Peru's Mining Investments Rise 70% To $2.95 Billion In 1st Half
10 August 2011 - 4:03AM
Dow Jones News
Mining companies in Peru invested $2.95 billion in the first
half of 2011, up 70% compared to the same period last year, the
government said.
In the January to June period, miners spent $457 million on
preparation activities for projects, $446 million on
infrastructure, $436 million on mining equipment, $421 million on
processing plant equipment, $405 million on production and $382
million on exploration, the Mines and Energy Ministry said in a
release on Tuesday.
Cajamarca region had investments of $524 million, representing
17.8% of the total expenditures in the period. It was followed by
Cuzco at $431 million, Apurimac at $411 million and Ancash at $348
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. At Tintaya, Xstrata invested $418
million and at Las Bambas it invested $330 million, the ministry
said.
Gold producer Minera Yanacocha had investments of $249 million,
while Compania Minera Antamina SA invested $197 million and
Chinese-owned Minera Chinalco Peru SA invested $182 million.
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; 51-1-945-043-802;
peru@dowjones.com
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