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…

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…

Britain, Peru Begin Mending Relations With Business Road Show

Britain and Peru appear to be mending ties through the private sector following a diplomatic rift caused by Peru’s last minute cancellation in March of a visit to the port of Callao by Britain’s HMS Montrose, a navy frigate.

Peruvian business and government leaders travelled to London last week as part of a three-city tour this year that aims to increase investments in the South American country.

The Peruvian business group included leaders from the country’s banking, mining, energy, and other sectors, and was led by the Minister of Finance, Luis Miguel Read more…

Peruvian Exports Rise 10.7 Percent In First Quarter 2012

Peruvian exports totaled $11.2 billion in the first quarter of this year, up 10.7 percent from the same period in 2011, the private-sector Foreign Trade Society, or Comex Peru, said.

Non-traditional exports in the quarter totaled $2.54 billion, which is a 12 percent increase from year-ago period, daily El Comercio reported.

Sectors that led the non-traditional exports were agriculture at $679 million, Read more…

Gov’t Confirms Informal Miner Trapped In New Cave-In

An informal miner in Peru’s southern Ayacucho region has been trapped underground, the government confirmed, in another case that highlights the dangers of wildcat mining in the Andean country.

The Mines and Energy Ministry confirmed that the miner, Medardo Gutierrez, was trapped when there was a cave-in at the informal Luicho mine, in the district of Colta, in Ayacucho.

Felipe Paico, the head of the health office in Colta, said Thursday that Gutierrez has been trapped for more than 36 hours. He said he is “healthy” and is receiving food, Read more…

Consultants Hand In Review On Newmont’s Minas Conga

Three international consultants charged with reviewing Newmont Mining’s multi-billion dollar Minas Conga copper-gold project have turned over their findings to the Peruvian government.

Cabinet Chief Oscar Valdes and top government officials received the report during a press conference on Tuesday. Authorities and the consultants did not provide many details about the findings, adding that the full report will be published on government websites within 24 hours.

“It has been totally unbiased and transparent,” Valdes said, according to daily El Comercio. “The consultants have been working to evaluate all of the environmental and technical aspects of the Conga project. It has been a very intense job, they Read more…

Peru’s GDP Rises 7.18 Percent In February

Peru’s economy grew by 7.18 percent in February, its fastest rate of growth since last August, the government said.

The National Institute for Statistics and Information (INEI) said that construction led growth for the month, rising 14.03 percent, as domestic demand was boosted among an increase in public-sector investments, state news agency Andina reported.

The retail sector grew 8.89 percent amid higher vehicle sales, while electricity and Read more…

Next Page »