager of Mining Project Development and had to leave the post of El Porvenir Unit Mining Manager.

New Scheme for Southern pipeline and petrochemical plant

Filed under: Briefs — Tags: — admin @ 17:54

In the United States, the Agency for the Promotion of Private Investment – ProInversión – may have presented an outline of what would be a new system on the pipeline and the south petrochemical, as informed by Congressman Manuel Dammert before the Committee on Energy and Mining in the Congress.

Under the new scheme, the pipeline – which runs from Ayacucho to Lima – would stay only as a branch of the main pipeline (408 km long) as a liquids pipeline would not be part of it, being no longer profitable, Dammert said.

The Commission, chaired by Congressman Agustín Molina (Nationalist Gana Peru – NGP) agreed to invite the Ministers of Economy and Energy and Mines, in order to explain the issue

Las Bambas already has three interested buyers

Filed under: Briefs — Tags: — admin @ 17:54

Jiangxi Copper Corporation (JCC), Jiangxi, China’s largest producer of copper, would also be in the list of interested in the Glencore Xstrata, Baar, Las Bambas copper project, fourth largest diversified mining company in the world announced by the Minister of Energy and Mines, Jorge Merino

Merino Minister said he expects the sale of Las Bambas, which is built by 40%, as agreed before the 2014 deadline.

Glencore agreed this year to sell the project of US$ 5,900 million to meet the demands of the competition authorities of China after its acquisition of mining group Xstrata. So far, Jiangxi together with Chinalco and Minmetals, have shown interest.

Moquegua’s Regional President gives due date to Anglo American for Quellaveco

Filed under: Briefs — Tags: — admin @ 17:53

The President of the Regional Government of Moquegua, Martin Vizcarra, announced that he will wait until the first week of November for the official statement from the multinational Anglo American plc., London, on the outcome of the assessment of costs for the Quellaveco copper project, which was forced to perform by the falling of metal prices that took returns to the site.

Through its subsidiary Anglo American Quellaveco, the foreign company owns the Quellaveco project in Peru, since its privatization in the 90s.

If the official statement is not received, the regional authority will send a letter to London, addressed to the chief executive of the company, Mark Cutifani, requiring response information about the future of the project.

Quellaveco, involving an investment of US$ 3,300 million, already has the approved Environmental Impact Assessment (EIA) by the Ministry of Energy and Mines. Also, since 2012 it has the green light from the community, with its proposal to divert the waters of the Asana River and other social projects, which increased costs. But the international scene delayed the approval of the board of the company and its beginning.

Warning for continuous contamination in La Oroya

Filed under: Briefs — Tags: — admin @ 17:53

The NGO Asociacion Interamericana para la Defensa del Ambiente [Interamerican Association for Environmental Defense] (AIDA) warned that the trend of toxic emissions, to which the population of La Oroya is subjected may worsen in the coming years because the Complejo Metalúrgico de la Oroya (Oroya Metallurgical Complex plant) (CMLO) with its new operator (Right Business S.A.) prepares to restore production of copper in 2016.

In 2012, with a new operator, and a renewed global demand for lead and zinc smelter resumed production and once again subjected the population to toxic emissions, published in its newsletter.

Trevali highlights performance in Santander plant

Filed under: Briefs — Tags: — admin @ 17:53

Trevali Mining Corporation, Vancouver, junior mining company with operations in Peru and Canada, noted that during the month of October, the operations team of the polymetallic Santander mine, located in the province of Huaral, has operated at 100% capacity in its 2,000 tpd plant and approximately 60,000 tons per month.

Last August, the company began production of zinc-lead concentrates and silver in Santander, with 156.945 tons of mineralized material grading 4.9% Zn, 1.2% Pb, 0.22% Cu and 1.5 oz / t Ag available inmmediate use.

In October, the shipment of concentrates delivered and sold to its partner, the Swiss trader Glencore, has resulted in approximately 4,400 tonnes of zinc concentrate and 210 tons of lead-silver concentrate.

The estimated production during the 35 year life of the mine is estimated at 8 Mt. The  indicated and inferred resources reach 534 Mlb of zinc, 174 Mlb of lead and 7.8 Moz of silver.

Sierra Metals announced financial results for Q3 2013

Filed under: Briefs — Tags: — admin @ 17:51

Sierra Metals, Vancouver, medium polymetallic producer with mines in Peru and Mexico, announced the unaudited financial results for Q3 2013, this after recording a 9% drop in production of gold, silver, copper, zinc, and lead in its mines Yauricocha (Peru), and Bolivar and Cusi (Mexico), as reported by MinerAndina.Com on October15.

The company that operates in Peru through Sociedad Minera Corona S.A. registered a total of US$ 3.9 million net revenue compared with US$ 6.7 million for the same quarter of 2012, and US$ 14.9 million accumulated for the first nine months of 2013, compared to the US$ 44.1 million for the same period in 2012.

Daniel Tellechea, President and CEO of Sierra Metals, attributed the revenue decline to lower commodity prices and lower metal production, compared to the same period in 2012. “However, Corona (a mine) has achieved solid progress in implementing measures to reduce costs during the quarter, which have partially mitigated the effect of a less favorable environment”, said the executive

The following table provides unaudited financial information by September 30, 2013 and 2012:

Condor and Mariana to complete Drilling Program in Condor de Oro

Filed under: Briefs — Tags: — admin @ 17:48

Condor Resources Inc., Vancouver, junior mining company engaged in gold exploration in Peru and Chile, announced that its partner Mariana Resources Ltd. exploration company operating in Argentina and Chile, will have completed by January 31 next year the 1.500 drilling meters in area 1 of Condor de Oro, according to the agreement signed in October this year.

The Condor de Oro gold project is located in the northern border of Peru and has two areas: Pucayacu (Au -Cu) and Yuracyacu (Cu – Ag). Mariana Resources will spend US$ 5 million for each property and US$ 25 million in exploration expenditures over four years.

Condor Resources believes that in the target area of about 2 x 2 km there is potential for a system of gold and copper mineralization associated with quartz. The drilling program has five drills of approximately 300 meters each.

In July this year, Condor Resources decided to minimize its exploration activities as part of its business strategy in response to the current conditions of the mining exploration capital markets and to conserve cash.

Fortuna Silver announces financial results for Q3 2013

Filed under: Briefs — Tags: — admin @ 17:48

Fortuna Silver Mines Inc, Vancouver, silver producer with operations in Peru and Mexico, announced the financial results for its Caylloma mine (Peru) and San Jose (Mexico) during Q3 2013.

Sales generated from operations totaled US$ 30.2 million and a cash flow higher than US$ 7 million, with a net loss of US$ 0.3, while the production of gold and silver, registered 1.10 Moz and 4.515 ounces, respectively.

José Ganoza, CEO, said that in Caylloma, Fortuna has reduced unit costs up to 7% compared to the previous quarter while in San Jose it has improved the cost per year.

Minera Poderosa estimates production of 140,000 ounces of gold in 2014

Filed under: Briefs — Tags: — admin @ 17:46

Compañia Minera Poderosa 10th domestic gold producer reported plans to obtain a production of 140,000 ounces of gold by 2014, which would mean an increase of 12% over the estimate for the current year (125,000 oz Au).

This, as a result of increased production plans for explorations of new reserves in the province of Pataz, La Libertad region, the company said in a statement.

VOLCAN WILL CLOSE THE YEAR WITH FOURTH MINING OPERATIONS UNIT

Filed under: News — Tags: — admin @ 17:45

Despite the fall in profits

Volcan Compania Minera S.A.A., first local silver and zinc producer, will launch its Silver Oxide project and also will produce the first silver bullion in early December with the start up of its fourth Alpamarca – Rio Pallanga mining unit –which will add to its mining units Yauli, Chungar and Cerro de Pasco, said Jose Edmundo Montoya, Central Planning Manager of the company, during the 7th Expobolsa, organized by the Lima Stock Exchange, on November 4 and 5.

Both projects are located in the city of Cerro de Pasco, Pasco region. This way Volcan will rise its silver production from Q1 2014 to 30 million ounces (Moz) of silver, 8 Moz correspond to the contribution of the Silver Oxides projects (3-5 Moz) and Alpamarca -Rio Pallanga (3.5 Moz). The company had a production of 22 Moz of silver in 2012 and this year expects to maintain the same production.

Also, the company has not defined what the treatment to be given to the Piritas de Plata project will be and is considering expanding its Oxide Plant of 2,500 tpd to 4,000 tpd, or build a new plant, Juan Jose Herrera, Volcan’s General Manager, , told MinerAndina.Com. The investment for the first choice is between US$ 80 and US$ 100 million, while for the second, will require more investment.

Either of the two possibilities the company chooses, in 2014 it will have ​​the feasibility study so that the Piritas de Plata project is put into production in late 2015 or early 2016.

 Volcan sees net profit fall in Q3 2013

Due to the decrease in the price of silver by 28.3% (from US$ 29.9/oz during Q3 2012 to US$ 21.4/oz during Q3 2013), Volcan’s net income fell 34.5% during Q3 2013, to US$ 33.3 million, compared to the US$ 50.6 million reported in the same period a year earlier.

This 2013 “has been a tough year for all of us” and Volcan had to act “as applicable, taking care of costs, selecting and managing investments well, and the results are being shown”, said Juan Jose Herrera to MinerAndina.Com, referring the progress that has kept its Silver Oxide and mining unit Alpamarca – Rio Pallanga projects.

28 October, 2013

UK: ANGLO AMERICAN PRODUCTION REACHES RECORD OF COPPER IN Q3 2013

Filed under: Minerandina International — Tags: — admin @ 16:05

Anglo American plc, London, fifth diversified mining group in the world, achieved record copper production during Q3, although it had a higher than expected fall in production of iron.

The production and revenues were affected by problems in its mine Collahuasi (Chile), an alliance with Glencore Xstrata.

Anglo said production at Collahuasi doubled, which helped boost its copper production by 32% to 207.300 tons of copper, during Q3 2013, compared to the same period last year.

The weaker production in its South Africa Sishen mine, of the unit Kumba Iron Ore, which was only partially offset by higher production in Kolomela, one of the Anglo expansion projects, represented a decline in the production of the entire division in almost one quarter to 9.47 Mt.

Anglo plans to file a long-term strategy for the mine to the end of this year, although it warned on Friday (October 18) that it may not meet its sales target of 40 Mt in the year.

UK: RIO TINTO RAISES ESTIMATES FOR 2013

Filed under: Minerandina International — Tags: — admin @ 16:04

Tinto plc, London, one of the five most diversified mining producers in the world, said it is on track to exceed its target of cutting US$ 750 million in exploration expenditures this year, because their estimates of copper production improved.

This improvement was due to the recovery in the Kennecott Mine (United States) and the increase in the production of the mine Oyu Tolgoi (Mongolia). The company also reported record production of iron ore and coal.

A planned expansion of annual production of 290 Mt would come late in the first half of 2014, ahead of schedule and within budget, the company said.

Chile: IPBX SELLS COPPER PROJECT COPAQUIRE TO TECK RESOURCES

Filed under: Minerandina International — Tags: — admin @ 16:02

Minera IPBX Ltda., La Serena, the local subsidiary of the Canadian International PBX Ventures Ltd., Vancouver, reached an agreement to sell its copper molybdenum project Copaquire to Teck Resources Chile.

The project is located in the Andes of the first Arica – Parinacota Region in northern Chile.

Teck Resources Chile will acquire Copaquire in a little more than US$ 3 million plus a payment to IPBX of a 3% royalty on future net sales of metal. According to IPBX, the sale is still subject to legal aspects, due diligence, and shareholder approval estimated for December 2013.

“We are pleased to reach an agreement with Teck to sell Copaquire”, said President and CEO of PBX, Terry Lynch, adding that ”our vision was that with a share of 76.5% of Teck in the nearby Quebrada Blanca mine (Inversiones Mineras S.A. 13.5% and Empresa Nacional de Minería 10%) is this the operation which should be in the best position to advance the development of the Copaquire property”.

The Quebrada Blanca mine and the oxides and copper sulfides operation of Collahuasi are within 15 km near Copaquire project.

In addition to its participation in Quebrada Blanca, Teck owns 90% of the Andacollo Cobre copper mine (National Mining Company, Enami, owns the remaining 10%), located southeast of La Serena, and copper and molybdenum project Relincho, located inside Vallenar in the Third Region of Coquimbo.

International PBX, meanwhile maintains rights through its subsidiary, Chilean Metals Exploration Ltd., in six mining properties which represent an area of 50,000 acres, located in the prolific belt IOCG (iron oxide -copper -gold), in the Atacama area.

ELECTRICITY SECTOR INVESTMENT WILL EXCEED US$ 8.000 MILLION IN 2016

Filed under: News — Tags: — admin @ 16:00

The project portfolio of the Peruvian electricity sector estimated for 2016, will exceed the US$ 8,000 million, and will increase by more than double the investments recorded in 2012 (US$ 2.739), said the Sociedad Nacional de Minería, Petróleo y Energía (National Society of Mining, Petroleum and Energy) (SNMPE) during the II Diálogo Minero Energético 2013 (Second Mining and Energy Dialogue 2013).

The SNMPE’s Electric Sector Committee Chairman Ignacio Blanco, said that 62% of the estimated investment corresponds to the hydroelectric plants (US$ 5.371) followed by 17% of transmission lines (US$ 1.505), with 11% the gas power plants (US$ 956), with non-conventional renewable energy 7% (US$ 560) and power plants, 3% (US$ 268 million).

He stressed that the investments have grown 13% in the last 10 years, when they barely reached US$ 235 million.

He also clarified that, in Peru, the main problem of energy deficiency is not related to electricity but with the fuel (gasoline, diesel, and others).

Mining

If copper projects are in the potfolio are carried out, they will easily double copper output by 2015, said the president of the SNMPE’s Mining Sector Committee, Abraham Chahuan.

He said that, noting that copper projects represent 63.4% (US$ 34.995 million) of the total portfolio of mining projects, worth US$ 57.403 million.

For this year, according to the SNMPE, copper production will be of 1,363 Mt over the recorded in the previous year (1,298 Mt), approximately.

Other important minerals within the portfolio of mining projects, mentioned by Chahuán – are iron, with projects totaling US$ 7.060 million (12.3% of total). Followed by gold project for US$ 6.702 million (12.5%), silver for US$ 1.301 million (1.3%), zinc by US$ 470 million (1.4%) and other minerals (US$ 4.306 million).

Orcopampa workers demand better working conditions

Filed under: Briefs — Tags: — admin @ 15:58

Cía. de Minas Buenaventura SAA, , first local precious metals producer, said labor unions and contractors of its mining unit Orcopampa began on Monday 21 a strike demanding better working conditions.

The strike was dismissed at first instance by the authorities, said the company.

… and General strike continues indefinitely in Cía. Minera Santa Luisa

Compañía Minera Santa Luisa S.A., a subsidiary of Mitsui Mining & Smelting Co. Ltd., reported that since September 26 the Mine Workers members of the St. Louise de Huanzalá union, abide by an indefinite general strike demanding the fulfillment of its specification claims, such as pay rises.

After 22 days of strike, the company issued a statement that due to the intransigence of the workers in relation to the increase and collateral points requested in the list of demands, a final settlement has not yet been reached.

Disagreement causes roundtable suspension between Southern and Torata

Filed under: Briefs — Tags: — admin @ 15:58

Southern Peru Copper Corp., Lima, second local producer of copper and Southern Copper Branch, Phoenix, suspended the dialogue between his representatives and the District of Torata, Moquegua region.

A disagreement in the name space (dialog) prompted the suspension of the talks. The district asks that the space be called ”Roundtable of Dialogue and Labor for Torata”, while the company suggested that it is ”Roundtable of  Inclusion and Sustainable Development in the Torata district”.

The Ministry of Energy and Mines through the Social Management Officer, Miriam Morales, acts as facilitator.

AQM Copper Files Technical Report For Preliminary Economic Assessment Update

Filed under: Briefs — Tags: — admin @ 15:45

AQM Copper Inc. (TSX-V: AQM | BVL: AQM) (“AQM Copper” or the “Company”) is pleased to announce that it has filed a NI 43-101 compliant technical report on SEDAR on October 15, 2013 in connection with the Updated Preliminary Economic Assessment for the Zafranal Project, previously announced on September 12, 2013.

Alturas and Minera IRL modified agreement

Filed under: Briefs — Tags: — admin @ 15:43

Minera IRL, emerging gold producer with properties in Peru, Chile, and Argentina, resigned to the possibility of forcing the junior Alturas Minerals Corp., to complete the requirements of adjacent property interests in Utupara and Chapi- Chapi (Apurimac region).

It was after the signing of a third amendment to the framework agreement, which had both companies. The requirements included a drilling program of 9.5 km and a scoping study.

In exchange for the modification, Alturas agreed to pay IRL US$ 1 million and authorized finding an investor or strategic partner who can invest in the project Chapi- Chapi, with both companies, as said by the statement of Alturas, which is dedicated to the exploration gold and copper – gold in Peru and Chile.

Hochschild is pretty sure to achieve planned production for 2013

Filed under: Briefs — Tags: — admin @ 15:38

Hochschild Mining plc, London, Peruvian precious metals producer operating in Peru, Mexico, and Argentina informed it produced 5.4 million silver equivalent ounces in Q3 2013 and is on track to meet its target for 2013, to produce 20 Moz Ag.

The company also said it is moving ahead with the cost-cutting plan that implemented after the first semester when earnings fell (46%).

“Hochschild’s optimization cash flow program continues apace and I’m sure that we will be able to demonstrate significant savings in the full year results in early 2014”, said Chief Executive Ignacio Bustamante in a statement.

Rokmaster completes share issue in favor of AM Gold

Filed under: Briefs — Tags: — admin @ 15:38

Rokmaster Resources Corp., Vancouver, junior mining company focused on the exploration and development of precious and base metals, finished the issuance of 1 million common shares in favor of AM Gold Inc., Vancouver, according to the terms for the agreement amendment to gold project – copper, Pinaya, located between the provinces Lampa and Caylloma in the Arequipa region.

The issued shares will have a trading restriction of four months from the date of issue, informs the note issued by the company.

Rokmaster will place this year – according to its schedule of activities – a drilling campaign of 5,000 meters in Pinaya.

Minera Corona undersigned loan with BCP for US$ 60 million

Filed under: Briefs — Tags: — admin @ 15:37

Sociedad Minera Corona S.A., a mining company that operates the mine producer of silver, copper, zinc, and lead Yauricocha, located in the province of Yauyos Lima, signed a medium-term loan (5 years) with Banco de Credito del Peru (BCP) of US$ 60 million to be disbursed in three tranches.

The money will be used to finalize projects Pique and Tunel in the Yauricocha mine. Minera Corona has given as security to BCP, rights (collection, flow, and balance) from the sale of mineral concentrates up to US$ 72 million.

Minera Corona is a subsidiary of Canadian miner Sierra Metals, Vancouver. The Canadian expects higher ore in Yauricocha and increased production in Q4 2013, when It finishes the expansion of mine Bolivar (Mexico).

The company reduced its initial estimates for the year 2013, registering a decline of 9% in the production of gold, silver, copper, zinc and lead, from 317.356 tonnes (Q3 2012) to 290.296 tons of ore processed in Q3 2013 due to delays in the expansion to 2,000 tpd at the site of Bolivar in Mexico and lower ore grades in the Yauricocha mine.

Trevali located more mineralization content at Magistral Norte and Central

Filed under: News — Tags: — admin @ 15:37

Trevali Mining Corporation, Vancouver, junior mining company with operations in Peru and Canada, announced that recent underground drilling through most content found mineralization at the deposits Magistral Norte and Magistral Central.

The interception includes 14.1 m@7.3 oz / t Ag, 5.8% Pb, 11.7% Zn and 10.8 m@4.9 oz / t Ag, 9.8% Pb, 9.3% Zn.

High grade mineralization in silver – lead – zinc was found In Magistral Norte and parallel side discovered several mantles. While a new zone of mineralization, high-grade zinc was found in Magistral Central. Both zones remain open for expansion, said in a press release.

Summary analysis of results of Magistral North, Central Master (MC) and Mantle

Trevali started in August this year the production of concentrates of zinc – lead and silver in the polymetallic mine Santander, located approximately 115 km northeast of Lima, in the province of Huaral.

JUNEFIELD WILL COMPLETE DON JAVIER’S FEASIBILITY STUDY IN 2014

Filed under: News — Tags: — admin @ 15:34

Junefield Group S.A., a subsidiary of the Chinese mining company Junefield Mineral Resources Holdings Limited, Hong Kong, will complete the feasibility study of the Don Javier copper project during 2014. Currently, it carries out procedures initiated to obtain the operating permit.

Don Javier is located 34 km southeast of the city of Arequipa in the Yarabamba district, southern Peru. The property covers approximately 3,279 ha.

Thus Junefield expects to launch the mine in 2017, under the mine system by collapse in blocks (block caving system). The reservoir project is a porphyry copper, with copper as the main mineral and accompanied by molybdenum, silver, and gold with indicated and inferred resources of 430 Mt @ 0.35 Cu.

Don Javier is located in the largest porphyry copper belt of Peru, which contains deposits of this kind among the largest in the world, such as Cerro Verde mine, Quellaveco, Cuajone, Toquepala, and Los Calatos project.

In 2013, the company AMC, Russia, hired by Junefield, completed a mineral resource estimate in accordance with the Canadian norm NI 43-101. The resource estimate was based on 121.238 meters in 122 holes with a mesh of 70 meters. The results are presented in the table.

Exploration at Don Javier began in 1950 and continued sporadically until Junefield took possession of the property in 2009. The Chinese company conducted a data collection that included geological mapping, geophysical and geochemical prospecting and drilling, reaching up to now 133 180 m from the core in 135 drills. The average size of the holes is 958m, with a minimum of 95 meter million and a maximum of 2,149 m. Seventy- nine of the holes are over 1,000 m in length.

21 October, 2013

Sulliden work on your project faces Shahuindo

Filed under: Briefs — Tags: — admin @ 16:18

Sulliden Gold Corporation Ltd., Toronto, junior mining company, which is facing an appeal to overturn the environmental impact study (EIS) for its Shahuindo gold project (Cajamarca), presented by social organizations of the Condebamba Valley, belonging to the provinces of Cajamarca, San Marcos and Cajabamba.

The resource supports the existence of services stipulated in the General Mining Law and transgression of special rules, violation of the right of citizen participation, environmental impact and baseline physical formation (information upon the EIA is supported).

Recently, the company managed financing of US$40.1 million for the development of Shahuindo. The future mining unit requires an investment of US$131.8 million, and will produce an average of 88,000 ounces of gold equivalent / year, at a cost of US$ 552/oz.

MINING WILL REPRESENT 30% OF ECONOMIC GROWTH

Filed under: News — Tags: — admin @ 16:17

Mining will account for 30 % of Peru’s economic growth in 2016 (2.2 points relative to GDP), and this is due to the heavy investments and increased mining output, said Deputy Minister of Mines, Guillermo Shinno Huamaní.

It was during the traditional Mining Thursday, organized by the Institute of Mining Engineers of Peru — IIMP in facilities based in La Molina.

Despite the recession, the slowdown in China and that Europe has not yet recovered, Peru is among the six economies that will have a significant growth in the coming years, according to the World Bank, said the Deputy Minister of Mines.

However, the official said that the project portfolio (US$ 57,000 million), among which are Quicay II (Cerro de Pasco), Los Peñoles (Ancash), Zafranal (Arequipa), are projects under exploration and depend of exploration campaigns and the results they obtain.

He also confided that ”much of this portfolio will increase, and that will depend not only on the scans, but policies that can be implemented”.

He also stressed that the policy of this government is to promote the mining sector, which has been the basis for the growth and development of other sectors. Therefore, the Government has launched a series of initiatives aimed at creating a favorable environment for their development, including the publication of standards that accelerate processes for permits, he said.

We have large reserves, we have skilled labor, we have one of the lowest energy costs in the region and our electric generation supply will greatly cover demand in the coming years”, he said.

OEFA fines Duke Energy with 50 ITU

Filed under: Briefs — Tags: — admin @ 16:14

Duke Energy, electricity generation company, must pay a fine of 50 tax units (UITs), equivalent to S/.185,000, for the erosion of the margins of the Paron lagoon, located in the city of Caraz, Ancash region.

The penalty imposed by the Organismo de Evaluación y Fiscalización Ambiental (Agency for Assessment and Environmental Control) (OEFA) also responds to the non-compliance issued by the Organismo Supervisor de la Inversión en Energía y Minería (Supervisory Agency for Investment in Energy and Mining) (OSINERGMIN) to submit an Environmental Management Plan (EMP) for the use of the waters of that lake, by the company.

Minister Merino: Energy node will be made in Mollendo and Ilo

Filed under: Briefs — Tags: — admin @ 16:14

The Minister of Energy and Mines, Jorge Merino, confirmed regional presidents of Arequipa, Juan Manuel Guillen, and Moquegua, Martin Vizcarra, that the southern energy node will be built in Ilo and Mollendo, cities on which there will be located, a power plant of 500 MW.

After meeting separately with both regional authorities, who were accompanied by members of Congress and officials in their respective regions, both Merino minister, as deputy energy minister, Edwin Quintanilla, Guillermo Lecarnaqué, Proinversion chairman of Energy Security Projects, explained the scope of the project of the Energy Node, as well as the Southern Peru Pipeline.

Residents of Puno will make a 48-hour strike against illegal mining

Filed under: Briefs — Tags: — admin @ 16:14

Residents of the Puno region affected by mining pollution in the Ramis river basin will hold a 48-hour strike, on the 16 and 17 of this month to require the Government the total eradication of illegal mining in the area and a report on the progress for the remediation of the same.

The President of the Front for the Defence of the Ramis River Basin, Bladimir Mamani, questioned the government’s position to not install different types of work boards for true artisanal miners, but for those working with machinery.

Mayors of Peru and Ecuador will issue statement against illegal mining

Filed under: Briefs — Tags: — admin @ 16:13

Peru and Ecuador through their mayors of northern Peru and southern Ecuador, will issue a statement shortly in which they will require taking action against illegal mining, said the Bernal district mayor (Piura), Felix Ayala.

The mayors attended a meeting from 10 to 12 October to coordinate joint measures to combat illegal mining that threatens the environment in their jurisdictions. ”Pollution in border rivers, generated when informal mining tailings dumps go to water flows is concerning”, said Ayala.

DREM Puno gave the Attorney’s office the report that identifies 8 areas of illegal mining

Filed under: Briefs — Tags: — admin @ 16:13

The Regional Directorate of Energy and Mines (DREM) of Puno gave the Attorney’s office in Environmental Matters, the study that accounts for the existence of eight places where some 5,000 miners have been developing illegal activities for 15 years.

The locations reported are the Ramis basin, Pampa Blanca (San Antonio de Putina) Huajchani, Ancocala, Alto Inambari (Sandia), the Suches basin (Huancané), El Carmen and La Oroya (Carabaya).

The Puno DREM official Cesar Rodriguez, explained that the informal situation of each of these different areas. He said there are places where gold miners extract concessions that belong to formal business, in other cases there are partial agreements, in others there is no negotiation, because the usurpers argue ancestral possession, causing conflicts.

Volcan will execute works in Pasco more than S/. 41 million

Filed under: Briefs — Tags: — admin @ 16:13

Volcan Compañía Minera S.A.A., first local silver and zinc producer, was awarded six projects to be implemented in the form of Works by Tax in the Pasco region, amounting S/.41.4 million, informed the Agency for Promotion of Private Investment (Proinversión).

These works, water and sewage, educational services, solid waste management and roads and sidewalks, will benefit more than 100,000 people in the districts of Chaupimarca, Huayllay, Tinyahuarco and Ticlacayán, Pasco province, which are area of influence of the mining company.

The Works for Tax Law 29230 is a tool to boost investments in regional and local governments; it also allows Volcan to direct their tax implementing projects with high social impact not only in their area of influence, but also outside of it. To date, Volcan Works funded by taxes is more than S/.76 million.

Milpo Workers stop strike

Filed under: Briefs — Tags: — admin @ 16:12

Compañía Minera Milpo SAA, medium local producer of copper, lead, and zinc informed that on October 13 it stopped the strike that began on September 30 by the Union of Mineworkers and the Union of Workers of the Concentrator Plant Atacocha Mining Unit (Pasco).

The company stressed that the mining operations were not interrupted, because non-unionized workers and workers of specialized companies worked normally. Both unions asked the company to improve working conditions, the just right to atypical hours, payment of utilities, Time Service Compensation (CTS) and other aspects being demanded since 2008.

CDII Minerales Perú could start producing iron from 2014

Filed under: Briefs — Tags: — admin @ 16:12

CDII Minerales Perú S.A.C. and its Peruvian partner Minera Mapsa S.A. estimate begining production in 2014 in the iron mineral deposits located in Puno, Arequipa, Moquegua, and Tacna, to exploit and market the mineral.

To do this, they currently hold talks with investors and potential partners in China. Recently, Minera Mapsa completed securities transfer of its mining concessions in the south of the country to the Chinese- American group CDII Minerals Inc., with which each of the firms now holds 50 % stake in the alliance CDII Minerals Perú S.A.C.

The main partner CD International Enterprises, Florida, revealed that almost 700 ha. studied in April, in the village of Sama (boundary between Moquegua and Tacna), contained 14 Mt of iron deposits, while the chemical analysis of the samples revealed iron content between 47 % and 50 % magnetite.

Minera IRL suspended merging talks with Liongold

Filed under: Briefs — Tags: — admin @ 16:11

Minera IRL, emerging gold producer with properties in Peru, Chile, and Argentina, suspended the negotiations it kept with the mining company Liongold, whos shares are listed on the Singapore Stock Exchange.

IRL announced the possible merging on October 4, generating up to 25% on the price of its shares on the Lima Stock Exchange (LSE). The firm did not explain the reasons for the end of the talks. Meanwhile, by Wednesday 9 IRL shares on the LSE fell by 11.1 % to US$ 0.24 per security.

Fortuna Silver reported Q3 2013 results

Filed under: Briefs — Tags: — admin @ 16:11

Fortuna Silver Mines Inc., Vancouver, emerging silver producer that operates two underground mines of gold and silver in Peru and Mexico, announced the results of its Caylloma mine (Peru) and San Jose mine (Mexico), where it recorded 1.1 Moz of silver and 4,515 ounces of gold in Q3 2013.

The company acknowledged that the degree of mineralization in the San Jose mine was below budget for Q3, due to local variations, but Jorge Ganoza, President and CEO of Fortuna, said both the positive impact on costs and mill expanding production to 1,800 tpd in San Jose is just going to be reflected from Q4 2013.

Fortuna expects to produce this year 4.5 Moz of silver and 23.600 ounces of gold. Operations in Peru through its subsidiary Minera Bateas - the historic Caylloma polymetallic mine in Arequipa.

Hochschild will close IMZ acquisition during Q4 2013

Filed under: Briefs — Tags: — admin @ 16:11

Hochschild Mining plc, London, Peruvian producer of precious metals operating in Peru, Mexico, and Argentina, expects to close the acquisition of International Minerals (TSX : IMZ), its partner of two silver mines in Peru, in a deal worth US$ 280 million.

The company intends to raise US$ 96 million in equity financing for the acquisition, which would achieve the 40% stake in the mine IMZ Pallancata and the Inmaculada project, the firm said in a statement.

Hochschild noted that it will ”postpone” Crespo, the project in Peru for US$ 111 million, to focus on the Inmaculada mine US$ 370mn, which should add 7 Moz of silver equivalent in the second half of 2014. The company produced 9.7 Moz of silver in the first semester and aims to record 20 Moz silver equivalents this year.

Newmont announced preliminary report Q3 2013

Filed under: Briefs — Tags: — admin @ 16:10

Newmont Mining Corp., Denver, principal owner of Minera Yanacocha through a joint venture with local company Cia. de Minas Buenaventura, reported that attributable gold production at the Yanacocha gold mine, fell by 27 % year-to-year to 132,000 ounces of gold (oz Au).

Newmont owns in Peru a 51.4% stake in Yanacocha and 46.9% gold operation in La Zanja, and a 44% in La Herradura Mexican mine.

In La Zanja(Cajamarca) a 21% (17,000 oz Au) was increased in Q3 2013, while La Herradura mine (Sonora) fell 2% to 52.000 oz Au, the company said in a preliminary report.

Newmont reached a 4% increase in gold production recording 1.28 million ounces (Moz) during 3T2013, compared to the 1.24 Moz Au during the same period last year. Attributable gold sales (preliminary) increased 4% to 1.26 Moz Au, while copper sales fell 5% to 35 Mlb, the report said. Meanwhile, attributable gold production was down 3% year – year to 544 Moz Au (15,422 tons).

The firm maintains its projection for 2013 of attributable production of 4.8 Moz – 5 1 Moz of gold, but lowered its projection for copper, 150 Mlb -170 Mlb to 135 Mlb -145 Mlb.

Tinka Announces First Tranche Non-Brokered Private Placement Closing

Filed under: Briefs — Tags: — admin @ 16:10

Tinka Resources Limited, Vancouver, announces that further to the Company’s news release of September 23, 2013, the company has closed the first tranche of its non-brokered private placement financing. Under the First Tranche, Tinka issued 1,579,480 units for gross proceeds of US$789,740. Each unit consists of one common share and one-half of one share purchase warrant.

Each whole warrant is exercisable to acquire one additional common share of the company at a price of US$0.75 per common share until October 8, 2014. Closing of a second tranche is anticipated to take place shortly.

The net proceeds of the private placement will be used to advance exploration work on the company’s Colquipucro and Ayawilca projects and for general working capital purposes.

Sierra Metals registered fall in production for Q3 2013

Filed under: Briefs — Tags: — admin @ 16:10

Sierra Metals, Vancouver, medium polymetallic producer with mines in Peru and Mexico, reduced its initial estimates for 2013, after registering a decline of 9 % in its production of gold, silver, copper, zinc and lead.

The company produced 290.296 tons of processed ore in Q3 2013 compared to the 317.356 tonnes in the same period of 2012. The Yauricocha mine, located in the province of Yauyos (Lima region) produced a total of 201.769 processed tonnes in Q3 2013, representing a decrease of 9% compared with the 221.033 tons processed in 2012.

Meanwhile, from January to September, total production was 931.684 tons.

Sierra Metals predicted that this year it will process 2.62 tonnes of silver, an amount lower than the initially projected 2.9 tons. As causes, it explained decreased laws in Yauricocha minerals due to unusual levels of water in the mine production. To solve this problem, the company hired SRK Consulting.

Daniel Tellechea, President and CEO of Sierra Metals, said the Sierra Metals lower results were also due to delays in the expansion to 2,000 tpd at its Bolivar Mine, located in Mexico.

Zincore Metals takes measures to preserve funds

Filed under: Briefs — Tags: — admin @ 16:09

Zincore Metals Inc., Vancouver, junior mining company that develops the Accha zinc project in the Cusco region, adopted a series of measures to reduce costs in order to preserve its cash, so we can have the best options to enhance the value of our projects, explained Jorge Benavides, President and CEO of the company, through a statement.

Among the measures, the company considers reducing office space both in the city of Vancouver and Lima, reducing salaries, fees, and staff, he said.

In early October, Zincore announced the completion of a private placement of shares in excess of US$ 1.5 million, 2.7 million common shares. Each unit (share) to US$ 0.27.

… and the Vice President of Exploration leaves office

Zincore also announced that as part of the downsizing the Vice President of Exploration, David Terry, is stepping down but will continue to support the company as a technical advisor.

MACUSANI INCREASES BY MORE THAN DOUBLE URANIUM RESOURCES

Filed under: News — Tags: — admin @ 16:07

Macusani Yellowcake Inc., Toronto, junior mining company focused on uranium exploration in the prolific Macusani Plateau, in the Puno region, increased measured and indicated resources of its uranium projects in 167% from 612 tonnes (t) 1,634 t of U3O8 (uranium oxide) about; also rose 9% inferred resources, from 4,794ta 5,225t of U308.

The four most advanced uranium prospects, Colibri 2 & 3, Kihitian and Triunfador, which the company explores through its subsidiary Global Gold S.A.C. are located within concessions covering over 90,000 ha. in the Quebrada Blanca area, next to the community of Isivilla, with whom they have a permit for two years, ending this 2013.

Thus, the company moves on with economic mineralization of its estimated resources to certify 30,000 tons of uranium in its four properties. In February, Global Gold said it expected to confirm the 80 million pounds that the company has in inferred resources in the Macusani Plateau.

Macusani Yellowcake will begin preparing the Environmental Impact Study for Macusani before this year’s end. Also, it will present to the Ministry of Energy and Mines (MEM) a feasibility study for its four objectives: Quebrada Blanca and Tupuramani; Kihitian, Corachapi, Colibri 2 and 3.

The resource estimate was prepared by the consulting firm The Mineral Corporation, Johannesburg.

However, due to the absence of regulations for uranium mining in national legislation (see MA- N º 760), and the US$ 22 million which will require about its implementation, there will be no holding itself, therefore, the ore processing in a beneficiation plant to produce oxide or yellowcake uranium will be out of the country, said Ulises Solis the general manager of the subsidiary of Macusani.

So far, Macusani like other exploration companies, is governed according to the permissions and parameters under the General Mining Law.

11 October, 2013

Antamina receives Award for being one of Peru´s admired companies in 2013

Filed under: Projects and Suppliers — Tags: — admin @ 15:52

Compañía Minera Antamina S.A., the world’s largest copper – zinc combined mining operation, and lead local producer of copper and zinc in the sierra of Ancash, got to Award “Most Admired Companies of Peru 2013”, organized by PricewaterhouseCoopers - PwC, Madrid, international professional services firm (audit, consulting and tax advice) since 1849, and the magazine G de Gestión.

To choose the winners 4,500 chief executives of the 1,500 principal suppliers of Peru were surveyed, proposing the three most admired companies, according to seven categories: strategic vision, financial management, innovation, sales strategy and marketing, quality of management, corporate governance, and social responsibility.

Among the companies recognized were Alicorp, BCP, Backus, Coca-Cola, Ferreyros, Gloria, Graña y Montero, Interbank, Kimberly-Clark.

* The award was created in 1998 in the UK. In Peru, “admired” companies encompass a wider perception, since it refers to the accumulated positive attributes about a company.

New Mining Eco Theme Park at Cerro Juli

Filed under: Projects and Suppliers — Tags: — admin @ 15:48

PROESMIN S.A.C., Lima, a consulting firm dedicated to optimizing quality and productivity standards for the responsible mining industry, opened the doors of “Mining Eco Theme Park Cerro Juli”, last September 18, and hopes to become the research center for implementing viable solutions favorable to the environment, Leopoldo Monzón, PROESMIN General Manager, told MinerAndina.Com.

The theme park is built on 12,000 m2 of land, and since its entry shows everything that a responsible company should do with the environment.

This park is to provide a solution to social and environmental conflicts observed in communities affected by mining to provide, for example, small-scale cases of how responsible mining is done. In this sense, this model includes the use of environmentally sustainable technologies such as biotechnology, phyto -remediation, water treatment, solar panels, improved stoves, among others, which will be observed as a pilot. Also, it will consider the recovery of degraded soils and the practice of organic farming.

“The goal is to showcase the work of mining companies, public, and private companies who operate responsibly with the environment, encouraging fair usage of natural resources and well-being for present population and future generations. Just as promoting effective citizen- company with a high degree of awareness and sensitivity to their environment”, said Monzon.

In July, PROESMIN signed an agreement with the Municipality of Jacobo Hunter, who will work with the cleaning service, empowerment and perimeter security.

Brazil: LARA EXPLORATION CONTINUES WITH EXPLORATION IN LIBERDADE

Filed under: Minerandina International — Tags: — admin @ 15:11

Lara Exploration, exploration company with a diverse portfolio of projects primarily in Brazil and Peru, announced additional drilling results from its copper-gold project Liberdade, located in northern Brazil, which received from its partner, Codelco do Brasil Mineraçao Ltd., the local subsidiary of the National Copper Corporation of Chile (Codelco), a Chilean state company and the largest in the world in that category.

Despite the current regulatory challenges in Brazil, that delay progress in Liberdade, the company is very optimistic about the potential of the project, said the president and CEO of Lara Exploration, Miles Thompson.

CODELCO completed 13 new drillings between April and June this year, which expanded the mineralized footprint of the Fortuna target approximately 1,200 x 350 meters and intercepting a new zone of mineralization near Fortuna Sul.

INTERNATIONAL FORUM ON GEOLOGICAL HAZARDS IN AREQUIPA

Filed under: News — Tags: — admin @ 15:04

Specialists and scientists from more than ten countries such as USA, Argentina, Spain, France, Chile, Mexico, Nicaragua, Costa Rica, and Peru, will meet in Arequipa between October 14 and 17 this year to present the latest discussions, experiences and research on the problems of geological hazards in the “International Forum of geological hazards”- Boosting Company Geosciences and Disaster Risk Reduction.

Thus, the Geological, Mining and Metallurgical Institute – INGEMMET – together with universities and international institutions in the south of Peru, came together to organize the first forum of its kind in the country. Thus, disaster risk management must be systemic and multispectral, on the basis of its competences and responsibilities.

The correct and timely implementation of the information generated by political institutions and scientific techniques in the field of geology can substantially reduce the impact of disasters caused by natural phenomena in different parts of the world.

In recent years, geological services have prioritized the study of geological dangers (also called geological hazards). The studies conducted in this field are an essential support for designing emergency plans, land use, implementation of prevention and mitigation measures.

Thus, the recent Law No. 29664 which created the Sistema Nacional de Gestión de Riesgos de Desastres (National System for Disaster Risk) (SINAGERD) states that”Risk Management of Disaster is based on scientific research and registration information, and guides the policies, strategies and actions, at all levels of government and society in order to protect the lives of the population and wealth of the people and the State (Article 3)”.

The forum topics have included geo-scientific topics, but also those related to other stages of Risk Management, including prevention, preparedness, and rehabilitation, to help learn about the contributions of the various stakeholders in our society. Convey experiences also allow national and international crisis management on volcanic, seismic, and mass movements.

During the Forum 54 works will be presented, of which 42 correspond to oral presentations and 12 posters. Also scheduled, in the framework of the forum, the courses of”Development of geological hazard maps”, and ”Volcanic Seismology”, as well as talks devolved in the cities of Moquegua, Tacna, and Ilo.

Government moves to rural electrification in Cañaris, Salas, and Incahuasi

Filed under: Briefs — Tags: — admin @ 15:03

The Ministry of Energy and Mines (MEM) has affirmed its commitment to the funding and implementation of rural electrification projects in rooms that require an investment of S/.4 million – and Incahuasi – that will involve S/.2 million.

Public investment projects are part of an array of projects approved by the Central Government for Cañaris, Salas, and Incahuasi, reported Fernando Trigoso, an official of the National Social Management of MINEM.

It was during the 8th session of the Bureau of Development for these Lambayeque districts, which chairs the MIMEM, articulating institution bringing local authorities of Cañaris, Salas, and Incahuasi with the Regional Government of Lambayeque and the ministries and agencies of the Central Government in order to streamline and realize development projects for the people of these jurisdictions that are considered among the poorest in the country.

On November 8 there will be another meeting of the Working Committee at the headquarters of the Regional Government of Lambayeque.

Sociedad Minera Corona creates Legal Management office

Filed under: Briefs — Tags: — admin @ 15:03

Sociedad Minera Corona S.A., mining company that operates the mine producer of silver, copper, zinc and lead Yauricocha, located in the province of Yauyos Lima informed the Superintendency of Securities Market (SMV) that by directory agreement, it approved the new organization of company, which creates the Legal Department, reporting to the General Manager.

The said that it appointed Danilo Cotrina Guevara as the company’s General Counsel. It also changed the name of Central Management for Central Management of Administration and Finance, which remains dependent on Roberto Chauca Temoche.

Alternate directors Change in Cerro Verde and ENERSUR

Filed under: Briefs — Tags: — admin @ 15:02

Sociedad Minera Cerro Verde, Arequipa, Peru operator in the Cerro Verde copper mine, located in the Arequipa region, announced that Takashi Nakabayashi, who held the position of Alternate Director of the company, concluded his work.

EnerSur, which is the second private power generator in Peru and subsidiary of International Power plc – Leader in power generation, appointed as Alternate Director Michel Gantois replacing Keisser Alexandre.

Government takes steps to speed up the process of formalizing mining

Filed under: Briefs — Tags: — admin @ 15:02

The Ministry of Energy and Mines announced that in mid-October a single counter will be available for artisanal miners to help simplify the process of formalizing mining promoted by the Government.

In each regional government there will be one of these counters, which will meet four instances: Autoridad Nacional del Agua The National Water Authority (ANA), the Servicio Nacional de Áreas Naturales Protegidas por el Estado National Service of Protected Natural Areas (SERNANP) of the Ministry of Environment, the Ministry of Culture and the Dirección de Energía y Minas Directorate of Energy and Mines (DREM) in the region, said the Vice Minister of Mines, William Shinno.

The government will install a base in Madre de Dios to fight the illegal miners, meanwhile announced the High Commissioner of the Formalization of Mining, Daniel Urresti. The deadline for formalizing the miners expires in April 2014.

Informal miners of different regions such as Puno and Madre de Dios heeded a strike from September 30 to October 5 against interdiction actions.

The representative of the National Confederation of Artisanal and Small Scale Miners (CONAMI), Esteban Siancas and Urresti signed the minutes lifting the strike.

Sierra Metals clarifies on 2013‘s third dividend payments

Filed under: Briefs — Tags: — admin @ 15:01

Sierra Metals, Vancouver, medium polymetallic producer with mines in Peru and Mexico, said that the third payment of dividends for the year 2013, which announced in late September, will be done for Lima in U.S. dollars (US$).

Sierra Metals is dedicated to expanding the operations of its Yauricocha polymetallic mine, located in the district of Alis, Yauyos province (Lima) until 2016. Yauricocha is a copper- silver mine in which precious metals account for 42 % of annual sales.

Zincore Metals completes private placement for financing

Filed under: Briefs — Tags: — admin @ 15:01

Zincore Metals Inc., VVancouver, junior mining company that develops the Accha zinc project in the Cusco region, announced the completion of a private placement of shares in excess of US$ 1.5 million, a total of 2.7 million common shares. Each unit (share) valued at US$ 0.27. To date the number of outstanding shares amounted to more than 37.9 million. The agent in charge for this placement was GPI Securities SAB of Lima.

The proceeds from the offering will be used for general corporate purposes and all securities issued with respect to this offer are subject to a four month period.

Recently, Zincore completed the prefeasibility study of Accha, whose investment for implementation is estimated at US$ 350 million.

Brazil: Luna Gold published results for Q3 2013

Filed under: Briefs — Tags: — admin @ 15:00

Luna Gold Corp., Vancouver mining company engaged in the exploration, expansion, and development of gold assets, announced production results for Q3 2013 on its Aurizona gold mine, Brazil. The company stressed that the production for this period was 21,000 ounces of gold.

The company is listed on the Lima Stock Exchange while conducting business in Brazil.

Indico Resources will define agreement for Maria Reyna in January 2014

Filed under: Briefs — Tags: — admin @ 15:00

Indico Resources, Canadian junior mining company engaged in the discovery and exploration of porphyry deposits of gold and copper in South America, announced the extension of the closing date of the binding MOU with Peruvian owners of Minera Maria Reyna SA, Lima, until next January 31, 2014.

The Memorandum stipulates that Indico will acquire an indirect stake of 51% and will also have an exclusive option to acquire the remaining indirect interest in the project copper -molybdenum porphyry Maria Reyna (3,164 ha.) located in the belt of skarn – porphyry deposits Andahuaylas – Yauri, Cusco region.

Rural communities are embracing the project Conga

Filed under: Briefs — Tags: — admin @ 14:59

Minera Yanacocha SRL, operator of the Yanacocha gold mine, located in the district of Celendín, Celendín Province, Cajamarca region, won the backing of 32 rural communities located in the basins La Encañada, Sorochuco, and Bambamarca for the Conga gold project (US$ 3,200 million) to resume operations.

It was during the meeting held by the representatives of the towns of Cajamarca with the minister of energy and mines, Jorge Merino.

If Conga resumes, it will add an average of 600.000 to 700.000 ounces of gold and 160 million to 240 million pounds of copper during its first five years of production. With its 12.6 Moz Au in reserves, Conga would lengthen for nearly a decade the life of Yanacocha.

Fortuna completes plant expansion in Mexico

Filed under: Briefs — Tags: — admin @ 14:45

Fortuna Silver Mines Inc. Vancouver, emerging silver producer in Peru and Mexico, completed on time and within the budget of US$ 9 million the construction and commissioning of the expansion of the processing plant of 1,800 tons per day (tpd) in the gold and silver mine San Jose, located in Oaxaca, Mexico, the company said.

The company estimates to produce 4.5 million ounces of silver this year, 23.600 ounces of gold and 5.9 million oz Ag Equivalent. The milling capacity of the processing plant increased 57 % from 1150-1800 tpd.

“Our goal in San Jose is to incorporate the discovery of Norte Trinidad in our production plans in Q1 2015”, said Jorge Ganoza, President and CEO of the company.

Fortuna Silver operates in Peru, through its subsidiary Minera Beteas, Caylloma’s historic polymetallic mine in the Arequipa region.

Minera IRL is in talks with potential partner

Filed under: Briefs — Tags: — admin @ 14:43

Minera IRL, emerging gold producer with properties in Peru, Chile, and Argentina, informed that it maintains advanced talks for a potential association with the mining company  LionGold, lgenerating up to 25 % in the price of its shares on the Lima Stock Exchange.

IRL has projects like Ollachea (US$ 180 million) located in the Puno region, which would produce between 100,000 and 115,000 ounces of gold per year from 2015. In Argentina it has Don Nicolas (US$ 60 million), which would produce 52,000 ounces of gold and about 56,000 ounces of silver per year since 2014.

IRL emphasized that”there is no certainty that any offer will be implemented, private placement, or its terms”, and will make an announcement”in due course”.

Andean Gold closed placement for US$ 500,000

Filed under: Briefs — Tags: — admin @ 14:43

Andean Gold Ltd., junior mining company exploring gold projects in Peru, Ecuador, and Colombia, closed the closing of the second tranche of the private placement of US$ 500,000 as announced on August 22.

The first section was closed in August. To date, the company has issued a total of 5.5 million units at US$ 0.05 the unit, to raise total gross proceeds of US$ 275,000.

The capital of the placement will be used primarily to fund its exploration costs for the Urumalqui project in Peru, as well as option payment obligations, and general purpose working capital.

RIO ALTO WANTS TO KEEP RECORD PRODUCTION IN LA ARENA

Filed under: News — Tags: — admin @ 14:42

Rio Alto Mining Limited, Vancouver, will present during Q2 2014 the feasibility study for the development of the adjacent copper-gold deposit (Fase II) of the La Arena gold mine (Fase I), located in the La Libertad region, announced the company.

The company said it is exploring other opportunities for development of Fase II – copper-gold project in Sulfides – therefore, it extended the final presentation of the study. Fase II will continue the high levels of gold production in the future while reducing operating costs, for which, Rio Alto developed a plan.

The plan involves the construction of the electrical substation and connection to the national electric grid, to be operational in Q3 2014, which, combined with diversion of roads and the feasibility study will amount to a total investment of US$ 19 million.

For the second half the year the company said it will invest US$ 33 million in La Arena.

“We are also exploring the possibility of including a crushing and transportation option in the same pit for ore and waste in our Fase II project, in order to reduce our dependence on diesel fuel purposes and reduce operating costs further”, said Alex Black, President and CEO.

During this year, Rio Alto carried out a campaign of 19.000 meters of reverse circulation drilling (RC) and 6.000 meters of diamond drilling in the area of La Colorada gold project of 1,500 ha., Located 8.5 km south from La Arena.

The drilling campaign, mapping and sampling of US$ 7 million, will help define an initial resource estimate for La Colorada and four specific objectives: La Colorada Oeste, La Colorada Este¸ Esperanza Sur, and Esperanza Norte, of which, Colorada Oeste has a substantial geological potential identified in part by Cambior Inc., the Canadian junior discovered the site in 1994.

La Colorada is part of the expansion strategy of Rio Alto, which plans to initiate Fase II in 2016, with an estimated investment of US$ 297 million.

La Colorada Oeste has an area of 1.5 km x 0.5 km and appears to be open to the east and southeast. Exploration work in this area began in October 2012. Mineralization was found between 0.94gr/ta 1.34 g / t Au.

La Arena contains 5.5 million ounces of gold (US$1.7 million in oxides and 3.8 million in sulfide) and 3,700 million pounds of copper in measured and indicated resources inferred resources of 2.2 million ounces of gold and 2,100 million pounds of copper.

The first gold production at La Arena took place on May 6, 2011, in Fase I- Gold Oxide Project (heap leaching), with an investment of US$ 50.7 million and only seven years of life. In 2012 it produced 201.113 ounces of gold.

Production Arena

Recently, the company announced that La Arena produced and sold 59.157 ounces of gold during Q3 2013, an increase of 25.8 % compared to 47.010 oz Au produced in Q3 2012.

Gold production (143.940 oz Au) exceeded what was planned for the three quarters of the year (135.691 oz Au) due to a grading of 0.585 g / t higher than the anticipated 0.508 g / t.

For its part, sales showed a year contraction of 31.2 % versus 45.098oz. Rio Alto ratified its estimated production of 190.000 to 210.000 oz Au for this year.

27 September, 2013

PERUMIN – 31 MINING CONVENTION CONCLUDED WITH 100 THOUSAND PARTICIPANTS

Filed under: News — Tags: — admin @ 14:08

“Our imagination and effort should be directed to the energy perspective, the long-term, how to make this new mining becomes a lever to make the leap to industrial development, which is and must remain our north as a country, our regional goal”, said the President, Ollanta Humala Tasso.

It was during the closing ceremony of PERUMIN -31 Mining Convention, one of the world’s major mining events, held from September 16 to 20 at the campus of Cerro Juli, in the city of Arequipa.

Thus, and while the president as the seven ministers who attended PERUMIN for the first time dared not literally say that gold project “Conga goes”, as expected by more than one attendant, the government’s message was clear: the moment we live in the present is part of the transformation of the country, which has initiated a move towards development and commits the Government, the private and the public sector, a process in which mining has played a key role.

At another point, Eng. Abraham Chahuán, president of PERUMIN´s Organizing Committee, announced that with 100,000 visitors and 13,000 registered conventioneers, the 31st PERUMIN Mining Convention became the world’s largest.

Surpassing the expectations of the organizers, the EXTEMIN fair consisted of 1,300 companies which installed more than 2,200 booths. The participation of 48 countries was also highlighted.

Eng. Roque Benavides, CEO of Cía. de Minas Buenaventura, was elected president of the Organizing Committee of PERUMIN – 32 – Mining Convention to be held in Arequipa in 2015. PERUMIN is organized every two years by the Institute of Mining Engineers of Peru.

Facts

After 81 years, Peru will become the first sponsor of the Convention of the Prospectors and Developers Association of Canada-PDAC, Toronto, 2014.

The Instituto de Ingenieros de Minas del Perú [Institute of Mining Engineers of Peru]- IIMP sent a formal request to bring to Peru the 26th World Mining Congress (WMC), Montreal, Canada, coinciding with PERUMIN, 2021.

THE GOOD, THE BAD AND THE UGLY OF – 31 PERUMIN MINING CONVENTION

Filed under: News — Tags: — admin @ 14:05

Returning to our assessment column of PERUMIN, we publish the most repeated ones. We do not cite the names of the people who gave their opinions, to avoid cases where they are named and others are not.

The Good

“Certainly the big national and international participation, thanks to the excellent call of the Institute of Mining Engineers of Peru, an institution run by mining engineers and not by the mining companies”.

“The participation of the President and seven ministers which shows the government’s commitment to mining as development and inclusion”.

“PERUMIN reflects the great positioning of Peruvian mining in the world”. “The care for the participants was first class”.

The Bad

“You cannot listen to the president of PERUMIN feeling proud to have over 10,000 conventioneers, if the capacity of the conference rooms is very limited. I have paid my registration and I cannot listen to the lectures that interest me. That is simply called deception”.

“The registration area was a mess. The care labeling bench was a good idea, but the system collapsed with the amount of people, despite the 50 “counters” that opened “.

“There was no special place to welcome foreign diplomats”.

“They missed bathrooms and recycling bins”

The Ugly

“Horrible food court. There was not enough seating, long lines, overpriced and worst of all, you get charged the VAT if you asked for an invoice, and others simply did not give you any. Does PERUMIN Encourage informality? “.

“Transport was a disaster not only for the two little roads, but for lack of buses for conventioneers. There were those who were not in the hotel circuit PERUMIN hired. They should put buses for any conventioneer parking in strategic locations taking people to the event and vice versa”.

“The protocol failed on several sides. Apparently it was not organized by the IIMP, but by strangers who did not know or recognize IIMP directors, who were not allowed to access various activities”.

“During Igor Gonzalez’s ceremony, video prepared in his honor failed”.

MEF: Mining projects will generate 75% more jobs

Filed under: Briefs — Tags: — admin @ 14:03

The Minister of Economy and Finance, Luis Miguel Castilla, said while participating in PERUMIN-31 Mining Convention, that mining contributes substantially to the generation of employment and production in the country.

Castilla said that some mining projects in the country, estimated at US$ 34,000 million will generate 1.5 million additional jobs. Currently, mining generates two million jobs”. For every 1,000 million dollars added to mining exports, it creates a ripple effect of US$ 1,400 million production and about 80,000 additional jobs”, he said.

He said Peru has a commitment for trade integration in the world and attracting investment in mining, an activity that can generate growth and reduce poverty.

Miners abide strike on September 30

Filed under: Briefs — Tags: — admin @ 14:02

The Confederación Nacional de Mineros Artesanales y Pequeños Productores Mineros del Perú[National Confederation of Artisanal and Small Mining Producers of Peru] CONAMI Peru and its federations announced a strike for September 30.

The miners demanded the immediate suspension of the ban against miners in formalization process and dismissal of the Environment Minister, Manuel Pulgar-Vidal.

Tinka Resources Announces non- Brokered Private Placement of US$ 2 million

Filed under: Briefs — Tags: — admin @ 14:01

Tinka Resources Ltd., Vancouver, junior mining company focused on their Ayawilca and Colquipucro projects, announces a private placement financing of up to 4,000,000 units at a price of $0.50 per unit (the “Unit”) for gross proceeds of up to $2,000,000. Each Unit consists of one common share and one-half of one share purchase warrant.

The net proceeds of the private placement are expected to be used to advance exploration work on the Company’s Colquipucro and Ayawilca projects and for general working capital purposes.

The closing of the private placement is subject to, among other things, acceptance from the TSX Venture Exchange.

El Brocal continues path to triple production in Colquijirca

Filed under: Briefs — Tags: — admin @ 14:01

Sociedad Minera El Brocal, , major polymetallic producer of Central Peru, continues to advance its expansion program in the polymetallic copper and base metals district of Colquijirca (Pasco), to triple production based on their confirmed reservations in sections Tajo North and Marcapunta Norte, said Ysaac Cruz Ramirez, general manager of the company.

El Brocal will optimize and build a new concentrator to reach 18,000 metric tons of ore per day. This will increase the current concentrator plant from 5,000 to 7,000 MT / d, and build another with a capacity of 11,000 MT / d.

Milpo evaluates projects in which to invest US$ 275 million

Filed under: Briefs — Tags: — admin @ 14:01

Compañía Minera Milpo SAA, medium local copper, lead, and zinc producer, considering investing more than US$ 275 million in cash, to expand Cerro Lindo (Ica), the largest of its three mines in the country, as well as five other projects, announced Chief Executive, Victor Gobitz.

“This money will be used when defining the pipeline projects that we develop or possibly, if an acquisition opportunity appears”, he said. The production of its mines for the next year (2014) would remain in 25,000 MT daily, full capacity level in which the currently operate.

Results in Phase II of explorations in Urumalqui are reported

Filed under: Briefs — Tags: — admin @ 14:00

Andean Gold Ltd., ea junior mining company exploring gold projects in Peru, Ecuador, and Colombia, reported positive results for Phase II of the drilling program at its complementary silver-gold project Urumalqui, located 70 km east of the city of Trujillo, in the La Libertad region.

The program, which included 13 diamond drill holes (over 2,052 meters), was focused on the outcrop section comprising 500 meters northwest of the grain Urumalqui, in which there were only spaced historical drillings.

Drilling results are:

In April, the company held in Toronto a non-brokered private placement of more than 14.3 million units at a price of US$ 0.07 the unit. The company said then that the proceeds (US$ 1 million) will go towards drilling program costs, payment options and capital. A week earlier, the General Directorate of Environmental Affairs (DGAAM) of the Ministry of Energy and Mines approved the EIA of Urumalqui (2,700 ha).

Yanacocha continues work in Cajamarca

Filed under: Briefs — Tags: — admin @ 13:58

Minera Yanacocha SRL, operator of the Yanacocha gold mine, located in the district of Celendín, Celendín province, region of Cajamarca, is working with adjacent communities with socialization issues, said Roque Benavides, CEO of Cía. de Minas Buenaventura, one of the main partners of Yanacocha. The executive said he expects for the Conga copper-gold project, Minera Yanacocha, valued at US$ 4,800 million, to resume as soon as possible but did not give a specific date for the start of production.

The company has built the Chailhuagón reservoir (up to 2.6 million m3 of water for agriculture), which has been overseen by the surrounding villages. It is also building some internal access roads within the property.

Buenaventura wants to be one of the world’s most competitive companies

Filed under: Briefs — Tags: — admin @ 13:57

Cía. de Minas Buenaventura SAA, Lima, first local precious metals producer, wants to be located within the most competitive companies in the world without leaving their key projects to restore production, said company president, Roque Benavides.

To this end, the consulting firm Alexander Proudfoot, London, was entrusted with reducing costs facing lower prices for minerals and increased costs in the industry globally. Buenaventura operates 11 mining units (Breapampa, Tantahuatay, La Zanja, Mallay, Antapite Uchucchacua, Julcani, Recuperada, Orcopampa, Poracota and Paula), and generates more than 14,000 jobs in the country. It also owns 43.7% of the Yanacocha mine, one of the largest in Latin America and has a 18.7% interest in Cerro Verde, one of the largest local copper producers. It also has a 49% interest in the Chucapaca project and 54% in El Brocal.

Latin Resources announces discovery of ten new targets

Filed under: Briefs — Tags: — admin @ 13:57

Latin Resources Limited, Perth, junior mining company focused in the exploration of non ferrous and ferrous metals in Latin America and Peru, announced the generation of ten new IOCG/Porphyry Cu target areas in the Company’s more than 110,000 hectares of 100% owned concession holdings in the highly prospective coastal IOCG/Porphyry Cu belt of Southern Peru.

The junior company has already been successful in identifying two previous targets within this part of the belt that have been partly drill tested to date: The Mariela Fe/Cu Project and Ilo Norte, where drilling by Latin in 2011 uncovered the edge of an IOCG/Skarn replacement system that was subsequently followed up with additional geochemistry and geophysics identifying a new target which is now fully permitted and ready to drill (see press release 11 April 2013).

Cerro Verde is the fourth largest copper mine in the world

Filed under: Briefs — Tags: — admin @ 13:57

Sociedad Minera Cerro Verde, Arequipa, operator in Peru of the Cerro Verde copper mine, located in the Arequipa region, expects to produce about 278,000 metric tons of copper and an extra of 6,000 tons of molybdenum per year, plus an investment of US$ 4.400 million in the expansion. Its implementation will take place in 2016, said the president of the company, Bruce Clements.

With the expansion, Cerro Verde expects to triple production of large-scale from 120.000 to 350.000 tpd of copper, which continues its activities to build the processing plant, which would be 70% complete. The executive also said that it’s become the fourth largest mine in the world, and the first of Peru.

Toromocho would reach full production capacity in Q3 2014

Filed under: Briefs — Tags: — admin @ 13:56

Aluminium Corporation of China (CHINALCO), Shanghai, through its Peruvian subsidiary Minera Chinalco Peru, will reach full production capacity (Phase 1) during Q3 2014 in the Cu-Mo-Ag Toromocho project, located in the district Morococha, Junin region, considered a report by investment bank JP Morgan. Meanwhile, Phase 2 will culminate in Q2 2016.

In the first phase, Toromocho would produce 1 Mt of copper concentrate per year; with a view to increasing it to 1.5 Mt it would also produce two industrial products: 12,000 tons of copper cathodes and 10,000 tons of molybdenum trioxide per year. Meanwhile, Phase 2 will culminate in Q2 2016.

The project reserves amount to 7.3 Mt of copper, 290,000 tons of molybdenum and 10,500 tons of silver. J. P. Morgan projects copper production to reach 167,000 tons in 2014, 207,000 t in 2015 and 218,000 t in 2016. On the other hand, it is expected that 86% of total revenues come from Chinalco’s copper production.

Southern is interested in the paralyzed Quellaveco

Filed under: Briefs — Tags: — admin @ 13:56

Southern Peru Copper Corp., Lima, second local copper producer and Southern Copper branch, Phoenix, proposed a partnership or joint venture with Anglo American, London, which owns the Quellaveco copper project (Moquegua), informed the president of Southern, Oscar González Rocha.

Besides being strategically located between the Toquepala and Cuajone mines, owned by Southern, Quellaveco has an approved Environmental Impact Study (EIA) and the approval of the community.

The interest in Southern Peru by Quellaveco is historic, since losing the privatization process of the main deposit to Angloamerican in the first half of the 90s of the last century. Southern has for many years maintained developed infrastructure, which would allow for a more economical operation for Quellaveco, currently estimated at over US$ 3,000 million.

… and it focuses on its projects

González Rocha estimated that by the end of 2014 the implementation of Tia Maria project (120,000 MT of fine copper cathodes) located in the Arequipa, will begin, region, which was on hold after the rejection by the people of Islay in 2011.

In late October this year, Southern will deliver the new EIA, waiting to be approved early next year (2014) to begin operating in 2015. In the case of the extension of the Toquepala concentrator plant, he said that “if the expansion of the project starts in 2014, for 2016 it is expected to increase by 10,000 metric tons of copper per year, which will increase revenue for the national, regional and local Governments”.

On the other hand, copper project Los Chancas (Apurimac) may have a greater capital investment than initially expected (US$ 1,200 million). “The mine must process about 60,000 metric tons of ore per day, and have a production from 60.000 to 80.000 MT per day, with a lifespan of 27 years”, said the executive.

VOLCAN DEFINES SILVER PYRITES PROJECT THIS YEAR

Filed under: News — Tags: — admin @ 13:49

Volcan Compañía Minera S.A.A., first local silver and zinc producer, will define by the end of Q4 2013, the most profitable way of carrying out the Piritas de Plata [Silver Pyrites] project, Jorge Murillo, Financial Planning Manager of the company, told MinerAndina.Com.

The project is located in the city of Cerro de Pasco (Pasco), near the open pit Raul Rojas, and it is in the final phase of study. Its complexity is of metallurgical kind, in how to separate silver from pyrite ore.

With its launch, production of silver pyrites will provide the company with up to 6 million additional ounces of the precious metal, allowing Volcan to produce 30 million ounces of silver, 40% more than it produces today (22 million ounces of silver) ranking among the top five producers of silver in the world, noted Murillo. Volcan plans to maintain this year, the silver production of 2012.

To treat pyrites, there are two possibilities. One is to expand the Oxide Plant from 2,500 tpd to 4,000 tpd, and the second one is to build a new plant. The investment for the first choice is between US$ 80 and US$ 100 million, while for the second, it would require further investment, the executive said.

Either of the two possibilities to be chosen by the company in 2014 will go under a feasibility study for late 2015 or early 2016 so that the Piritas de Plata project goes into production. The executive said that the company expects to triple its revenue over the next 10 years, thanks to the launch of Oxido de Plata [Silver Oxide] project; the mining unit Alpamarca - Rio Pallanga (both located in Cerro de Pasco) and just as the expansion of the plant Chungar (silver- zinc) in January this year from 4.200 to 5.200 tpd. These three projects will raise production of Volcan in 2014 to 28 million oz of silver.

New projects

Volcan will announce in 2014 its new projects for the next five years. It is currently evaluating exploration projects, potential acquisitions and possible joint ventures. Medium term projects that could become mines are: Carhuacallán (Zn -Pb- Ag) (Pasco), Palma (Zn -Pb- Ag) (Lima), Zoraida (Zn -Pb -Cu- Ag) (Yauli province, Junín) and Ollama (Zn -Pb- Ag) (Junín). One objective of the company is diversifying into copper and gold. The company currently produces zinc, lead, and silver. Volcan also evaluates its internationalization and go to Chile or Mexico. Meanwhile, it just maintains talks.

24 September, 2013

GOVERNMENT WILL ACCOMPANY RESPONSIBLE INVESTMENT

Filed under: News — Tags: — admin @ 14:55

The main message of the Government during the opening sessions of PERUMIN -31 Mining Convention, the largest mining event in Peru and one of the largest in the world – is to put the apparatus of the Central Government to accompany responsible mining investment, especially for it not “to have to supplement the work of the State”, seeking “a national unity for all regional and local governments committed to investment”, said Minister of Energy and Mines, Jorge Merino.

 

PERUMIN develops between September 16 and 20 on the campus of Cerro Juli in the city of Arequipa.

 

This way, and in this context, Minister Merino expressed confidence in the commissioning of various mining projects for the coming years, especially the Cu -Mo – Ag Toromocho project, located in Morococha, Junín, which comes into production in December this year, with an investment of US$ 4.800 million.

 

The optimism of the Minister is due to rethinking the strategy of the relationship of government and business communities as well as the approach of environmental impact studies.

 

Another good example is the Cu- Ag -Mo Constancia project, located in the province of Chumbivilcas (Cusco), with an investment of US$ 1.800 million, which will begin operating in 2014, while copper project Las Bambas (Apurimac) represents an investment of US$ 5.200 million and will work in Q2 2015.

 

The Minister also mentioned the Cerro Verde copper project (Arequipa), investment of approximately US$ 5,000 million, which will start producing in 2015. He also Highlighted other projects in process: Quellaveco (Tacna), Michiquillay (Cajamarca) and La Granja (Cajamarca).

 

For the year 2016, with the increase in copper production 1.3 Mt to 2.8 Mt, “every Peruvian is 10% richer”, mentioned Minister Merino noting that his office promotes mining projects worth more than US$ 15,000 million.

 

The Government relies on the development of mining projects on standby because of social conflict, Tia Maria (Southern Peru Copper Corporation), Conga (Minera Yanacocha), and Santa Ana (Bear Creek). In that line, it highlighted the great progress of the development boards of Tia Maria, Corani, Hualgayoc, Las Bambas; where regional authorities, the state, and communities are involved.

 

The inauguration ceremony was attended by the Ministers of Transport and Communications, Carlos Paredes; Foreign Trade and Tourism, Magali Silva; and Housing, René Cornejo.

 

Also present were the President of the Organizing Committee, Abraham Chahuán, the president of the Regional Government of Arequipa, Juan Manuel Guillen, the provincial mayor of Arequipa, Alfredo Zegarra, and representatives of the institutions and invited countries.

 

Fact

 

During the opening ceremony of the Mining Technology Exhibition - EXTEMIN in PERUMIN, the President of the Instituto de Ingenieros de Minas del Peru, (Institute of Mining Engineers of Peru), Romulo Mucho Mamani, announced that future editions of PERUMIN will be held in Arequipa.

 

• PERUMIN 2013 grew 60% compared to its former headquarters in TECSUP.

 

• The meeting was attended by delegations from 48 countries. More than 900 companies linked to the extractive activity involved in more than 2,000 booths.

 

• PERUMIN will generate more than 13,000 temporary jobs and promote US$ 234 million during its five-day run.

• The modern Avenida de las Convenciones highway was inaugurated, 10, 000 m2 four Flexible pavement lanes and more than 1 km of asphalt, which allows entry to the Fair of Cerro Juli.

CUSCO REGIONAL GOVERNMENT WILL DELIVER 3 PROJECTS

Filed under: News — Tags: — admin @ 14:53

The Regional Government of Cusco will run the Ccorao and San Sebastian electrification project, both located in the district of San Sebastian, Cusco Province, with an investment of S/.600, 000.

A modern electrification system with new processors that will provide 75 KVA of installed capacity, the project will benefit 920 families from the Ccorao rural community and the residents of Villa Rinconada, who may carry out independent companies with three phase systems, and the potato starch factory that has the support of the Korean International Cooperation.

The third project about to open is the Alto Q’osco electrification project, with an investment of S/.7.5 million and a capacity from (35 KVA – 100 KVA), which will directly benefit 10,300 families.

Fact

The GRC will spend S/.35 million in 11 electrification projects, 3 of them have been completed and 7 are in full swing, including the Hydroelectric Plant (CH) Machu Picchu.

Cusco: Two IGAC would be approved this year for miners in the process of formalization

Filed under: Briefs — Tags: — admin @ 14:52

The Regional Directorate of Energy, Mining and Hydrocarbons of Cusco, head of the mining formalization process has so far received 2,480 Statements of Commitment, 19 of them presented the Environmental Management Instrument (IGAC) of their projects, and only two of them overcame the observations from their IGAC, Manuel Delfin Cori, Environmental Division specialist of the Ministry of Energy and Mines, told MinerAndina.Com.

The Project is the nonmetallic Virgen Del Carmen 95 and the mining project Majorvi, which would be receiving the certification and “green light” to begin operations in October, a leading expert said from DREM Cusco.

Cusco informal miners are engaged in metallic and nonmetallic mining. The Quincemil Zone, Camanti district, Chumbivilcas province, has the highest number of cases of informal alluvial mining, using and contaminating with mercury.

Meanwhile, in the Carhuallo area, miners are using underground mining to extract nonmetallic minerals for construction as gypsum, crushed stone, fine sand, coarse sand, among others.

AQM completes Preliminary Economic Assessment in Zafranal

Filed under: Briefs — Tags: — admin @ 14:52

AQM Copper, Vancouver, junior mining company that develops the Zafranal copper project in the Arequipa region, positively completed the Preliminary Economic Assessment which will be based on new resources delineated at the site, the company said.

The update contains production parameters, capital costs, operation, projections, processing of 44,000 tpd, to produce an average of 54,556 tonnes of copper in concentrate per year and a process of leaching and electrowinning expected to pay an average of 5,949 t Cu copper cathode.

The project estimates the following financial results:

Castrovirreyna reports results after Shareholders Meeting

Filed under: Briefs — Tags: — admin @ 14:52

Castrovirreyna Compañía Minera S.A., medium mining company engaged in the exploration, exploitation, and processing of minerals containing silver, gold, lead,and zinc, informed of the results agreed at the Shareholders Meeting.

1. Appoint external auditors for the financial year 2013, from the company Auditores Externos Pazos, Lopez de Romaña y Rodriguez Sociedad Anonima.

2. The creation of the Strategic Planning Committee, which will assist the directors who consider it appropriate. This committee agreed to maintain a single directory.

3. To rescind the Audit Committee and Corporate Governance, the Nomination and Compensation Committee, and the Committee on Projects & Investments.

… And announces changes to Board

The company appointed Maria Rosa Gobitz Flores and Eduardo Aurelio Loret de Mola as directors. It also reported that Victor Esteban Gobitz Colchado and Alfredo Carlos Plenge Thorne left the post of directors.

Milpo will deliver two works executed under the “tax work” mode this year

Filed under: Briefs — Tags: — admin @ 14:51

Compañía Minera Milpo SAA, producer of medium copper, lead and zinc mines, will deliver in November this year, the second tax work (executed) “Expansion and Improvement of Water Systems and Sewage from the San Juan’s Town Center in Milpo” Cerro de Pasco, with an investment of S/.3.8 million.

The company announced after delivering the first tax work in Ica, with an investment of S/.3.8 million. In May 2012, the District Municipality of Chavin, Proinversion and the company signed an agreement to implement the project.

Law No. 29230 encourages private companies to finance public works account of taxes, through the signing of agreements between the regional governments (RG) or Local Governments (LG) and private companies. The amount invested by private companies will be discounted up to 50 % of its income tax for the previous year.

Zincore Metals makes funding private placement

Filed under: Briefs — Tags: — admin @ 14:51

Zincore Metals Inc., Vancouver, junior mining company that develops the Accha zinc project in the Cusco region, announced the private placement of shares in excess of US$ 1.5 million. Each unit (share) valued at US$ 0.27. The agent in charge for this placement will be GPI Valores SAB de Lima.

The proceeds from the offering will be used for general corporate purposes and all securities issued with respect to this offer will be subject to a four month period.

Recently, Zincore completed the Accha’s prefeasibility, whose investment is estimated at US$ 350 million.

Candente Copper finished acquiring Cobriza Metals

Filed under: Briefs — Tags: — admin @ 14:50

Candente Copper Corp., Vancouver, junior mining company that operates the Cañariaco copper project, located in the Lambayeque region, completed the acquisition of Cobriza Metals Corp., Vancouver, junior mining company engaged in the exploration for base metals in Peru, informed Candente.

The acquisition includes the ownership and control of all common Cobriza shares issued and outstanding. The arrangement valorized Cobriza in approximately US$ 2.5 million.

Hochschild bids on its projects Inmaculada and Crespo

Filed under: Briefs — Tags: — admin @ 14:49

Hochschild Mining plc, Lima / London, projects a 50% increase in silver production for the coming years, thanks to the start of production of its Inmaculada and Crespo projects, which is advancing on all fronts”, said Ignacio Bustamante, CEO, during his presentation at the Top Mining, one of the events within PERUMIN.

The company is waiting for a building permit for Inmaculada and expects it going by the end of 2014, meanwhile, it advances in collateral infrastructure and mine development. Investment in the project is US$ 370 million and an estimated annual production of 7 million ounces of silver.

In the case of Crespo, it hopes to have the building permit by year end and an investment in the order of US$ 111 million for an estimated production of 2.7 million ounces of silver.

Lukewarm Optimism for recovery

Filed under: Briefs — Tags: — admin @ 14:49

It was in short the evaluation of the international economic situation by the President of the Banco Central de Reserva, Julio Velarde. The estimated growth for this year of the Chinese economy is 8.2 % and 2.3 % of the U.S. economy. He said it is very likely that the FED announces the withdrawal of monetary stimulus to the economy, which at first may frighten traders, but on the contrary, it shows that the recovery is solid.

In Peru, a positive indicator, despite the context, is consumption growth of 7.1 % during the first half of the year, higher than the growth of GDP over the same period, from 5.2 % and 6.2 % compared to the same period last year.

DURAN WOULD MAKE PRE FEASIBILITY STUDY IN EL AGUILA IN Q2 2014

Filed under: News — Tags: — admin @ 14:45

Duran Ventures Inc., junior mining company engaged in the exploration of precious and base metals in Peru, expects to raise US$500,000 from the Toronto and Lima Stock Exchanges, in order to maintain its projects and additional work, Oscar Pezo, Vice President of Corporate Development, told MinerAndina.Com.

It was in the context of PERUMIN-31 Mining Convention, which takes place between September 16 and 20 in Arequipa city. This way, Duran hopes to continue with its work, given the tight market for juniors. Meanwhile, it plans to start the prefeasibility study for the El Aguila copper-molybdenum project, located in Ancash, during Q2 2014. The project is part of the portfolio of exploration that the company plans to move forward to the next year along with the one in Panteria (Cu), located in Huancavelica.

To that end, its first option is to get a partner, for which it is in talks with domestic and foreign companies, which would also have the option to participate in other projects with Duran, as Don Pancho or Ichuña, said the executive. It also expects to receive a contribution from shareholders to move along with Don Pancho.

Other projects

Panteria, is the project that the company expects to continue with exploration or social work. According to the evidence, it could be a copper porphyry, said Pezo. This project will replicate the model applied in Minasnioc’s Rio Alto minig company. Pasacancha (Ancash) is another Duran project, which has a structure similar to El Aguila and also possibly, to Racaycocha´s Peñoles project.

Investment of US$ 12,000 million in 2016 for road network

Filed under: Briefs — Tags: — admin @ 14:44

The Ministry of Transport and Communications plans to investaround US$ 7,000 million in road infrastructure with public funds, and US$ 5,000 from private sources in the form of public-private partnerships (PPPs), said the Ministry Carlos Paredes.

In total, the estimated investment in the Transport and Communications sector for the year 2016 will be US$ 22.000 million, which “does not include investments related to the concessions granted under previous administrations, with which the investment at the end of this term of government would be even greater “, said the minister. The investment includes road infrastructure, ports, airports, railways and fiber optics.

29 August, 2013

UK: HKEX AND LME ANNOUNCE NEW CEO

Filed under: Minerandina International — Tags: — admin @ 18:20

Hong Kong Exchanges & Clearing Limited (HKEx) and The London Metal Exchange (LME), part of the HKEx Group, are pleased to announce the appointment of Garry Jones as the Chief Executive of the LME to succeed Martin Abbott, whose resignation was announced in June.  Mr Jones will be appointed to the LME Board.

Mr Jones is expected to join LME on 30 September 2013, subject to the approval of The Financial Conduct Authority (FCA) of the UK.  Upon taking up the position as LME’s Chief Executive, he will also become HKEx’s Co-head of Global Markets and a member of HKEx’s Management Committee.

Mr Jones has over 30 years of experience in exchanges and financial services and was most recently Chief Executive Officer (CEO) of NYSE LIFFE, a leading global exchange offering a wide range of fixed income, currency and commodities derivative products, and Group Executive Vice President and Head of Global Derivatives for NYSE Euronext.

No Comments »

No comments yet.

Leave a comment

Chile: ENVIRONMENTAL APPROVAL FOR LOS PUMAS MANGANESE PROJECT

Filed under: Minerandina International — Tags: — admin @ 18:19

Southern Hemisphere Mining Limited, West Perth, received approval from the Environmental Impact Assessment (EIA) of the Los Pumas manganese project, located in the far north of Chile, 175 km from the city of Arica.

The study was approved unanimously by the Commission for the Evaluation of the Arica Parinacota Region, Aug. 19.

The environmental approval for Los Pumas, gives the company a very good option in the future to produce manganese, as the company is prioritizing the development of its Llahuín copper-gold project, located in the Coquimbo area, because the current market prices of manganese are low.

In addition to Los Pumas and Llahuín (associated with the Lunding group), the company also has an option with Anglo American to develop porphyry copper project, Chitigua.

“Los Pumas is an attractive project with excellent logistics and capability to deliver a quality product”, said Trevor Tennant, managing director of Southern Hemisphere, adding that, “if it is true that the price of manganese has been strengthened, it has not yet reached the levels used in our preliminary economic assessment “.

According to Tennant, the strategic focus of the company remains in its copper-gold project, in conjunction with its strategic partners, the Lundin Group and Anglo American.

A preliminary economic study of Los Pumas, completed in 2011, showed as a result that this field would produce on the order of 300,000 tons of manganese during a projected useful life of seven years.

The site of Los Pumas would contain measured and indicated resources of 18.3Mt ore @ 7.6% Mg, and another 5.4 Mt of ore in inferred category, @ 8.6% Mg.

No Comments »

No comments yet.

Leave a comment

Changes in MINSUR

Filed under: Briefs — Tags: — admin @ 18:16

MINSUR S.A. mining company dedicated to the exploitation of tin in Puno, announced Carlos Alberto Chavez Auger as Unit Manager in San Rafael mine, located in the Puno region, first and only producer of tin in Peru and the fourth largest in the world.

The company also reported that Mr. José Alberto Sáez Blas ended its services in charge of the Operations Department.

No Comments »

No comments yet.

Leave a comment

Government extends deadline for miners’ formalization

Filed under: Briefs — Tags: — admin @ 18:16

The Executive, through Supreme Decree Nº 032-2013-EM, under Legislative Decree Nº 1105, gave a maximum period of 24 months (until 2016) to informal miners to regularize their situation and continue to work in areas not prohibited, without being impounded their machinery, while regularize their situation.

Under the provision, the executive seeks to strengthen the process of formalization of small scale and artisanal mining under the provisions of Legislative Decree Nº 1105.

No Comments »

No comments yet.

Leave a comment

Kallpa reduces valuation in El Brocal and Buenaventura

Filed under: Briefs — Tags: — admin @ 18:16

Kallpa Securities Sociedad Agente de Bolsa - SAB, a company dedicated to the purchase / sale of financial instruments (stocks, bonds, etc.) at the national and international markets, fell by 13.8%, from S/.17 to S/.14.66, the estimated share value of Sociedad Minera El Brocal, major polymetallic producer of Central Peru, after the board agreed to raise the debt to expand the investment budget.

Kallpa SAB corrected its estimated value of the company following the announcement that the board agreed to expand its investment budget of US$ 382.7 to US$ 432 million to expand its capacity from 11,235 tpd to 18,000 tpd. On 25 September, the shareholders will have their Annual General Meeting, where they will talk this and other issues.

On the other hand, the broker reduced the fundamental value of Cia. de Minas Buenaventura SAA, Lima, first local precious metals producer, from US$ 32.79 to US$ 18.8. Kallpa clarified that the fundamental value does not include the Chucapaca project.

No Comments »

No comments yet.

Leave a comment

Bear Creek requested exclusion of common shares From the BVL (LSE)

Filed under: Briefs — Tags: — admin @ 18:15

Bear Creek Mining Corporation, Vancouver, junior mining company exploring the Santa Ana and Corani (Puno) silver project, requested the exclusion of its common shares of the Lima Stock Exchange (BVL).

“Being a type II junior mining company, we request exclusion, covered in Resolution SMV No. 031-2012-SMV/01, which indicates that appropriate exclusion should proceed as requested by the issuer, when the registration of securities has been caused by its own will”, the company argued.

No Comments »

No comments yet.

Leave a comment

Gold Fields profits fall during Q2 2013

Filed under: Briefs — Tags: — admin @ 18:15

Gold Fields Limited, Johannesburg, gold producer that develops the Chucapaca gold project, in joint venture with Cia. de Minas Buenaventura SAA, reported a net loss of US$ 129 million in Q2 2013, compared to the net income of US$ 105 million in the same period in 2012 due to lower production and lower average gold prices.

Revenue fell 21% to US$ 637 million, while operating profit fell 44.3% between April and June to US$ 240 million. Meanwhile, production reached 451.000 oz Au equivalent, compared to 356.3 oz Au equivalent registered in 2012.

… and reduces the number of directors

Gold Fields announced the reduction of the number of directors from twelve to nine, in line with the new strategy that comes along and challenges currently assumed due to low gold prices and high operating costs.

The directors who volunteered their resignations, were: Roberto Dañino, Delfin Lazaro and Rupert Pennant Rea.

No Comments »

No comments yet.

Leave a comment

Peruvian Precious Metals Announces Private Placement

Filed under: Briefs — Tags: — admin @ 18:14

Peruvian Precious Metals Corp., Calgary, junior mining company that develops the Igor gold project in the La Libertad region, will conduct a non-brokered private placement of up to US$1.5 million by selling 10 million units of the company at a price of US$ 0.15 per unit.

The net income from the offering will be used to advance the company’s properties located in Peru and for general corporate purposes.

Since July this year, the company (formerly Sienna Gold), trades on the TSX Venture Exchange and the Lima Stock Exchange under the symbol PPX.

No Comments »

No comments yet.

Leave a comment

Southern Legacy makes private placement of US $ 750,000

Filed under: Briefs — Tags: — admin @ 18:14

Southern Legacy Minerals Inc., Idaho, junior mining company engaged in the exploration of gold and copper in Peru and Chile, reported that currently holds a private placement of shares without brocker up to 4.8 million units for a gross amount of up to US$ 750,000. Each unit (share) will be equivalent to US$0.25, subject to the approval of TSX Venture Exchange.

The proceeds from the offering will be used to pay for property purchase options, expenses related to the application and exploration permits, payments for easement agreements, and for general corporate purposes, the company said.

No Comments »

No comments yet.

Leave a comment

Latin Resources accepts loan for AUD$ 2.5 million from its partner Junefield

Filed under: Briefs — Tags: — admin @ 18:13

Latin Resources Limited, Perth, junior mining company focused on the exploration of ferrous and nonferrous metals in Latin America and Peru, accepted an offer from the Chinese mining company Junefield High Value Metals Investments Limited, Hong Kong, to provide AU$ 2.5 million as a loan to advance the development of its projects in South America and for working capital purposes in general.

Among the terms, an annual interest rate of 12% highlights. The loan due date is July 31, 2015, and the conversion price per share is US$ 0.07.

Junefield has the right, at its option, to convert the convertible notes into ordinary shares of the company by giving notice within 15 working days, during which the company (Latin Resources) has the right to redeem the beginning. In the coming months, shareholders will decide whether or not to accept if the conversion loan be replaced by a note.

No Comments »

No comments yet.

Leave a comment

Zincore Metals consolidates shares

Filed under: Briefs — Tags: — admin @ 18:13

Zincore Metals Inc., Vancouver, junior mining company engaged in the exploration for base metals in southern Peru, approved of, at an Extraordinary General Meeting, the consolidation of its shares on the basis of one (1) new share for six (06) common shares existing, the company said.

For Zincore President and CEO, Jorge Benavides, consolidation is beneficial to existing shareholders, and “this can help to attract new funds, with which we would have the best opportunity to capitalize on the value of our projects”, he said.

The Company reported that currently is not aware that its partner in the Cu-Mo project Dolores (Cusco) First Quantum has any intention of converting the loan cancellation in Zincore common shares.

No Comments »

No comments yet.

Leave a comment

Trevali started concentrate production in Santander

Filed under: Briefs — Tags: — admin @ 18:13

Trevali Mining Corporation, Vancouver, junior mining company with operations in Peru and Canada, began the production of lead-zinc, and silver concentrates in Santander polymetallic mine, located approximately 115 km northeast of Lima, in the province of Huaral.

Crushing circuits, transfer, grinding (all four mills), flotation and tailings are operational and in a start-up and optimization phase, the company said through a press release.

Trevali has 156.945 tons of mineralized material grading 4.9% Zn, 1.2% Pb, 0.22% Cu and 1.5 oz/t Ag available for commissioning. “Now we want to expand our operations to achieve the expected yield of 2,000 tons per day”, said Mark Cruise, Trevali’s President and CEO.

The estimated production during the 35 year life of the mine is estimated at 8 Mt indicated and inferred resources reach 534 Mlb of zinc, 174 Mlb of lead and 7.8 Moz of silver. In June, the company closed a private placement for C$ 10.9 million, whose net income allocated, among other purposes, to the commissioning and production of Santander.

No Comments »

No comments yet.

Leave a comment

LUPAKA GOLD WILL CONTINUE EXPLORING CRUCERO

Filed under: News — Tags: — admin @ 18:11

Lupaka Gold, Vancouver, junior mining company that develops the Crucero and Invicta gold projects through its subsidiary Minera Pacacorral, received approval from the Semi-detailed Environmental Impact Study (EIAS) Category Il for Crucero, by the Ministry of Energy and Mines – MINEM.

Located northeast of Puno, Crucero is a site that will be spread by open pit mining. It houses 1.8 million ounces of gold in inferred resources.

With the approval of EIAS, Lupaka can continue and expand the exploration of the potential of Crucero, the most important gold discovery made in the Puno region, after Ollachea – project with 2.6 million ounces of gold in resources, operated by Minera IRL, London.

The EIAS provides a framework under which the company may apply additional drilling and road building permits required for exploration activities. To apply, the company had to present archaeological, environmental, and socioeconomic factors, among others. Lupaka argues that with the approval of the EIAS it is credited to meet all the requirements for remediation and scouting recovery activities. The application was submitted in late 2012.

Previously, Lupaka had been operating under an initial exploration permit (granted under a previous Category I-DIA-Environmental Impact Declaration), completing 22,959 m. of drilling in Crucero since acquiring the project in 2010.

During 2012, the company completed 8.257 meters of diamond drilling, 4.000 meters in Chinchalamani, which housed the anomalies A3, A4 and A5, yet unexplored and 4,000 m. in targets A11 and A1. Target A1 was the only one which had been properly explored.

The company is actively exploring in the field to identify short-term goals within 10 exploration anomalies identified to date in Crucero. Also, it will focus on new discoveries in the anomalies to the north and east of the A1 zone resources. During 2T2013, it conducted extensive field evaluation to confirm new drill targets.

No Comments »

No comments yet.

Leave a comment

CORANI CONSTRUCTION IS CLOSING IN

Filed under: News — Tags: — admin @ 18:09

Bear Creek Mining, Vancouver, junior mining company that has been exploring the Corani (Pb-Zn-Ag) and Santa Ana (Ag) projects in the Puno region, is scheduled to deliver, in the coming days, the responses to comments that the Ministry of Energy and Mines (MINEM) made to the Semi-detailed Environmental Impact Study – EIAS of Corani,  Andy Swarthout, CEO and Director of the company told MinerAndina.Com.

Corani is a low sulphidation epithermal deposit containing Ag-Pb-Zn and Au, located above 4,500 and 5,000 masl, in the district of Macusani, Carabaya province, Puno region.

Upon approval of the EIAS, Bear Creek will immediately initiate the process to obtain a building permit for what will be its first mine in Peru, which will begin in March 2014, according to their projections, and to start commercial production by about 2015, reaching full capacity in 2016.

Corani will be an open pit operation that will process an average of 22,500 tpd to produce by conventional flotation, around 8 million ounces of silver annually over a mine life of 20 years.

The company plans to invest US$ 40 million in the construction of reservoirs and a higher figure in other socio-environmental programs, increasing the project cost by 20% over the initial US$ 574 million. Funding will come from investors and foundries in Asia and North America, interested in the production of lead and zinc.

Corani has a full feasibility study, published in October 2011 fixing the proven and probable reserves of 270 Moz Ag, 3,100 Mlb Pb, and 1,700 Mlb Zn with low cash costs and fast payback of capital costs. The capital cost is more than US$ 680 million.

Social Permits

While permits are ongoing, Bear Creek runs a promising work with communities directly affected, Chacaconiza (where the mine is), Isivilla, Corani, Aymana, and Quelcalla, from three areas: health, education, and productive business, explained Andres Franco, Vice President of Corporate Development for the company.

Last April, the foreign company managed a social license, after reaching an agreement to contribute with US$ 1.6 million annually for 23 years, to a trust for the District of Corani, payments it will make even if metal prices fall.

In addition, last May, the first Corani Development board was created. To the place came the President of the Council of Ministers, Juan Jimenez, and the Ministers of Justice, Daniel Figallo; Energy and Mines, Jorge Merino; Construction and Sanitation, René Cornejo.

Santa Ana

Bear Creek wants to repeat in Santa Ana the successful social model of Corani, said Andy Swarthout. But it is expecting that next September the Superior Court gives a resolution to the amparo action introduced in second and last instance to which the MINEM went for an appeal.
In 2011, at the end of the government of President Garcia and under pressure from some communities, the government decided to suspend the Santa Ana claims, staying that it was within 50km of the country border and that “it was no longer a national interest”. Since then, Bear Creek is in a trial against the Peruvian Government.

Currently, Bear Creek faces two legal issues, including an Amparo Action (Submitted after the repeal of Supreme Decree No. 083-2007 which suspended its activities in Puno), and an appeal by the MINEM made in the Supreme Court.

No Comments »

No comments yet.

Leave a comment

12 August, 2013

NOT TO BE MISSED!

Filed under: Other News — Tags: — admin @ 14:20

The CEO Richard Adkerson, (Freeport Mac Moran), Gary Goldman (Newmont Mining), Nicholas Holland (Gold Fields), and Abraham Chahuan (Cía. Minera Antamina) will participate in the session “La Contribucion de la Mineria al Desarrollo Sostenible” (The Contribution of Mining to Sustainable Development), as part of the event Top Mining in Peru, to be held on Thursday, September 19 from 5:30 pm.

For the first time will launch a Mining Exploration Forum CHINA MINING 2013 WILL PROVIDE INFORMATION OF EXPLORATION PROJECTS

Filed under: Minerandina International — Tags: — admin @ 14:17

The 15th CHINA MINING Conference and Exhibition 2013 will hold for the first time, a Junior Mining & Exploration Investment Forum, organizing members of overseas junior mining & exploration projects to meet with Chinese investors and discuss issues of “International Junior Mining & Exploration and Capital”, “Small and Medium Mining Enterprises Investment”.

Due to the downturn of the global economy and the capital markets, national shortage of funds in the international capital markets and investment index decrease, every country is looking for new investment. It has also brought more opportunities for Chinese enterprises to invest overseas.

Institutions from different countries’ mining sectors, famous international mining experts from the capital markets and investment & financing institutions, will discuss regarding new financial options and exploration projects.

The Forum will help international and domestic mining companies understand the policy, as well as the matching project and provide a strategy for dealing with mining competition, in addition, to promote the formation of an effective mechanism for docking between junior exploration enterprises and financing capital.

At the forum, participants may have face-to-face, one-to-one opportunities to negotiate with the project parties and their competent authorities. Meanwhile participants have access to investment-related services and support to policy information.

On a global platform which offers Chinese investors and international junior exploration companies the chance for business ventures, the Mining Exploration Investment Forum will become a stage for the mutual benefit of junior exploration services and investors.

Despite the global economic downturn, although the mining sector M & A market is cooling off it’s not in total decline, China capital and the M & A market will become the backbone of support.

• For further information about CHINA MINING, please contact:

Tel: +86-10-64466855
Fax: +86-10-58857006
Email: info@china-mining.org
Web: www.china-mining.org/en

• In Perú, please contact with: MinerAndina Comunicaciones
Tel: (511) 251 8717
Email: china.mining@minerandina.com

LME LATIN AMERICA ROADSHOW 2013

Filed under: Other News — Tags: — admin @ 14:08

The London Metal Exchange (LME) will be holding a conference to professionals in the mining and metal industries in Lima, Peru on 11 September 2013. The event, held at the Miraflores Park Plaza hotel, will focus on issues that are key to Peruvian (and international) metal producers and consumers, as well as the financial community.

The visit to Peru is part of the LME Latin American Roadshow to Brazil, Chile, Colombia and Mexico and will include:

•  In-depth analysis of supply, demand and the price of metals.

•  The use of LME contracts to hedge metals price risk.

• Senior economists and metals analysts’ views on the future of base metals.

• Q&A with Martin Abbott, LME CEO.

Why attend?

This conference will provide a unique opportunity to hear first-hand the latest news from the CEO of the LME and network with the 100 expected delegates from the metal, mining and finance communities.

If managing price risk is an issue for you or you are in any way involved in the metals value chain, then this is the must-attend event for you.

The programme, which includes the participation of high-profile speakers, includes a screening of Official Zinc Ring for 11 September, something never broadcast before.

The conference will be delivered in Spanish with translation from English where appropriate.

Why Latin America?

•  The LME’s relationship with Latin America spans over 136 years.

•  Our 3 month contract originates from the journey time from Chile to London.

•  LME prices were first used by miners in Latin America.

•  Latin American mining companies were the first to trade LME futures contracts.

How to book

Tickets cost £150 (Approx. US$240), which includes all refreshments and a cocktail reception.

Sponsorship and exhibitor packages:

Interested parties should contact roadshows@lme.com for a sponsor information pack.

Registrations and Programme:

For further information please visit the www.lme.com or send an email to roadshow@lme.com

IF YOU SUBSCRIBE TO MIRENANDINA YOU WILL GET A 10% DISCOUNT

Book now at: minerandina@minerandina.com

SUBJECT: Latin America Roadshow 2013

Pluspetrol increases profit during first half of the year due to sales

Filed under: Briefs — Tags: — admin @ 14:02

Pluspetrol Camisea SA, which participates with 25% in Lot 88, earned a net profit of US$ 100 million during the second half of the year due to sales, representing an increase of 63% over the same period last year, as reported by the company.

The company explained that the increase in revenue was primarily due to higher sales volume of naphtha, diesel and propane, and the increase in the international price of gas. Meanwhile, the cost of sales increased by 30% compared to the amount recorded a year earlier (2012) due to increased royalties paid to the operating license for Lot 88, because of a greater volume of oil produced.

OEFA sanctions Peru LNG

Filed under: Briefs — Tags: — admin @ 14:02

The Organismo de Evaluacion y Fiscalizacion Ambiental (Agency for Assessment and Environmental Control) (OEFA) initiated an administrative and / or sanction process against Peru LNG operations, company that handles export of natural gas from Camisea.

Through Subdirectoral Resolution No. 595-2013-OEFA/DFSAI/ISI, the supervisory body said Peru LNG breached its obligations with the Environmental Impact Assessment (EIA) in addition to having made a discharge of liquid pollutants exceeding maximum permissible limits. Peru LNG was notified on August 5 and has 15 days to make its case.

This year, the OEFA also initiated other disciplinary procedure against Peru LNG for offenses detected by monitoring its pipeline on the coast and for breaching its EIA.

Cerro Verde appointed General Manager of Administration

Filed under: Briefs — Tags: — admin @ 14:01

Sociedad Minera Cerro Verde appointed Jeffrey James Monteith as general manager of administration, replacing James Christopher Handley, who stopped working last April. Also appointed as Company Comptroller was John David Prest.

In addition, the company designated as alternate securities representatives to: Patricia Beatriz Pacheco Quiroz and Steve Robert Palmer. He clarified that it is not about changes but further additions.

Bear Creek appoints Elsiario Antunez de Mayolo as Operations Manager

Filed under: Briefs — Tags: — admin @ 14:01

Bear Creek Mining Company, Vancouver, junior mining company exploring the Santa Ana and Corani (Puno) silver projects, announced the promotion of Elsiario Antunez de Mayolo as Operations Manager, who in turn will continue as General Manager of the Peruvian subsidiaries, position he has held since March 2010 when he joined the company.

On behalf of the Board, President and CEO of Bear Creek, Andrew Swarthout, thanked Elsiario Antunez de Mayolo for the efforts and achievements like obtaining the social license Corani.

Minsur recorded tin drop in sales during Q2 2013 by more than 25%

Filed under: Briefs — Tags: — admin @ 14:00

MINSUR S.A, mining company dedicated to the exploitation of tin in Puno, recorded a reduction of US$ 35.6 million in profits in Q2 2013, to make a profit of US$ 120.1 million compared to the US$ 155.7 million in the same period last year.

The decrease in sales by 26.04% at the end of Q2 2013 – from US$ 379.5 million recorded during the period of 2012, to US$ 280.7 million this year – was due to lower production of tin in its concentrator plant Unidad Minera San Rafael, with a smaller amount of orders, the company explained in a statement.

Minsur produced 465.085 tons of ore, 6.95% less than the same period in 2012 (499.8 tons).

On the other hand the Pucamarca Operating Unit, which became operational in January, reported gold sales total of more than US$ 78.7 million.

Antamina achieves 1000 concentrate shipments in Punta Lobitos

Filed under: Briefs — Tags: — admin @ 13:59

Compania Minera Antamina SA, the largest combined world copper-zinc mining operation, and lead local producer of copper and zinc in the sierra of Ancash, announced the 1000th shipment of 27,000 tons of ore concentrates (16,000 copper 11,000 zinc), with whom it recorded more than 22.8Mt shipped from Punta Lobitos mining port, located in the province of Huarmey Lima.

Through a statement, the company noted that Puerto Punta Lobitos (PPL) commenced operations in July 2001, when it made its first shipment (yet to try) of copper concentrates with 17,000 tons.

PPL receives an average of nine ships a month and has been recognized as most efficient port in the country, the company said.

Cerro Verde increased investment at about 50% despite fall in profit

Filed under: Briefs — Tags: — admin @ 13:58

Sociedad Minera Cerro Verde, Arequipa, operator of the copper mine Cerro Verde in Peru, located in the Arequipa region, estimates investment of US$ 4.400 million to triple the large scale production of 120.000 to 350.000 tpd copper, which continues with construction activities of the beneficiation plant.

Sociedad Minera Cerro Verde plans to expand its operations. That means to triple production of 120 thousand to 350 thousand tons of copper per day.

He said after giving the report of the results obtained during Q2 2013. Net income decreased from US$ 174.7 million to US$ 106.3 million, compared to the previous period (2012). The decline was due to lower revenue in sales (US$ 92.6 million), caused in turn by the fall in the price per pound of copper, which rose from US$ 2.97 in Q2 2012 to US$ 2.55 in 2013, explained the company.

During the first half invested in capital expenditures of US$ 410.3 million, amount higher than the investment on the same period in 2012 (US$ 252 million) due to the expansion of operations at its Cerro Verde Production Unit.

Rio Cristal changes codes

Filed under: Briefs — Tags: — admin @ 13:57

Rio Cristal Resources Corp., Vancouver, junior mining company, announced the change and updating of the CUSIP and ISIN codes due to the consolidation of its shares. The new codes are: # CUSIP: 767037203 and # ISIN: CA 7670372035.

At its recent Board Meeting, held in late July, Rio Cristal announced the consolidation of its shares on the basis of one (1) new share for ten (10) existing shares, in order to give flexibility to the company.

Kallpa reduces share value of Volcan in 43%

Filed under: Briefs — Tags: — admin @ 13:57

Kallpa Securities Broker CompanySAB, a company dedicated to the purchase / sale of financial instruments (stocks, bonds, commercial paper, etc.) in the national and international market, reduced the fundamental value of each share at 43.24%, ie , S/.2,65 to S/.1,85.

However, it is 58.2% above the market price of S/. 1.17, at the end of July 31, 2013. Kallpa SAB updated Volcan’s valuation model to include second quarter financial results.

Project Accha Zinc Oxide District has got pre-feasibility study

Filed under: Briefs — Tags: — admin @ 13:56

Zincore Metals Inc., Vancouver, junior mining company that develops the Accha zinc project in the Cusco region, received a positive feasibility study for the project Accha Zinc Oxide District (AZOD), announced the company through a statement.

The study was prepared by AMEC, Atlanta, dedicated to providing consultancy, engineering and project management.

About the prefeasibility study, the President and CEO of Zincore, Jorge Benavides, said that it included reinterpreting the geology of the deposits both as Accha and Yanque”, in addition to helping us better understand our metallurgical processes, a tremendous progress.”

He added that there is a consensus in the industry that zinc prices should be higher in a few years because many large mines will remain almost without reserves.

In September 2012, President & CEO, Jorge Benavides, announced that Zincore could put the future mine into production in 2015. “The mine will produce an average of 60,000 TMF of zinc and 40,000 TMF of lead for a lifespan of 11 years”, said the executive.

Milpo profits rose by 236% over Q2 2013

Filed under: Briefs — Tags: — admin @ 13:55

Compania Minera Milpo SAA,  local medium mines of copper, lead and zinc,producer, reported that net income in Q2 2013 increased by 236% to record US$ 18 million, compared to the US$ 5 million registered in the same period the previous year.

Sales reached US$ 157 million, an increase of 38% over the same period last year, while investments were US$ 31.6 million, to complete additional work on expansion brownfield (explorations near operations)projects as the cases of Cerro Lindo and El Porvenir, as well as s tudies of greenfield operations (previous unexploited areas) as Magistral, Pukaqaqa and Hilarion.

However, Milpo clarified that it is adopting strict measures to control production costs in its mining units, a politik that allowed mitigating the effects of the decline in metal prices which it trades and recording operational and financial results, higher than the same period the previous year.

Newmont expects La Zanja to produce 50,000 ounces of gold

Filed under: Briefs — Tags: — admin @ 13:54

Newmont Mining Corp., Denver, principal owner of Minera Yanacocha through a join venture with Cia. de Minas Buenaventura, expects this year production  between 475,000 and 525,000 ounces of gold, announced in the report of the Q2 2013 results.

The company said it expects the La Zanja mine to produce 40,000 to 50,000 ounces of gold this year. During Q2 2013  produced 17.000 oz Au.

It also said that Yanacocha produced 150.000 ounces Au, 25% less from Q2 2012, due to lower production associated with the completion of mining at El Tapado (July 2012).

The company posted losses in Q2 2013 of 10 cents per share, compared with earnings of 59 cents last year.

Buenaventura gets approval from DIA to drill in Patara

Filed under: Briefs — Tags: — admin @ 13:53

Cia. de Minas Buenaventura SAA, Lima, first local precious metals producer, will be able to make 20 diamond drill holes and install platforms that add a depth of 11.000 meters in the Patara (Ag-Pb-Zn-Au) deposit, located 2 km. of its administrative economic unity Recuperada (Huancavelica).

The operation became real after obtaining approval from the Ministry of Energy and Mines of its Declaracion de Impacto Ambiental (Environmental Impact Statement) (DIA). Patará contains grades of approximate 65% Ag, 17% Pb, 15% Zn and 3% Au. The work will take about 48 months.

… and it got negative results

Days earlier, the company said it will focus on exploration of greater value with attainable objectives. In that vein, Executive President, Roque Benavides, said that Buenaventura decided to stop production of mining operations Antapite Poracota and Shila-Paula, after considering them “unprofitable”, and indicated that it will evaluate the performance of other mining units.

It was after learning the negative results obtained during Q2 2013. Among them, the 88% decrease (US$ 19 million) in net income compared to that obtained in 2012 (US$ 153.2 million).

… and agrees to modify dividend policy

The Buenaventura Directory modified dividend policies – maintained since 2007 – by agreeing to distribute annually to its shareholders a cash dividend of at least 20% of net income generated by its own operations and the subsidiaries in which it exercises control (over 50% share).

PROJECT CONSTANCIA WOULD INCREASE BY 15% CONSTRUCTION COSTS

Filed under: News — Tags: — admin @ 13:50

HudBay Minerals Inc., Toronto, base metals producer with assets in North and Central America, and explorations in Peru, Chile and Colombia, reported that its Constancia copper-silver- molybdenum project, located in the province of Chumbivilcas, Cusco region, could present a 15% increase in construction costs from US$ 920 to US$ 1.380 million.

“The costs amounted to US$ 0.63 / lb to US$ 2.22 / lb copper sold” the company said in a statement, according to preliminary results of a project capital reassessment, assuming that production starts at the end 2014 and reach full production in Q2 2015.

Constancia construction, together with the Antapaccay copper project (Xstrata Tintaya SA, a subsidiary of Xstrata Copper former Southern Peru Division, now Glencore), plus the Quechua copper project (of Cia. Minera Quechua SA), both in Cusco, and the launch of the Las Bambas (Glencore-Xstrata) in Apurimac, will report a major mining investments which together amount to US$ 8.560 million. Everyone are located in the prolific Andahuayulas Yauri belt.

As of March 31 this year, HudBay had incurred in costs of US$ 658 million and signed additional commitments of US$ 455 million in Constancia, a future open pit conventional mine, that will process an average of 70,000 tpd and produce an average of 85,000 TMF of copper, 1,400 TMF of molybdenum, and TMF 69 of silver, a year, over a period of 15 years. The output port will be Matarani.

HudBay Peru has completed 90% of the detailed engineering and construction of the project currently being completed by more than 40%, which includes the completion of the detailed engineering for the transmission line and substation Tintaya.

The company has also secured a fleet of 18 trucks for the mine, which will be sent to Constancia between August 2013 and August 2014, 11 of these trucks have arrived to Peru. Buying tires is underway with contracts entered into to meet the requirements of the fleet, and one of three hydraulic excavators is also already in Peru.

6 August, 2013

Canada: TECK REPORTS EARNINGS TO CRASH 50% IN Q2 2013

Filed under: Minerandina International — Tags: — admin @ 15:05

Teck Resources Limited, Vancouver, diversified mining consortium recorded US$ 197 million (or US$ 0.34 per share) in its Q2 2013 earnings report, representing a fall of 51% compared to the same period of 2012, which recorded US$ 398 million (or US$ 0.68 per share).

However, Don Lindsay, President and CEO of the company, said in a press release that the company is very pleased with the operating performance made during the quarter and also highlighted the progress of the cost reduction program.

He also mentioned the agreement reached with coal customers to sell 6.4 Mt of coal in Q3 2013 at an average price of US$ 143 / t.

Chile: OXIDOS ENCUENTRO PROJECT GETS ENVIRONMENTAL APPROVAL

Filed under: Minerandina International — Tags: — admin @ 15:04

Compañía Contractual Minera Encuentro, a company controlled by Antofagasta Minerals S.A. (AMSA), London / Santiago), of the Luksic Group, obtained approval from the Environmental Impact Assessment (EIA) of its copper, gold and molybdenum project Oxidos Encuentro, located 145 km inland from the port of Antofagasta and 33 km east of  Sierra Gorda district.

The Oxidos Encuentro Project has an estimated investment of US$ 600 million and considers open oxide pit mining to be leached to obtain copper-rich solutions (PLS).

AMSA expects to begin construction of the project in 2014, which would last for a period of two years, and then begin commercial production in 2016.

It is estimated that the future Encuentro mine could produce an average of 50,000 tpa of copper cathode over a useful life of eight years and daily processing rate of up to 115,000 tpd of ore.

China: CHINA WOULD EXPAND ITS ACQUISITION OF MINING PROJECTS

Filed under: Minerandina International — Tags: — admin @ 15:03

Despite last year’s mining industry mergers and the slowing down of acquisitions, this year is still a great opportunity for China mining to further expand its overseas acquisitions.

In the current international market, junior exploration companies with their high flexibility, rapid implementation of prospecting and financing capacity in risk capital markets, are playing an increasingly important role in the exploration stage. In recent years, 80% of the important discoveries are made by junior mineral exploration company.

Exploration prospecting requires a great deal of capital investment, paradoxically, in the capital markets, these exploration companies often do not have steady operating results and a stable cash flow, it may even be the case that the only major property they own are their exploration rights. The problems of financing are for junior exploration companies the toughest issue in the international mining market development that they face.

Exploration investment is unable to finance itself through traditional financing methods. Due to the high-risk of outbound mining investment, it is always difficult for overseas exploration activities to obtain commercial financing. In the context of the economic downturn, financial institutions want to get high-quality assets, so unless the company’s project is very competitive, financing proves very difficult to obtain. Currently the global mining capital markets have suffered severe losses, whether in Australia, Canada or South Africa the financing of mining enterprises is in deep difficulty.

Barrick Gold s puts Barrick Energy for sale

Filed under: Briefs — Tags: — admin @ 15:02

Barrick Gold Corp., Toronto, the gold world leading producer, announced that it will sell its subsidiary, Barrick Energy to the company Canadian Natural Resources Ltd., the third largest oil company in Canada, as part of a strategy for portfolio optimization.

As consideration for the sale of Barrick Energy and certain related transactions, Barrick will receive a total compensation of approximately C$ 455 million.

American Eagle Gold reduces costs to a minimum in project Angostura

Filed under: Briefs — Tags: — admin @ 15:01

Aguila American Gold Ltd., Vancouver, junior mining company developing the Angostura gold project (Apurimac), reported that it has put it into maintenance state to reduce expenses to a minimum.

Through a press release, it said that it is part of the changes being made by the company, due to the uncertainty in the financial market. It also stressed that the properties remain in stop (in maintenance) but good terms with the authorities and the community agreements continue.

“All non-essential activities have been postponed and the staff has been released (of their contracts)”, stated press release.

… and changes President

The company announced that John Huguet will take over as President and CEO to replace Blair Way, who opted to resign the position due to a series of changes that the company is performing, such as reducing costs and time as well as times of uncertainty.

Rio Cristal reports consolidation of shares

Filed under: Briefs — Tags: — admin @ 15:00

Río Cristal Resources Corp., Vancouver, adopted at its last Annual Meeting, the consolidation of its shares on the basis of one (1) new share for ten (10) old ones, the company said through a press release.

Thus, Rio Cristal seeks to provide flexibility to the company, once the market improves for junior exploration companies. “The company proposes to maintain the listing of its shares on both the TSX-Venture as the Bolsa de Valores de Lima [Lima Stock Exchange] (BVL) anticipating any future opportunities”, said Thomas Findley, President and CEO of Rio Cristal.

For July 31, when the consolidation is completed, the company will have approximately 17.25 million common shares issued and outstanding, compared to the 172.5 million that currently owns. The trading symbol will remain as ‘RCZ’ both in the TSX-Venture and the BVL.

Peruvian Precious Metals closed private placement offering

Filed under: Briefs — Tags: — admin @ 15:00

Peruvian Precious Metals Corp., Cargary, junior mining company that develops the Igor gold project in the La Libertad region, announced the closing of the private placement offering of US$ 167,700 to US$ 0.18 per share. The company issued 931,667 units at US$ 0.18 per unit.

Since July this year, the company (formerly Sienna Gold), is trading on the TSX Venture Exchange and the Bolsa de Valores de Lima [Lima Stock Exchange] under the symbol PPX.

Condor gets permission to explore in project Soledad until July 2014

Filed under: Briefs — Tags: — admin @ 14:59

Cóndor Resources Inc, Vancouver, junior mining company engaged in gold exploration in Peru and Chile, obtained from the Ministry of Energy and Mines permission to conduct exploration activities until July 2014, including up to 20 drill holes in the Soledad -gold, silver, and copper project, located in the Ancash region.

The permit is transferable to potential partners (joint venture), the company said.

Glencore Xstrata changes name to its Canadian subsidiary

Filed under: Briefs — Tags: — admin @ 14:59

Glencore Xstrata plc, Baar, announced the name change of its subsidiary Xstrata Canada Corporation, Montreal to Glencore Canada Corporation, as of July 30, 2013.

In Peru, Glencore Xstrata is in the process of sale of its 100% participation in the Las Bambas copper project in Apurimac, in accordance with Remediation Merger commitments made to the Ministry of Commerce of the Republic of China (“MOFCOM” ) on April 12 last.

Indico will make private placement to pay debt for C$ 12.6 million

Filed under: Briefs — Tags: — admin @ 14:59

Indico Resources Ltd., Vancouver, Canadian junior mining company engaged in the discovery and exploration of porphyry deposits of gold and copper in South America, announced the private placement of C$ 12.6 million with Stonehouse Construction Private Limited, Kuala Lumpur (Malaysia), a company working in international civil, mining, oil, and gas infrastructure sectors, which whom it maintains a debt.

Indico Resources will issue a total of 210.556 units at C$ 0.06 per Unit (the shares of debt) to Stonehouse. In order to preserve capital to finance development projects, Indico agreed to convert the loan into units, subject to the approval of the TSX-V, said through a press release.

The Proposed copper-gold porphyry Ocaña, Arequipa, is Indico’s main exploration project and the main focus of its exploration activities.

Tamerlan examines selling the project Los Pinos

Filed under: Briefs — Tags: — admin @ 14:58

Tamerlán Ventures Inc., Blaine, Canadian junior mining company engaged in the discovery and mining exploration, announced the possibility of selling its Los Pinos copper project, located in Lima, as one of the options it is analyzing to pay the debt with Global Resource Fund, Texas. The lender issued a notice demanding payment from Tamerlan of total debt amounting to US$ 12.1 million.

The exploration company operating in Canada and Peru, presented several proposals to the fund to finance interest payments and operations in the coming months and is in full conversations. Global Resource Fund is administered by Renvest Mercantile Bancorp Inc. and is evaluating its options.

Zincore and First Quantum will hold exploration program in the Andahuaylas-Yauri belt

Filed under: Briefs — Tags: — admin @ 14:57

Zincore Metals Inc., Vancouver, junior mining company engaged in the exploration for base metals in southern Peru, announced that in order to make a copper exploration program on 55,000 ha. of its property, located in the Yauri-Andahuaylas copper belt, it expanded the strategic partnership it has with its partner First Quantum Minerals Ltd., Vancouver, through the signing of a Memorandum of Understanding.

This memorandum consists of two stages: the initial recognition and another joint-venture, which will run only if necessary. The recognition stage runs until April 1 2015. “First Quantum is committed to fund the exploration program of new copper targets we discovered earlier this year”, said the President and CEO of Zincore, Jorge Benavides.

Both companies reached a definitive agreement to joint-venture in September 2012 to jointly develop the Cu-Mo project, Dolores, in the Cusco region.

No Comments »

No comments yet.

Leave a comment

Strait Minerals receives drilling permit in Alicia Project

Filed under: Briefs — Tags: — admin @ 14:57

Strait Minerals Inc., Toronto, junior mining company exploring the Alicia projects (Cu-Au) in Cusco, and Culebrilla (Au) in Ancash, announced that the Ministry of Energy and Mines approved to resume processes of drilling at its copper-gold project Alicia, located in the province of Andahuaylas Cusco.

The project had been stalled since October 2012 pending clarification of the rules regarding consultation with indigenous peoples.

In March 2013, Strait granted Teck Peru SA, a subsidiary of Teck, Vancouver, the option to get up to 75% interest in the Alicia property, among others, such as spending US$ 30 million on exploration or by spending US$ 10 million in exploration and delivering a pre-feasibility study.

No Comments »

No comments yet.

Leave a comment

Volcan reports results for Q2 2013

Filed under: Briefs — Tags: — admin @ 14:55

Volcan Compañía Minera S.A.A., first local silver and zinc producer, announced the results for Q2 2013. He explained that in the case of the main metals produced and sold by Volcan, such as zinc and silver, prices fell on average by -9.5% and-23.2%, respectively, compared to Q1 2013 and -4.5% and-21.5%, respectively, compared with Q2 2012.

The company said the fall in metal prices forced the company to make significant adjustments in their operational plans in order to partially mitigate the impact on its financial results and cash flows, at least in the short term.

During Q2 2013 the volume of ore treated in the mining units Chungar and Yauli increased (14.9% and 6.1%, respectively) compared to the treated volume Q2 2012. The company estimates that during Q3 2013, Yauli will reach 10,500 tpd processing capacity, more than doubling the 2012 level, which was 4,250 tpd. In January of this year Chungar expanded its capacity to 5,200 tpd and is currently making new expansions in Yauli.

The lower volume of ore treated in the Cerro de Pasco unit decreased the consolidated production of zinc and lead. However, the company highlighted the result in the improvement of the grades in the three mining units during Q2 2013. In Yauli, the zinc and lead production increased by 6.1% and 23.9%, respectively, while the production of zinc and lead in Chungar increased 1.8% and 10.6%, respectively.

Volcan invested US$ 200 million in the Q1 2013, higher at 59.1% committed to the same period last year.

Tinka gets approval from the EIA for its Ayawilca project

Filed under: Briefs — Tags: — admin @ 14:51

Tinka Resources Ltd., Vancouver, received on July 19 approval of the Dirección General de Asuntos Ambientales [General Directorate of Environmental Affairs]-DGAA of the Ministry of Energy and Mines (MINEM), for the semi-detailed Environmental Impact Study (EIAsd) for the proposed program in its polymetallic Ayawilca project, located in the San Pedro de Pillao district, Daniel Alcides Carrión Province, Pasco region.

The EIAsd approved for a period of 30 months, will allow the company to include in its program more than 20 platforms. The company said it has submitted to the Autoridad Local del Agua [Local Water Authority]-ALA -Pasco a water study.

Tinka Resources expects to complete all requirements for obtaining the necessary permits to proceed with the next phase of the drilling program at Ayawilca.

On two occasions, the San Juan de Yanacocha Community submitted to the MINEM a memorandum approved by the General Assembly, calling for the speedy approval of the Ayawilca polymetallic project’s EIAsd.

No Comments »

No comments yet.

Leave a comment

22 July, 2013

POLAR MINING AND BRITISH XTRACT LOOKING FOR PHOSPHATE AND URANIUM IN CHILE

Filed under: News — Tags: — admin @ 15:06

Polar Star Mining Corporation, Toronto, junior mining company, reached an agreement with the company Xtract Resources Plc, London, to develop a basic exploration program on the property Mejillones for the search of phosphates and uranium.

The property Mejillones is a total area of 16,400 ha., and would contain surface reserves to exploit open pit, between 60 and 200 Mt of sedimentary phosphate -uranium at a grade greater than 32% of phosphorus pentoxide (P2O5), after extraction and purification.

According to Polar, the property is located 15 km of paved roads to the ports of northern Chile, located in the Pacific Ocean.

After developing some technical work and capital investment program, Xtract could keep 75% of the project, and with the potential to obtain the remaining 25% held by Polar Star.

The agreement is consistent with the strategy of Polar Star Mining of using cash flow obtained in its current copper-gold operation Chépica, located in the south central part of Chile, to be earmarked for exploration programs in Montezuma, its more renown copper project and move on in parallel with the development of a lot of other world-class projects located in Chile, through exploration joint ventures with third parties.

Under the agreement, Xtract will immediately begin executing the exploration work required to define the potential of Mejillones. Among others, it will work to recognize the distribution of massive rock phosphate and also develop marketing research and international marketing. The results of these studies should be completed in early June 2014.

No Comments »

No comments yet.

Leave a comment

LARA UPDATE ITS PORTFOLIO OF PROJECTS AND STRATEGY

Filed under: News — Tags: — admin @ 15:04

Lara Exploration Ltd., Vancouver, junior mining company engaged in the exploration and development of base and precious metals deposits in South America, announced an update on some of its joint ventures and portfolio of projects in Brazil and Peru.

A few of the Company’s projects have been drill tested over the last 12 months with disappointing results and some of the exploration partners have failed to obtain financing, such that the Company has recovered projects that were in joint ventures, some of which it now intends to drop.

And various other similar decisions are being taken by junior mining companies facing a chronic shortage of venture capital, which forces them to change their strategies. These include Lowell Copper, Candente, Condor Resources, Rio Cristal, among others.

In Brazil, Avenue Resources Ltd., has terminated its earn-in option on both the North Brazilian Tin Project and Avanco Resources Ltd., has terminated its earn-in option on the Company’s Conceição Nickel Project. Lara has reviewed exploration work by its partners and decided that enough work has been done to test the targets. In light of those results, Lara has elected to relinquish both projects, along with the Canabrava Polymetallic Project in Goias State, that was drill tested by a joint venture partner in 2011.

In Peru, Lara has received its Condoroma and Coporaque Copper Projects back from Halston Exploration Inc., and its Atenea Gold Project back from Alta Resources Inc. None of the projects were drill tested under those partnership agreements and Lara has elected to retain all three properties and seek new partners.

No Comments »

No comments yet.

Leave a comment

Pluspetrol must answer MEM observations this week

Filed under: Briefs — Tags: — admin @ 15:02

Pluspetrol Camisea SA, company which participates with 25% in Lot 88, will have until july 17th to respond to the observations given by the Ministry of Energy and Mines regarding the approval of the Environmental Impact Study requested by the company for the expansion of activities of Project Camisea in Lot 88, located in the Cusco region, reported the institutional relations manager of the company, Daniel Guerra.

In late June, the MINEM reported that Pluspetrol had to solve 38 of the 122 observations recorded. Failure to comply with the observations would make process in Lot 88 to be declared abandoned, according to the Derecho, Ambiente y Recursos Naturales organization (DAR), which reported on July 9 that the Department of Energy Environmental Affairs of the MEM observed for the second time the EIA.

Lot 88 has an area of 143,500 ha. and has estimated a budget of US$ 480 million to make 2D and 3D seismic surveys. Delays in approving the EIA in this lot is due to the presence of uncontacted natives in the area.

No Comments »

No comments yet.

Leave a comment

Illegal mining predates 30,000 hectares of forest

Filed under: Briefs — Tags: — admin @ 15:02

Illegal mining predates 30,000 ha. forest, five more times than 10 years ago when amounted to 6,000 ha. alerted the Departmental Council of Lima’s College of Engineers of Peru.

“Illegal mining uses mercury irresponsibly, which with tens of tons per year go to the atmosphere and rivers, reaching the fish for human consumption, with a concentration of the toxic substance several times higher than the permissible limit”, said Oscar Tinoco, chairman of the Chapter of Metallurgical Engineering of the Departmental Council of Lima, inaugurating the 8° Congreso Internacional de Medio Ambiente, Seguridad y Responsabilidad Social en Minería y Metalurgia [8th International Congress of Environment, Safety and Social Responsibility in Mining and Metallurgy] to be held from 16 to 19 this July.

No Comments »

No comments yet.

Leave a comment

Rio Alto exceeds gold production estimate and advances in phase II in La Arena

Filed under: Briefs — Tags: — admin @ 15:02

Rio Alto Mining Limited, Vancouver, produced and sold 48.427 ounces of gold at its La Arena mine, located in the La Libertad region, to finish Q2 2013, higher than the projected 44,000 oz Au.

The company estimated to produce 64.000 oz Au by Q3 2013 and 59.000 oz Au by 4Q 2013. The 1Q 2013, La Arena produced 36,355 ounces of gold, exceeding the projected (34,000 oz Au). Rio Alto explained that gold production exceeded expectations due to higher ore grades of 0.647 g/t Au for Q2 compared with planned laws 0.470 g / t Au.

On the other hand, the company estimated that the feasibility study for Phase II of La Arena will be completed by the end of Q1 2014. It was after indicating that the permit plan is already in place.

… And the search for a new COO

The company expects to select the appropriate candidate as COO before the end of the year. Meanwhile, Alex Black, President and CEO, has assumed the role and responsibility of the COO

No Comments »

No comments yet.

Leave a comment

Condor Resources reduces to minimum exploration activities

Filed under: Briefs — Tags: — admin @ 15:01

Condor Resources Inc., Vancouver, junior mining company engaged in gold exploration in Peru and Chile, decided to minimize its exploration activities, as part of an upgrade of its business strategy, which reflects the current market condition of mineral exploration capital and conserve cash, the company said in a statement.

The company said it has placed greater emphasis on controlling costs and managing their financial resources.

… and chooses CEO

As part of the strategy, the company appointed the current Director Lyle Davis as Executive Director. Davis is an Engineering graduate of Universidad de la Reina and has an MBA from the University of British Columbia. Meanwhile, the Founder and President Patrick Burns will continue to lead the company’s increased focus on efforts to exploit.

No Comments »

No comments yet.

Leave a comment

Dynacor announces latest results at Tumipampa

Filed under: Briefs — Tags: — admin @ 15:01

Dynacor Gold Mines, Quebec, gold mine producer and operator of the Acari mil in Ayacucho region and the Tumipampa base metals project in the Apurímac region, announced the results of the sampling in the cross cut on the Manto Dorado structure which has a width of 23.0 meters.

Channel sampling was carried out on the north wall, south wall, and on the roof of the cross cut.  High gold grades and polymetallic mineralization were obtained over 7.40 meters true width, on the north and the south walls and over 4.85 m on the roof of the cross cut.

The roof sampling returned an average grade of 36.48 gr/t Au, 1.49 oz/t Ag, 0.43% Cu, 0.08% Pb and 0.12% Zn over 4.85 m true width . The north wall sampling returned an average grade of 15.58 gr/t Au, 0.80 oz/t Ag, 0.020% Cu, 0.09% Pb, and 0.20% Zn over 7.40 m true width. The south wall sampling returned an average grade of 14.35 gr/t Au, 0.37 oz/t Ag, 0.03% Cu, 0.03% Pb and 0.06% Zn over 7.40 m true width. 80 p.

No Comments »

No comments yet.

Leave a comment

Fortuna Silver reported results for Q2 2013

Filed under: Briefs — Tags: — admin @ 15:00

Fortuna Silver Mines Inc. Vancouver, emerging silver producer operating –through its subsidiary Minera Bateas– the historic Caylloma polymetallic mine, exceeded 6% estimated silver production at its gold-silver mines of San Jose (Mexico ) and Caylloma (Arequipa, Peru) for Q2 2013, registering 1.07 million ounces of Ag.

Production for the first six months of the year amounted to 2.07 million ounces of silver and 9,675 ounces of gold. Fortuna expects to produce this year 4.5 million ounces of silver and 23.600 ounces of gold.

Jorge A. Ganoza, President and CEO of the company announced that in August there would be details of the work being done to implement measures to reduce capital cost.

No Comments »

No comments yet.

Leave a comment

Sierra Metals delivers dividends for more than C$ 2.5 million

Filed under: Briefs — Tags: — admin @ 15:00

Sierra Metals, Vancouver, medium polymetallic producer with mines in Peru and Mexico, announced that on July 31 will distribute cash dividends in an amount greater than C$2.51 million. The amount of dividend per share will be C$0.016 (equivalent to US$0.015).

No Comments »

No comments yet.

Leave a comment

Xstrata says farewell to Las Bambas

Filed under: Briefs — Tags: — admin @ 14:59

Glencore Xstrata, fourth largest diversified mining company in the world, due to the merger of the companies Xstrata plc, Zug, and Glencore AG, Baar – announced the commencement of the sale of all of its interests in the copper project Las Bambas, in Peru, in accordance with the Mergers Remediation Commitments made to the Ministry of Commerce of the Republic of China (“MOFCOM”) on last April 12.

Glencore-Xstrata named BMO Capital Markets Limited and Credit Suisse Securities (Europe) Limited to act as its financial advisors in the sales process.

Since April this year, in which Glencore-Xstrata announced its Commitment to Remediation, it has received numerous expressions of interest in Las Bambas of a diverse group of international mining companies and potential investors.

Las Bambas is a copper world class mining project located in the Apurimac region, with more than 10.5 Mt of copper resources. The project is in an advanced stage of construction and is scheduled to begin production in 2015.

No Comments »

No comments yet.

Leave a comment

Candente Copper acquires Cobriza Metals

Filed under: Briefs — Tags: — admin @ 14:59

Candente Copper Corp., Vancouver, junior mining company that operates the Cañariaco copper project, located in the Lambayeque region, will acquire all of the issued and outstanding shares of Cobriza Metals Corp., Vancouver, junior mining company engaged in the exploration of base metals in Peru, according to the Business Corporations Act (British Columbia).

“This agreement is for Cobriza shareholders, a little over 9% stake in the large scale copper project Cañariaco Norte and in exploring along the mineralized belt Cañariaco”, said Michael Thicke, President of Cobriza adding that exploration properties will be his priority.

Meanwhile, Sean Waller, President of Candente highlighted the ability of the combined entity “to act effectively in the difficult conditions that exist today for the junior mining sector”.

The final agreement expects the vote and approval of the shareholders of Cobriza, who will have their annual meeting at the end of August, the companies said through a statement. The proposed settlement valued Cobriza in about US$ 2.5 million.

No Comments »

No comments yet.

Leave a comment

PUNO REGIONAL GOVERNMENT WOULD IMPLEMENT FIRST PILOT PLAN TO ERRADICATE MERCURY

Filed under: News — Tags: — admin @ 14:57

The Regional Government of Puno would be the first region to implement the “Zero Mercury Project” to reduce in a first stage of three years, 50% of the use of mercury in mining, after signing an agreement with the Capítulo de Ingeniería Metalúrgica del Consejo Departamental de Lima del Colegio de Ingenieros del Perú [Metallurgical Engineering Chapter of the Departmental Council of Lima of the Engineers Association of Peru], Eng. CIP Oscar Tinoco Morelos, Metallurgical Engineering Chapter President, told MinerAndina.Com.

170 tons of mercury per year for mining use is currently being sold in the country, of which 70 tons are used in Madre de Dios region.

In progressing with the project, and hand in hand with regional governments, Peru could be free of mercury as of 2021, year of the Bicentennial. Mercury is used mainly by small-scale and artisanal mining, thanks to the use of inexpensive bio-degrading technology.

The initiative includes installing, initially, pilot plants in 22 regions of the country, with an estimated investment of between US$ 200,000 and US$ 250,000 each, totaling US$ 4.5 million. After which it would be replicated nationwide.

The pilot plant will have Canadian technology equipment such as Falcon, Nelson, among others hubs, which use water instead of mercury to separate gold and other precious metals through a gravimetry mechanism. “If to this mechanism we add recycling and filtering procedures water resources can be reused, making a great saving of water and preserving nature”, said Eng. Tinoco, adding that this great challenge of engineering has to work together with the government, business and universities.

In that vein, he explained that the role of the government will issue a rule prohibiting the marketing of mercury gradually, which added to the proposed use of clean technologies, will enable the disuse of this input.

 

No Comments »

No comments yet.

Leave a comment

16 July, 2013

XSTRATA FINAL SAY GOODBYE TO LAS BAMBAS

Filed under: News — Tags: — admin @ 11:53

So what will say rural communities?

Glencore Xstrata today announces the commencement of a process to sell its entire interest in the Las Bambas mine copper project in Peru, in accordance with the Merger Remedy Commitments made to the Ministry of Commerce of the Peoples’ Republic of China (MOFCOM) on 12 April 2013.

The newly formed commercial mining conglomerate has appointed BMO Capital Markets Limited and Credit Suisse Securities (Europe) Limited to act as financial advisors in connection with the sale process.

Since  the  Remedy  Commitments  were  announced on 16 April 2013, Glencore Xstrata  has  received  numerous  expressions of interest in the Las Bambas project  from  a  diverse  group  of  international  mining  companies  and potential  investors.

Throughout the process, Glencore Xstrata will seek to engage with all prospective buyers to ensure a fair and transparent sales process, which is completed in accordance with the Remedy Commitments.

About Las Bambas:

Las Bambas is a world-class copper mine project located near Cusco in Peru with over 10.5 million tonnes of copper resources. The project is in an advanced phase of construction and is due to start production in 2015.

No Comments »

No comments yet.

Leave a comment

8 July, 2013

Chile: CODELCO EVALUATES DEVELOPING OPEN PIT PROJECT INCA

Filed under: Minerandina International — Tags: — admin @ 15:57

The state-owned copper company CODELCO, the largest world copper producer, with a production of 1.7 Mt of fine copper obtained in 2012, expected to start operating in 2019 its Rajo Inca copper project, belonging to its underground mine, El Salvador, which the company operates within Copiapo in the Atacama region.

The Rajo Inca project is currently at the stage of preliminary studies, but it estimates that it could produce up to 100,000 tpa of copper in concentrate, replacing and extending the life of the mine El Salvador in about 20 years.

Production of El Salvador has now reached about 64,000 tpa fine copper. This operation has cost around US$ 4/lb and its life is scheduled for completion in 2018.

Although failure to complete the studies, according to initial estimates, the project Rajo Inca would have a cost of no less than US$ 1,000 million.

In CODELCO‘s developing plans, Rajo Inca would also replace, the San Antonio Oxidos copper project, which was displaced from the investment portfolio of CODELCO to run this year.

No Comments »

No comments yet.

Leave a comment

CETEMIN: TEN YEARS TRAINING TECHNITIANS SPECIALIZED IN MINING

Filed under: News — Tags: — admin @ 15:56

The Centro Tecnologico Minero [Mining Technology Center] – CETEMIN- celebrated its 10th anniversary by announcing the start of construction of its first own center in Chosica and signing of the contract by which Perubar SA – Company providing comprehensive storage and shipping mineral concentrates services-, yields 3 ha. of its social club (located at km 29 of the Carretera Central in Lima) to CETEMIN.

It was during the traditional last Jueves Minero on June 27 held at the premises of the Instituto de Ingenieros de Minas del Peru [Institute of Mining Engineering of Peru] -IIMP.

This new campus, 1ha. in which over US$ 2 million will be invested, will be ready in November, said Mario Cedron, a board member of CETEMIN which will form 500 mining technicians annually. “That is, by 2018 we will have formed 6,000 specialists in total”, Eng. Isaac Rios, president of the Board of CETEMIN, told MinerAndina.Com.

Another announcement was the construction of a pilot plant for mineral processing using CETEMIN students. The plant will have a daily treatment capacity of 30 tons and will be located in Porcona said Rios.

In addition to training, CETEMIN also certifies and trains people living in the community (as far as it goes) for positions that require mining companies, said on his part the CETEMIN Association president, Raúl Benavides.

CETEMIN saw 22 technicians graduating in 2003, during its first year. For 2012, the number of graduates totaled 671 and the local formation reached 1,345 people

No Comments »

No comments yet.

Leave a comment

Changes Metminco

Filed under: Briefs — Tags: — admin @ 15:55

Metminco Limited, Sydney, exploration company engaged in copper exploration in Australia, Peru and Chile, announced that Timothy Read will assume the position of President, replacing Antonio Ortuza Vicuna, who chose to resign the office because of the requirements for their partnership in the law firm Baker & McKenzie.

Timothy Read has extensive experience in the metals and mining sector and investment banking, the company added in its press release.

No Comments »

No comments yet.

Leave a comment

Madre de Dios miners on strike against legislative decrees

Filed under: Briefs — Tags: — admin @ 15:55

The Federación Minera de Madre de Dios [Miners' Federation of Madre de Dios] (FEDEMIN) announced the start of a strike at the Madre de Dios region from July 1, against the decrees – from the DL Nº 1101 to D.L. Nº 1107 – which seek to end illegal mining.

A local media reported that some 30,000 miners abide to the strike whereas in the Mazuco mining areas Laberinto, Boca Colorado, and Huaypetue, no activity of any kind in solidarity with the miners is registered.

No Comments »

No comments yet.

Leave a comment

Puno: Roundtable started in Corani

Filed under: Briefs — Tags: — admin @ 15:55

Bear Creek Mining, Vancouver, junior mining company that operates in the Puno region the Corani (Pb-Zn-Ag) and Santa Ana (Ag) projects, will meet on July 16 with representatives of the Cabinet of Ministers, regional and local authorities as well Corani´ s authorities, where it carries out its Corani project as part of the second session of the roundtable.

The last week of June began the roundtable by Corani, composed of the representatives of the Cabinet of Ministers and local and regional authorities. At the meeting, the mayor of Corani, Edmundo Caceres, presented integrated development projects for communities in the Corani district. In addition, an agreement was concluded to give social support in favor of improving development indicators like health, education and household productivity for 23 years.

No Comments »

No comments yet.

Leave a comment

PCM amends decree related to illegal mining

Filed under: Briefs — Tags: — admin @ 15:54

The Presidency of the Council of Ministers (PCM), through Supreme Decree Nº 076-2013-PCM, published in the newspaper “El Peruano”, announced the modification of DS 075-2012-PCM, which created the Permanent Multisectoral Commission for monitoring of Government Actions against Illegal Mining and the development of the formalization process.

No Comments »

No comments yet.

Leave a comment

Poderosa fails to agree with artisanal miners

Filed under: Briefs — Tags: — admin @ 15:54

Compania Minera Poderosa tenth local gold producer and the Asociación de Mineros Artesanales (Artisanal Miners Association) (AMA) did not reach an agreement to sign the mining contract for the benefit of both parties.

Legal counsel, Luis Valverde Calipuy, stressed -to local newspaper- that Poderosa intends to only establish service contracts that do not support the formalization process. He added that they have the support of the Office of the Ombudsman to take legal action to assert a contract of mining legally established.

No Comments »

No comments yet.

Leave a comment

Zincore issue up to C$ 250 000 shares

Filed under: Briefs — Tags: — admin @ 15:54

Zincore Metals Inc., Vancouver, junior mining company that develops the Accha zinc project in the Cusco region, may issue shares in lieu of cash for up to C$ 250,000 (operating expenses and salaries) only if shareholders of the company approve of it during the next special meeting to be held on August 8 in the city of Vancouver.

In addition, a decision to consolidate the Company’s shares at a ratio of up to 6 existing quotas per new share. The meeting will also serve to approve or not the possible conversion of U.S. loan of US$ 2 million Canadian miner First Quantum, Vancouver (who has a joint venture by the Dolores project) in shares of Zincore.

No Comments »

No comments yet.

Leave a comment

Environmental monitoring report in Anabi will be available in August

Filed under: Briefs — Tags: — admin @ 15:53

The Organismo de Evaluación y Fiscalización Ambiental [Agency for the Assessment and Environmental Control] (OEFA) will deliver within a maximum of 20 days (mid-August) the report of the situation of environmental quality of the area of ​​the sub basin of the Santo Tomas river in the province of Chumbivilcas, area of direct influence of the Anabi mining company where environmental monitoring took place, through the decentralized office in Cusco.

It was after the people of the districts of Llusco and Quinota said that the gold and silver mine, pollutes the waters of the rivers Molino and Santo Tomas.

OEFA Specialists conducted the environmental monitoring in the established points in the EIA, which are being continuously monitored by the institution. Samples of surface water, sediment and soil, were sent to a laboratory accredited by the Instituto de Defensa de la Competencia y de la Protección de la Propiedad Intelectual [Institute for the Defense of Competition and Intellectual Property Protection] (INDECOPI), according to protocol monitoring

No Comments »

No comments yet.

Leave a comment

Sociedad Minera Corona had sales of over US$ 10 million

Filed under: Briefs — Tags: — admin @ 15:53

Sociedad Minera Corona SA, mining company that operates the Yauricocha silver, copper, zinc and lead, mine, located in the province of Yauyos, Lima, informed the Superintendencia del Mercado de Valores [Superintendency of Securities Market] (SMV) about the metals selling for about US$ 10.1 million.

The company explained the transaction of 360 ounces of gold at a price of US$ 1,249.50 / oz and 130,000 ounces of silver at US$ 19.70/ounces. He also noted the selling of 275 MT of copper at US$ 6.950/MT; 1200 TM lead at US$ 2.080/MT, and 1,500 MT of zinc at US$ 1.840/MT.

No Comments »

No comments yet.

Leave a comment

Metminco focused 100% on Los Calatos

Filed under: Briefs — Tags: — admin @ 15:53

Metminco Limited, Sydney, junior mining company with copper-gold projects in Chile and copper-molybdenum in Peru, said through a statement that remains 100% focused on optimizing its copper-molybdenum project Los Calatos, located in the Moquegua region.

It was after saying it will centralize its presence in South America from his office in Lima – closing the Santiago office – due to a restructuring undertaken to generate considerable savings for financing its business until 2015.

 

William Howe, Metminco managing director, said the company recognizes the “need to have a financially strong strategic partner in the current market environment.”

With 1,340 Mt in resources, Los Calatos is the second largest copper deposit in the Moquegua region after Cuajone, operated by Southern Copper, and one of the largest in the country if the reserve value are confirmed.

Metminco plans to operate Los Calatos through a system of open pit in the first seven years and then, via underground, for the next 24 years

No Comments »

No comments yet.

Leave a comment

Duran Ventures signed joint venture with Darwin Resources

Filed under: Briefs — Tags: — admin @ 15:52

Duran Ventures Inc., junior mining company engaged in the exploration of precious and base metals in Peru, announced the company’s joint venture with Darwin Resources Corp., Vancouver, junior company focused on exploration in Peru for the project Parihuana.

The agreement with Darwin is to form a company with a 50% each to implement the Parihuana project with potential for copper-gold skarn, located in the Ayacucho region, which consists of three mining concessions of 1,500 ha. located in the province of Parinacochas.

… and select directors

Duran Ventures reported that in the last annual and special meeting of shareholders held on June 27, the shareholders elected Joseph Del Campo, Mr. John Thompson, David Prins, Steven Brunelle, Oscar Pezo Camacho, and Jeffrey Reeder, as directors of the company.

No Comments »

No comments yet.

Leave a comment

Minister Merino highlights project Toromocho during visit

Filed under: Briefs — Tags: — admin @ 15:52

Aluminum Corporation of China Limited (CHINALCO), Shanghai, meets the highest standards of environmental care in the Toromocho (Cu-Mo-Ag) project, and has installed a treatment water plant worth US$ 50 million, stressed the Minister of Energy and Mines, Jorge Merino, last June 25.

It was during a visit to the project area located in Morococha, Junin region, which checked the progress of construction. The official also said the increased investment (US$ 4.800 million), “is more than double than the US$ 2.052 million planned to invest in the beginning”, he remarked.

The mine will start production in December this year, it will reach full activity in Q3 2014 and will provide 300,000 tons of fine copper in 25 years. Merino said the mining company contributes to the generation of employment and currently involves 14,000 Peruvian workers in the project construction.

No Comments »

No comments yet.

Leave a comment

Lupaka Announces results from metallurgical recovery campaign in Crucero

Filed under: Briefs — Tags: — admin @ 15:52

Lupaka Gold, Vancouver, junior mining company that develops the Crucero and Invicta gold projects, announced the results of the latest metallurgical recovery tests in Zone A-1 of the Crucero project, located in the Puno region.

Summary results are from tests performed on two composite samples reflecting the two distinct mineralization types within the Crucero mineralization envelope. The wide range of recovery results reflects the suite of tests performed and the treatment options analyzed. Depending on types of minerals, their concentration and grind size, leach extraction of 60-75% gold was achieved. Diagnostic leach tests at ultrafine grinds showed leach extraction of 89% and 94% for the two composites.

The results have not been optimized and were performed with the purpose of assisting the Company to focus its exploration efforts through improved understanding of mineral associations and minerology, as it explores the remaining 10 identified (to date) exploration anomalies at Crucero].

No Comments »

No comments yet.

Leave a comment

Sienna Gold will negotiate its shares with new name

Filed under: Briefs — Tags: — admin @ 15:51

Sienna Gold Inc., Calgary, junior mining company that develops the Igor gold project in La Libertad region and changed its name to Peruvian Precious Metals Corp, reported that as of July 2 its  shares will be traded on the TSX Venture Exchange and on the Bolsa de Valores de Lima (Lima Stock Exchange) (LSE) under the symbol PPX.

Through a press release, it said that it will not require any exchange of shares (from Sienna to the shares of Peruvian). The name change came about because the company has developed a series of projects involving the exploration of different minerals.

No Comments »

No comments yet.

Leave a comment

Minaspampa produced 410,000 fine grams of gold in four months

Filed under: Briefs — Tags: — admin @ 15:51

Minaspampa Mining Company SAC, gold and silver producer located in the district of Sarin, Sanchez Carrion province, La Libertad region, produced 410,000 fine grams of gold and 996 kilos of silver in the first four months of the year, from its Minaspampa mine.

This is the first year of commercial operations of the company operating in the same area of ​​gold mineralization where the mines: Lagunas Norte (Minera Barrick Misquichilca SA), Santa Rosa (COMARSA), El Toro, Igor and Algamarca.

Minaspampa has as attorney José Ricardo Sanchez Miranda and as CEO Orlando Sanchez Miranda.

No Comments »

No comments yet.

Leave a comment

INDICO RESOURCES CHANGES MINING APPROACH

Filed under: News — Tags: — admin @ 15:51

Indico Resources Ltd., Canadian junior mining company engaged in the discovery and exploration of porphyry deposits of gold and copper in South America, announced its change of approach that will lead from exploration, to development and production start of its projects in Peru, the company said in a statement.

Thus, the junior company completed the development plan and partnership agreement for Ocaña copper and gold project (Arequipa) and Maria Reyna (Cusco) with Stonehouse, Kuala-Lumpur (Malaysia), an international company working in the minerals civil infrastructure fields, oil and gas.

The partnership agreement establishes the conditions and criteria of how Indico and Stonehouse will work together to develop copper projects in Peru. Depending on the maximum scale of the project, the alliance is expected to seek strategic partners.

The plan focuses primarily on the development of a copper project in Ocaña, starting with the completion of a Preliminary Economic Assessment and a fast track of the project to the production stage.

In Arequipa, where the Ocaña project is located, the investments committed in copper and iron projects far exceed gold investments. According to the Ministry of Energy and Mines, the investment will go to these two metals during this five-year period amounted to over US$ 8,000 million.

No Comments »

No comments yet.

Leave a comment

1 July, 2013

Chile: BHP BILLITON RECEIVES APPROVAL FOR KELAR GAS CENTRAL

Filed under: Minerandina International — Tags: — admin @ 12:43

BHP Billiton plc (Melbourne / London), the company that controls the Minera Escondida Ltda, Cerro Colorado and Minera Spence mines, received approval from the environmental authorities of its project to build the thermal power plant (CT) of combined cycle gas Kelar of 540 MW, at a cost of US$ 400 million.

Located in the industrial area of Mejillones, north of Antofagasta, Kelar is also designed to use diesel as backup fuel.

The project aims to generate electricity to power the Sistema Interconectado del Norte Grande (Northern Interconnected System) (SING), the largest supplier of mining operations located in the north of the country and in particular those of BHP Billiton in the great north.

EXPONOR 2013 CONCLUDED SUCCESSFULLY

Filed under: Minerandina International — Tags: — admin @ 12:42

Mining faces increases in costs due to low ore grades, water, energy and labor. So was agreed by top executives of Antofagasta Minerals, Minera Escondida and CODELCO, Diego Hernandez, Edgar Basto, and Thomas Keller respectively, during the seminar “How to improve the leadership and competitiveness of the mining industry?”, Within the framework of EXPONOR 2013 a major American mining fair held in the city of Antofagasta, between 17 and 21 June last.

The 1637 business conferences held during the week were specially stressed, attended by 134 executives between suppliers and mining companies.

There were also 105 technical talks with news and Chilean mining market challenges, dictated by their own participants. On the other hand, 7 technology tours to various mining operations complemented the main objective of this event: a showcase of innovation and technology to the challenges of mining. The visits were to El Tesoro, CODELCO Radomiro Tomic, Minera Esperanza, Minera Spence, Xstrata Lomas Berries, Barrick Zaldivar, CODELCO Chuquicamata.

No Comments »

No comments yet.

Leave a comment

ENERGY SECTOR: A LOOK AT 20 YEARS

Filed under: News — Tags: — admin @ 12:39

The Energy Day arrives on July 3

The projected growth of the Peruvian economy and the investment projects, the country will require about 1,000 MW extra of energy, or the equivalent of a new Mantaro hydroelectric power plant (1008MW), which is the main supplier of the country’s power.

The question is whether there will be enough supply to meet the needs for the year 2020 and that debate will happen on July 3 during the Día de la Energía (Energy Day), an event for the second consecutive year organized the Estudio Laub & Quijandría.

Electricity consumption “usually increases by 1 or 2 points above the product, if we grow at 5%, electricity grows at 7%”, said Jaime Quijandría, former energy and mines minister and former minister of economy, partner of the firm.

He added that, as part of its corporate social responsibility plan, the Estudio aims to contribute to the discussion of the various issues in this sector, which are critical and long-term, given its importance for the growth of the economy. They insist that the country should have an energy agenda.

The Día de la Energía (Energy Day) will bring together government officials, private sector workers, and some national and international experts to discuss the situation of the energy sector in the country, which projects are important, how is the vision in the long and medium term.

This broad agenda is organized on four blocks:

• The Southern Pipeline Project

• The energy outlook and the situation of the oil and electricity sectors in the medium term (2016 to 2020).

• Renewable energy and its impact on the energy grid.

• The investment growth in the sector, socio-environmental permits and licenses

The keynote speaker will be Ramon Espinasa on the subject of “shell” gas, a type of gas that will change the geopolitics of gas and its exploitation.

No Comments »

No comments yet.

Leave a comment

FIRST PRIOR QUECHUA COMMUNITY CONSULTATION TO BE IN PUNO

Filed under: News — Tags: — admin @ 12:37

The Regional Directorate of Energy and Mines of Puno, is waiting for the favorable opinion of the Deputy Minister of Interculturality for implementing the right to prior consultation in the Chiquitosa gold project, located in the district of Ananea, San Antonio de Putina Province, and owner of the peasant community of Trapiche, the director of the DREM-Puno, Cesar Rodriguez Aguilar, told MinerAndina.Com.

In its commitment to formalize small and artisanal miners a year ago Puno DREM presented this initiative in 4 gold mining projects: Chiquitosa (Trapiche community), Fade I (community Limata), Queta A and Communidad de Limata, all in the Ananea province.

This is the first consultation process carried out in a rural Quechua community and in the Puno region, said the Director of the DREM, a process that takes about 120 days. Last April, the Government noted that the database of Quechua peasant communities will not be published and will be the Vice Ministry of Interculturality who must be consulted if one of these communities has a right to consultation.

No Comments »

No comments yet.

Leave a comment

New Oroperu Resources modifies statute

Filed under: Briefs — Tags: — admin @ 12:36

New Oroperu Resources Inc., Vancouver, junior mining company dedicated to exploring gold in Peru and Canada, reported having adopted amend to its statutes to include notice provisions relating to the election of directors.

The deal was approved by the shareholders at the last annual general meeting held in June.

No Comments »

No comments yet.

Leave a comment

Zincore metals changed Sponsor

Filed under: Briefs — Tags: — admin @ 12:36

Zincore Metals Inc., Vancouver, junior mining company that develops the Accha zinc project in the Cusco region, informed the Superintendencia del Mercado de Valores (Superintendency of Securities) (SMV) to have changed its sponsor as of June 24. The company will replace GPI VALORES SAB to Celfin Capital SAB.

No Comments »

No comments yet.

Leave a comment

Peru and Colombia work together against illegal mining

Filed under: Briefs — Tags: — admin @ 12:35

The foreign ministers of Peru and Colombia, Eda Rivas and Maria Holguin, respectively, signed integration documents to work together and thus prevent illegal mining to continue expanding, the chancellors reported.

The documents signed include the approval of the Development Plan of the Border Integration and a joint declaration to strengthen bilateral relations. Another issue that was agreed was to hold meetings as a binational cabinet, as it is with Colombia and Ecuador, and Ecuador with Peru. Cabinets are expected to meet in the second half of this year

No Comments »

No comments yet.

Leave a comment

Doe Run Peru workers are expected to return to their work

Filed under: Briefs — Tags: — admin @ 12:35

Doe Run Peru (DRP), operator of the Complejo Metalúrgico de La Oroya (La Oroya metallurgical complex), expected that 100% of its workers are reinstated in their jobs until June 27.

Through a document addressed to the Steelworkers, the Union of Employees, and the Workers Union of Patio Industrial, the company called the workers by giving them four days, starting on 24. The call was made a week before the meeting, to be held from July 2 to 5, which will decide if the company is liquidated completely or not.

Currently, DRP is in a winding-up process that began in April 2012.

No Comments »

No comments yet.

Leave a comment

Tamerlane seeking buyers for project Los Pinos

Filed under: Briefs — Tags: — admin @ 11:47

Tamerlane Ventures Inc., Blaine (USA), a mineral exploration and development company in advanced base metals in Canada and Peru, announced its search for buyers for its copper property Los Pinos, located 100 km. south of Lima, in Cañete.

The sale is linked to a modification of the deferment agreement with Global Resources Fund for a loan guarantee of US$ 10 million, the company informed.

The change comes after Tamerlane breached certain payment obligations and capitalized on missed payments. The funds from the sale of Los Pinos will be used in the cancellation of claims.

No Comments »

No comments yet.

Leave a comment

Trafigura sells stake in Minera Constable

Filed under: Briefs — Tags: — admin @ 11:47

Trafigura Beheer, Amsterdam, second largest metals trader in the world, sold its 98.68% stake in Compañía Minera Condestable (CMC) to the Southern Peaks Mining LP, London, holding company for a portfolio of projects (small to medium) of precious and base metals in Peru.

Closing is expected to become effective in 8 weeks. CMC is one of the ten largest copper producers in Peru and produces copper concentrate containing gold and silver as by products.

No Comments »

No comments yet.

Leave a comment

Sienna Gold is now Peruana de Metales Preciosos

Filed under: Briefs — Tags: — admin @ 11:46

Sienna Gold Inc., Calgary, junior mining company that develops the Igor gold project in La Libertad region, changed its name to “Peruana de Metales Preciosos”. This is because it has developed a series of projects involving the exploration of different minerals.

The company said it will soon issue a statement announcing the date on which its shares will trade under the new name, which does not affect the exchange of shares.

… and chooses Counselors

Sienna Gold announced the election as counselors of the company to Brian Maher, Jorge Benavides, Luis-Felipe Arizmendi, George Salamis, Brian Imrie, Declan Livesey, and Charles Littlejohn.

No Comments »

No comments yet.

Leave a comment

Minera IRL will invest US$ 260,000 in its projects Don Nicholas and Ollachea

Filed under: Briefs — Tags: — admin @ 11:46

Minera IRL, emerging gold producer with properties in Peru, Chile and Argentina, will invest US$ 260 million in its Ollachea gold project (Puno, Peru) and Don Nicolas (Argentina).

With the launch of the two mines, the Peruvian-Australian company will increase its gold production from 27.000 to 200.000 ounces from 2016. “Our calculations include Don Nicholas (60,000 ounces), Ollachea  (113,000 ounces) and what Corihuami produces, whose useful life will end in 2016”, said Diego Benavides, president and founding partner of Minera IRL.

No Comments »

No comments yet.

Leave a comment