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…

Humala Meets With Newly-Appointed World Bank Chief

President Ollanta Humala met with the newly-appointed president of the World Bank, Dr. Jim Yong Kim, on Monday.

Humala’s meeting with Kim came on the same day that the World Bank’s board announced that the 52-year-old president of Dartmouth College would become the head of the international development organization later this year. The World Bank has 187 member nations.

In a statement, Kim said “It is befitting that I conclude my global listening tour in Peru. It was here in the shantytowns of Lima that I learned how injustice and indignity may conspire to destroy the lives and hopes of the 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…

Humala: Gov’t Aiming For “Zero Cost” To Shining Path Kidnapping

President Ollanta Humala said Thursday that Peru’s security forces are looking to resolve the kidnapping of up to 40 natural gas workers by suspected Shining Path rebels with “zero cost” to the hostages.

“We are taking into account the life of the workers,” said Humala, according to daily El Comercio.

Humala’s comments were his first since the 36 to 40 workers were kidnapped early Read more…

Doe Run Peru’s Creditors Turn Down Restructuring Plan, Support Liquidation

Creditors of Doe Run Peru, the metals producer that has operated the La Oroya metallurgical complex since 1997, turned down the company’s restructuring plan and opted instead for “liquidation in process,” the government said.

The creditors met Thursday to vote on the restructuring plan. Rosario Patiño, the legal representative of the Mines and Energy Ministry, which is the biggest creditor, said the restructuring plan presented by Doe Run Peru on Thursday was “unfeasible,” which led the board of Read more…

Report: Shining Path Seeks $10 Million Ransom For Kidnapped Workers

Shining Path rebels, suspected of kidnapping natural gas workers on Monday, have reportedly demanded a $10 million ransom, explosives, and clothes in exchange for the hostages, daily El Comercio reported.

The workers —between 36 and 40— were kidnapped early Monday morning in Kepashiato, a town located in the province of La Convencion in Cusco region.

Peru’s government has maintained military-like silence about the incident. On Monday, the Interior Ministry confirmed the kidnapping of the workers and that it was taking actions to rescue them, however it did not provide further information.

According to local news reports, a combined military-police force of 1,500 troops Read more…

Minas Conga Opponents Hold Protest Awaiting Environmental Review

Opponents of the huge Minas Conga copper and gold project in Cajamarca region held a 24-hour protest on Wednesday, only days ahead of when the government is expected to make public a review by three independent consultants on the project’s environmental viability.  The review was handed in to the government at the end of last week.

Premier Oscar Valdes said the government would respect the right to protest, but that acts of violence would not be tolerated. “What we aren’t going to allow are acts of violence that threaten the freedom of transit for other Peruvians who are not participating in the demonstration,” Radio Programas reported Valdes as saying.

The Minas Conga project was suspended in November amid protests against the project. Opponents, who include the regional president of Cajamarca, Gregorio Read more…

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