Peru’s Illegal Gold Mining Bigger Than Drug Trade

Exports of illegal gold from Peru bring in about $1.8 billion per year, making it larger than the country’s drug trade, according to a new study by consulting firm Macroconsult.

Elmer Cuba, a prominent Peruvian economist with Macroconsult, presented on Wednesday a new study that shows the size and influence of illegal gold mining, and suggests ways to combat it.

“Illegal gold beats cocaine,” Cuba said, adding that drug trafficking brings in around $1.2 billion per year, according to newspaper Gestion. Read more…

Peru’s GDP Rises 5.55 Percent In March

Peru’s economy grew by 5.55 percent in March, which is slower than many economists had expected, state news agency Andina reported.

Growth in March, which is the 31st straight month of economic growth in Peru, was lower than the 7.18 percent in February.

The National Statistics and Information Bureau, or INEI, said Peru’s agriculture sector rose 1.62 percent in March, while fishing fell 15.07 percent.

The mining and hydrocarbon sector grew 6 percent in March, as metallic mining Read more…

HSBC Sells Units In Peru, Colombia, Paraguay and UruguayFor $400 Million

HSBC Group said Friday that it has reached an agreement to sell its units in Peru, Colombia, Paraguay and Uruguay to Colombia’s GNB Sudameris for $400 million, Peruvian state news agency Andina reported.

The approval of the deal is subject to regulatory approvals in each of the jurisdictions, as well as other conditions.

Andina said that the sale of HSBC’s units in Colombia and Peru are expected to close in the last quarter of 2012, while the sale of its units in Paraguay and Uruguay Read more…

CAF Applauds Peru’s Path Towards Sustainable Development

The Andean Development Corporation, CAF, said Tuesday that Peru is on the right path to sustainable development in the long term, according to the country’s state news agency Andina.

Jose Carrera, the vice president of social development at CAF, said that Peru has experienced important growth with equity, which has improved the lives of the country’s poorest.

“The poorest are the ones that need to improve their quality of life, their conditions and health, fundamental elements for an economy to have sustainable Read more…

Humala Travels To Japan, South Korea To Boost Ties

President Ollanta Humala left for Asia over the weekend as part of a tour aimed at boosting political and economic ties.

Humala left Sunday for Japan, accompanied by Foreign Relations Minister Rafael Roncagliolo and Finance Minister Luis Miguel Castilla.

Humala and the other high-level government officials are scheduled to meet with the Peruvian Japanese Business Council, Cepeja, on Monday night in Tokyo. On Tuesday, they will hold talks with Japan’s parliament, including a meeting with the President Read more…

Sunat Chief Says Gov’t To Implement Mechanisms In June To Combat Illegal Mining

The head of Peru’s tax agency Sunat, Tania Quispe, said the government plans to establish by June mechanisms to halt the supply of chemical inputs and machinery that are used by illegal gold miners, state news agency Andina reported.

“We are talking about May or June at the latest,” Quispe said. “We plan to pull out all the stops in the  regulation process.”

Quispe said that Sunat, which also governs the customs superintendency Sunad, plays an important role in the government’s efforts to stem illegal mining by detecting Read more…

Peru’s Exports Rise 5% In March To $3.91 Billion

Foreign Trade and Tourism Minister Jose Luis Silva said Thursday that Peru’s exports totaled $3.91 billion in March, which is 5 percent higher than the same month last year.

The increase in exports was thanks largely to a 14 percent rise in non-traditional exports, which includes non-metallic minerals, steel, metal-mechanics, and textiles.

Traditional exports, which include Peru’s important mineral shipments, rose 2 Read more…

Poll: Support Grows For Newmont’s Minas Conga Gold Project

A new poll by company GFK has found that national support for Newmont Mining’s massive Minas Conga gold project, located in Peru’s Cajamarca region, is increasing, daily El Comercio reported.

The poll of 1,400 people, conducted between April 19 and April 21, shows that 54 percent support the project, which is up 6 percent from March.

Opposition to the project is down 5 percent to 36 percent, according to the poll, Read more…

Humala Gives Approval To Raise Minimum Wage

President Ollanta Humala has authorized officials from Peru’s Labor Ministry to start procedures to increase the minimum wage to 750 soles (approximately $285) a month, from the current rate of 675 soles.

The increase is part of a two-stage hike, for a total of 150 soles, that Humala promised during last year’s presidential campaign. The first hike to 675 soles from 600 soles was approved in 2011.

“Fulfilling my election promise, I want to communicate to you that I have given Read more…

Six Firms Eye Investing In Peru Petrochemical Complex

Six international companies are interested in participating with Peru’s state-owned Petroperu to develop a petrochemical complex on the country’s southern coast, according to Petroperu’s general manager, Pedro Mendez.

“We are receiving visits from six companies worldwide that are very interested in talking with us about analyzing different areas of participation in the petrochemical complex,” Mendez said, according to state news agency Andina.

Petroperu already plans to work with Brazilian firm Braskem on the multi-billion Read more…

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