Latin Finance - July/August 2010 - 42
Peru
Investor Report
Transformational Mining
A China-fuelled extraction boom promises to drive significant fresh Peru FDI. However, projects are relatively small and the community backlash presents hurdles.
by Lucien Chauvin sk anyone in Peru’s Junín state, in the central Andes, when they expect huge changes and the immediate answer is 2012. The date is not about some sort of apocalypse, as in the film 2012, but the projected start up of a new mine. And the mood is far from doom and gloom. The Aluminum Corporation of China (Chinalco) is scheduled to inaugurate its first South American mine, Toromocho, in Junín, in the second half of 2012. The $2.2 billion project will begin producing 1 million metric tons of copper concentrates annually, says Armando Arrieta, VP for legal affairs. This should bolster Peru’s standing as the world’s second largest copper producing country after Chile. This means approximately $150 million annually in taxes and royalties for Junín, says regional president Vladimiro Huaroc. The region received just $25 million in 2009 from other mining operations. “Toromocho represents an important opportunity for the region. We are already studying options for investment to improve infrastructure and productive sectors,” Huaroc tells LatinFinance. This optimism is shared by president Alan García’s administration, which forecasts a massive boom in mining investment. Mining investment in 2009 was nearly $2.8 billion, $1 billion more than the previous year, despite the worst financial crisis in decades. Investment in the first quarter of 2010, according to the ministry of energy and mines (MEM), was $740 million. The national mining, petroleum and energy society (SNMPE), the representative
A
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HYDROCARBONS MICROFINANCE
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UPDATE
For daily news on Peruvian investment and capital markets, see www.latinfinance.com
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42 LatinFinance
July/August 2010
http://www.latinfinance.com
Latin Finance - July/August 2010
Table of Contents for the Digital Edition of Latin Finance - July/August 2010
Latin Finance - July/August 2010
Contents
Equity/Debt Fund Performance
European Investors
Brazil Domestic Buyside
Mexican Domestic Buyside
Mexico Venture Capital
CEMEX CFO Interview
Panama Investment
Canadian Miners
Peru Investor Report
Peru is Making Strides to Develop Gas and Oil
Microfinance Volume Rises at a Steady Clip
Latin Finance - July/August 2010 - Latin Finance - July/August 2010
Latin Finance - July/August 2010 - Cover2
Latin Finance - July/August 2010 - Contents
Latin Finance - July/August 2010 - 2
Latin Finance - July/August 2010 - 3
Latin Finance - July/August 2010 - 4
Latin Finance - July/August 2010 - 5
Latin Finance - July/August 2010 - 6
Latin Finance - July/August 2010 - 7
Latin Finance - July/August 2010 - 8
Latin Finance - July/August 2010 - 9
Latin Finance - July/August 2010 - Equity/Debt Fund Performance
Latin Finance - July/August 2010 - 11
Latin Finance - July/August 2010 - 12
Latin Finance - July/August 2010 - 13
Latin Finance - July/August 2010 - 14
Latin Finance - July/August 2010 - 15
Latin Finance - July/August 2010 - 16
Latin Finance - July/August 2010 - European Investors
Latin Finance - July/August 2010 - 18
Latin Finance - July/August 2010 - Brazil Domestic Buyside
Latin Finance - July/August 2010 - 20
Latin Finance - July/August 2010 - 21
Latin Finance - July/August 2010 - 22
Latin Finance - July/August 2010 - 23
Latin Finance - July/August 2010 - 24
Latin Finance - July/August 2010 - 25
Latin Finance - July/August 2010 - Mexican Domestic Buyside
Latin Finance - July/August 2010 - 27
Latin Finance - July/August 2010 - 28
Latin Finance - July/August 2010 - Mexico Venture Capital
Latin Finance - July/August 2010 - 30
Latin Finance - July/August 2010 - CEMEX CFO Interview
Latin Finance - July/August 2010 - 32
Latin Finance - July/August 2010 - 33
Latin Finance - July/August 2010 - Panama Investment
Latin Finance - July/August 2010 - 35
Latin Finance - July/August 2010 - 36
Latin Finance - July/August 2010 - 37
Latin Finance - July/August 2010 - 38
Latin Finance - July/August 2010 - Canadian Miners
Latin Finance - July/August 2010 - 40
Latin Finance - July/August 2010 - 41
Latin Finance - July/August 2010 - Peru Investor Report
Latin Finance - July/August 2010 - 43
Latin Finance - July/August 2010 - 44
Latin Finance - July/August 2010 - Peru is Making Strides to Develop Gas and Oil
Latin Finance - July/August 2010 - Microfinance Volume Rises at a Steady Clip
Latin Finance - July/August 2010 - 47
Latin Finance - July/August 2010 - 48
Latin Finance - July/August 2010 - Cover3
Latin Finance - July/August 2010 - Cover4
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