Latest Mining News

Posts Tagged ‘Investment’

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.

The company announced an investment of 1,288 million dollars to expand its mining facilities after confirming the increase in its reserves of mineral deposits.

Antamina mining company reported that it recently signed contracts with third works for the expansion of its mining facilities and mineral processing capacity at its site located in the San Marcos district, province of Huari (Ancash).

“The main contracts for this work are assigned the work to be undertaken belong to different components of the expansion project as supervision to earth moving and lifting of the infrastructure,” said Vice President of Corporate Affairs for Antamina, Paul the Flower.

The expansion of the mine that the company will acquire new equipment for the mine, to expand its truck shop and enhance their existing water management and tailings storage.

“Since the work began earlier this year to date is with much of the work in progress,” he said to Andina.

The company said the expansion will generate other benefits, such as 2.726 jobs in the construction phase and 500 permanent jobs, primarily for local residents in the area, and increase purchases of goods and services in the country by 37 percent .

Antamina began operations in 2001 and produces copper and zinc concentrates and to a lesser extent, molybdenum and lead concentrates / bismuth.

Its shareholders are Xstrata (33.75 percent), BHP Billiton (33.75 percent), Teck Resources (22.5 percent) and Mitsubishi Corporation (ten percent).

Within the framework of the bylaws and code of conduct governing the institution and its affiliates. He explained that called the incident occurred on June 25, SNMPE immediately asked his partner Caudalosa, a detailed report on the events in the district of Huachocolpa in Huancavelica region.

He also summoned urgently to its managers to explain about the contingency measures and the cleanup and remediation have been taken in the river and staircase in the area of ??influence of the mining unit. The company representatives have informed the directors of the SNMPE the events connected with this unfortunate incident.

As part of this process has begun SNMPE, the board has also ordered the execution of a technical evaluation to determine the causes of the incident, allowing the institution to make a decision against this case.

On the other hand, the union is awaiting the results of investigations on this fact the authorities are developing.

Such is the case of the Ministries of Energy and Mines (MEM) and the Environment (Minam), the National Water Authority (ANA), the Supervisory Agency for Investment in Energy and Mining (Osinergmin) and the Agency for Assessment and Control environmental (OEFA) and others as appropriate.

The SNMPE reiterated his call for the mining company Caudalosa to make the utmost effort in order to promptly repair the damage caused by the collapse of the sludge.

This Increase Investments in mining amounted to 1.704 million dollars during the first half of 2010, representing a growth of 46.2 percent over the same period last year, which totaled 1.166 million, the Ministry of Energy and mines (MEM).

This increase reflects the confidence that Peru awakens their stable rules and the great attraction it exerts on investors in many countries the mining potential at its disposal, he said.

Of the total invested in the first half, 317 million relates to infrastructure works, 295 million for mining equipment with the latest technology, 291 million to operating activities and 278 million in exploration work, including the search for new deposits , among other items.

In the month of May recorded the highest amount of investment, which was $ 969.200 383 million, highlighting the efforts of Southern Copper Corporation, Company Miner Antamina and Strata Tintaya, among others.

Only exploration work was allocated $ 51 million, said the MEM.