Peru's Mining Investments Total $2.43 Billion In Jan To May
21 July 2011 - 5:06AM
Dow Jones News
Mining companies in Peru invested $2.43 billion in the first
five months of 2011, up 68% compared to the same period last year,
the government said.
The investments were made during Peru's presidential campaign
that resulted in the June 5 election of left-leaning nationalist
Ollanta Humala. Investors have expressed concern that Humala's
proposals to increase the state's role in the economy and raise
taxes on miners could curb private investments.
In the January to May period, miners spent $416 million on
preparation activities for projects, $398 million on mining
equipment, $350 million on processing plant equipment, $331 million
production and $311 million on infrastructure, the Mines and Energy
Ministry said in a release on Wednesday.
Cuzco region had investments of $394 million, representing 16.2%
of the sector's total expenditures in the period. It was followed
by Apurimac at $390 million, Cajamarca at $373 million and Ancash
at $277 million.
Companies investing in the sector include Xstrata PLC (XTA.LN),
which has the Tintaya mine and the Antapaccay and Las Bambas
projects in southern Peru. Xstrata's investments accounted for more
than 30% of the overall investments during the period, the ministry
said.
Gold producer Minera Yanacocha accounted for 10.2% of the sector
investments, while Compania Minera Antamina SA invested 8.1%.
Peru is the world's largest producer of silver and a large-scale
miner of copper, gold, zinc and other minerals.
-By Ryan Dube, Dow Jones Newswires; 51-1 9454 043 802;
peru@dowjones.com
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