Latest Mining News

Archive for the ‘Mining Company’ Category

The operations of the Antamina Mining Company drove growth of six percent annual gross domestic product (GDP) in the Ancash region, said his manager, Corporate Affairs, Gonzalo Quijandria.

“The Antamina income growth rates of both the regional and the national economy, since in recent years the GDP of Ancash grew six percent annually, while the national GDP did an average of seven percent, “he said.

However, he pointed out that there is still room to improve indicators of Ancash, through private investment. In early January Antamina announced an investment of 1,288 million dollars to expand its mining facilities and mineral processing capacity at its site located in the San Marcos district, province of Huari (Ancash).

He said the expansion in domestic economic activity will increase on average by 0.2 percent annually, and this represents approximately 4.524 million dollars in present value (accumulated from 2009 to 2029).

Similarly, the expansion and ongoing operations of Antamina generate an annual average impact (direct and indirect) equivalent to 0.8 percent of GDP in Peru (2009 – 2029), an impact that will be around 18 percent of the GDP of Ancash, remarked . With this project, between 2009 and 2029 Ancash receive a total of 2.723 million dollars in mining royalties and 530 million in royalties in the period 2016 to 2029.

You could also hire more than 225 additional workers in the area of ??direct influence, he said.

The average yearly expenditure on goods and services purchased in Ancash is 119 percent higher than 2009 and will remain canon resources available according to the performance expected. On the other hand, said the Antamina operations have already generated positive impacts on the area of ??direct influence in contrast to non-mining areas comparable.

Thus, 18 percent of households have access to clean water, ten percent of households have access to electricity, and the poverty rate is less than six percentage points. Finally, the amount of monthly per capita expenditure increased by ten percent (27 soles) and the malnutrition rate is less than seven percentage points.

Ministry of Labour and Employment Promotion (PETM) reported that workers at the production unit Cuchulain Bonaventure Mining Company suspended the strike they would comply from 00.00 on Saturday 27 to reach an agreement with their employers.

The agreement was adopted after the parties signed a memorandum of agreement extrapolate, where the company agreed to settle the claims of the union referred to in mine ventilation, having plans to adopt a package of measures.

The document was signed at the Regional Directorate of Lima – Callao in the presence of the Minister of Labour and Employment Promotion, Manuela Garcia, who has been tracking this issue.

The Minister Garcia said that all efforts to harmonize workers and employers to union demands and business benefits, but do so in a way that does not endanger the social peace that has been living the labor sector in the country.

Cuchulain production unit has 2,000 workers who would enter to work today as normal.

The need to formalize the mining activity to access the benefits of law and in recording higher levels of production, so that his portfolio has set targets regularize informal mining.

“Only in this way can have job security law, be subject to credit, access to training, to buy better quality inputs at fair prices, and work in peace and protecting the environment,” he said.

Gala said the goal is to formalize the informal mining, which must operate within the framework of the law, complying with environmental standards, while respecting private property and protect the rights of people living within these areas.

In this sense, the head of the Ministry of Energy and Mines (MEM) today called on informal mining in Madre de Dios department to leave the indefinite strike is scheduled for Sunday April 4th at midnight.

It should be noted that the National Federation of Miners of Peru (Fenamarpe) confirmed the indefinite strike from April 4 against the Emergency Decree.

The proposed emergency decree ordering of gold mining in Madre de Dios, which includes actions such as the formalization and remediation of environmental liabilities incurred.

The Director General of Mines, Victor Vargas, said that the MEM has prioritized areas Ananea in Puno, Piura Yours in Puerto Maldonado in Madre de Dios for the conclusion, so in these areas the Ministry has decentralized offices.

He said that this ministerial portfolio has been working hard with regional governments to solve the problem of informal mining in the country and in the next two months will be installed decentralized fourth office to be located in Chala, Arequipa. “Our job is not to eradicate informal mining, but formalize and prove that it is an activity compatible with the protection of the environment,” he said.

It also stated that currently is in the process the Support to the regional governments in the formalization process that has a budget of $ 3.4 million for activities of formalization, administered by the United Nations Development Programme (UNDP ). In Peru there are success stories in the process of formalization of artisan mining, including 10 granted under the Mining Cooperatives Ananea town of Puno.

Other successful cases are located on the south coast in which suit well as national environmental standards, they are doing internationally, together with their counterparts from Ecuador, Colombia and Bolivia, supported by the Foundation Alliance for Responsible Mining (ARM).

Peruvian companies that are part of this important program are: The Society of Mineworkers (SOTRAMI) located in the community of Santa Filomena in the district of Sancos (Lucanas – Ayacucho) and Minera January Aurífera Four (MACDESA) located in the town Four Hours, Chaparra district (Caravelí – Arequipa).

Also, the Community Aurífera Relave (AURELSA) in the district of Pullo, Parinacochas Province (Ayacucho).

The activities of Tia Maria copper project that had been making the mining company Southern Peru in Arequipa province of Islay, were suspended for 90 days. This after officials of the Supervisory Board of Investment in Energy and Mining (Osinerming) site inspection, the cessation of their activities.

The Energy and Mines Minister Pedro Sanchez, said that immediately after the meeting to hold a High Level Commission with officials and leaders of the province of Islay, on April 2 Cocacharca the district, a committee of officials Osinerming moved to the area of ??operations of the Tia Maria project, which verified the shutdown of mining activities.

This information was forwarded to the Directorate General of Environmental Affairs and Miners (DGAAM) of the MEM, which means an office notified the president of the mining company to refrain from implementing any mining activity associated with the project.

Southern Peru then informed the president of the regional government of Arequipa, Juan Manuel Guillen, the 90-day suspension all its activities with equipment and operations personnel in the Tia Maria project, specifying that only remain in that place security personnel .

Also, the mining company undertook to provide full cooperation to respond to the comments to the Environmental Impact Study (EIA) project that will be presented by civil society in the Technical Committee to settle in the coming days.

Finally, the MEM reaffirmed its commitment to comply with the agreements reached at the meeting of April 20 in Cocachacra and continue, through dialogue, to promote responsible business philosophy, caring for the environment, and establishing a closer relationship with all local communities.

Minister of Energy and Mines, Pedro Sanchez, said that these projects are in the process of obtaining all licenses social, spreading their respective environmental impact assessment (EIA) among people located in their areas of influence.

He said the Tia Maria project in Southern Peru Copper Corporation is the only recorded problems with the surrounding population, but other cases like Xstrata are achieving positive results in dialogue with the people near Las Bambas (Apurimac) and Antapaccay (Cusco).

“All mining projects go through what happens around a reasonably large project.”

On the other hand, criticized the mining company Doe Run Peru faces by the way talks to restart operations in La Oroya metallurgical complex and the fulfillment of its Program for Environmental Compliance and Management (PAMA).

“Last week, when we had a meeting, the company was to present guarantees, but only until Friday, after office hours, we received a proposal of contract guarantees.”

Considered an effrontery that the company tries to blame the Government for the delay in adopting a solution that allows the resumption of smelter operations, as this is the sole responsibility of Doe Run.

“The issue proceeds slowly because of the company,” said the minister.

Also stated that the changes made to the commission of the technical committee responsible for settling the Tia Maria project observations help to equalize the presence of representatives of civil society with the company.

“This table technique is a procedure that will allow to discuss issues challenging the public and help clarify many things that can be substantiated, but others are myths.”

According to figures reported by the “Mining Yearbook 2009″ in the MEM, this increase was led by investment in mining equipment, which grew 182 percent from a year earlier.

“This growth is significant because it was in an unfavorable international environment due to the crisis, when their withdrawal was expected investments face of uncertainty, as happened in other countries in the region,” he said.

In that regard, said investments in crisis can be explained by the legal stability and the country’s mining potential.

Investments in equipment were supported by Southern Peru Copper companies with $ 292 million in units I and III Malena, Toquepala 1 and Tia Maria and the Miski Mayo Mining Company recorded an investment of 57 million in its drive Bayóvar II .

While the Society Miner Cerro Verde invested 48 million Economic Management Unit in Cerro Verde 1.2 and 3.

Likewise, investments in the business processing plant equipment saw an increase of 26 percent over 2008, due primarily to investments in refinery Metals Motorization Mariquilla of which amounted to 147 million dollars.

The Mining Program of Solidarity with the People (PMSP), known as mining voluntary contribution, to renew the agreement that expires next year.

“I think it’s interesting that this agreement be renewed because as the prices are high, we can renew those commitments are voluntary and temporary,” he said. Considered that the renewal of the voluntary contribution of a more viable alternative is to establish the application of a windfall tax on mining companies, as posed by some congressmen.

“Putting a royalty or tax windfall is permanent and can not know how prices fluctuate in the future,” he added. He said that if lawmakers are interested in submitting bills to levy a tax windfall from mining must be the result of a study with a view to long term and not based on the cyclical rise in mineral prices worldwide.

“The prices of metals may vary and, if they fall then how can we compensate for the losses?, So any initiative that will see must be analyzed in the long term,” he said. The deputy minister said the Peruvian government supports investment not to protect mining companies but to have income from income tax and mining royalties.

“That’s why we support business and if we put a very high tax (a windfall), then the mining revenues will drop,” he said after attending the World Economic Forum Bloomberg Peru.

Also stated that until March of this year have been approved Environmental Impact Assessment (EIA) and feasibility studies for various mining projects totaling 14,000 million dollars of investment, which should enter production in two years. He said that there is another group of mining projects by 26.000 million, which are in the process of maturation and will be specified within six years.

“We hope that some new projects to complete their process of public hearings this year and join the 14.000 million in projects that have feasibility” he said.

This mining company focused on the development and gold mining in Latin America, said he made the decision not to proceed with the proposed offering of its common stock, as announced on 14 May this year due to unfavorable caused by the recent market volatility in securities markets.

The CEO of Minera IRL, Courtney Chamberlain, said the credit line, with positive cash flow generated by the Corihuarmi gold mine will be used as part of the strategy to develop short-term projects, including programs current drilling.

The line of financing consists of two sections of ten million dollars each. The first leg is compromised by MBL and the second tranche will be subject to due diligence and necessary approvals prior to any disbursement.

Each section has two disbursements of credit, which allows the company to access funds in small amounts as long as necessary.

The line of credit with MBL is five million dollars, of which 2.5 million were amortized in the past and the balance of debt is refinanced comprising 2.5 million as part of the new credit line of 20 million.

In consideration of the service, MBL will be granted options whose exercise price of total common shares of Miner IRL, will be equivalent to the amount of paid online.

The price of the options are set before each disbursement on the basis of a price mechanism in place and the options expire on June 28, 2013. The issuance of the options is subject to regulatory approvals, including approval of the Toronto Stock Exchange.

MBL is a subsidiary of Macquarie Group Limited and is regulated by the Australian Prudential Regulation Authority (APRA) as an institution licensed as a bank.

The National Society of Mining, Petroleum and Energy (SNMPE) reported that mining companies are willing to take the initiative to extend for five years the voluntary contribution proposal has been made by the Ministry of Energy and Mines (MEM).

“In the area we have reached agreement to support the initiative of the MEM, as we think it is an appropriate measure,” said Vice President SNMPE, Carlos Santa Cruz.

He explained that the voluntary contribution for 2009, to be released this year, will be located in the 400 million new soles.

“That added to the 1.300 million suns that have been delivered over the past years make a total of around 1.700 million,” he said in the Tenth Tax Symposium Energetically.

In that sense, explained that the voluntary contribution is usually distributed in areas affected by mining projects that generate them.

“If we see its impact, we can mention that accumulated at the date this measure has implemented more than 1,500 projects nationwide on issues such as poverty, nutrition and education.”

He said the amount of the contribution will be this year is slightly lower than given in 2009, which is explained by the impact of global crisis in the sector.

“Next year is expected to recover to 2008 levels, because the pricing perspective we have now is better than last year,” said Santa Cruz.