 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
Lima (UPI) Feb 3, 2011 Peru is pushing for increased zinc production and export as part of a major government repositioning on a streamlined exploitation of the country's mineral resources. Plans for developing silver mines were announced earlier, part of an overall strategy to boost national revenue through an accelerated expansion of the mining sector. Peru's mining sector underperformed for many years amid political turmoil in the country. Peru is the second largest producer in the world of zinc and the largest producer of silver. Mining is one of the mainstays of Peru's economy. Major producer and exporter Volcan said it expects to boost its production of zinc over the next three years to 800,000 tons from 690,000 tons. "We expect to grow 5 percent per year," said Volcan General Manager Juan Jose Herrera during a presentation on the company's plans for the industry. Herrera said that Volcan's production of silver will increase from 23 million ounces to 30 million ounces. The company operates mining projects in the Pasco Andean region. Meanwhile, Solitario Exploration and Royalty Corp. announced "outstanding drilling results" on its high-grade Bongara zinc project in Peru. The company said it received positive results from several drilling operations in the country. Solitario Chief Executive Officer Chris Herald said the company was encouraged by highly mineralized results from its drilling operations so far. The company is working on plans to expand the infrastructure works related to expanded mining operations. Strong zinc prices have encouraged mining companies to pursue exploration of potential new deposits in Peru and elsewhere. The value of Peru's mining and hydrocarbons exports could rise 7.5 percent to $26.05 billion by the end of 2011, Maximixe consulting firm said in a report. Maximixe said Peruvian exports in the two sectors are expected to have reached $24.2 billion in 2010, with earnings from mineral resources amounting to more than $21 billion and those from crude oil and its derivatives reaching $3 billion. Between January and October 2010, mining and hydrocarbons exports totaled $19.69 billion, 38.1 percent higher than the same period in 2009. Mineral exports grew 34.7 percent, driven by increased sales of iron, zinc, copper, lead, tin and gold. The exports of petroleum and natural gas rose 76.7 percent to $2.4 billion, said the report. The Energy and Mines Ministry expects investment in the energy sector to reach $5 billion in 2011, representing a 10 percent increase. Deputy Energy Minister Daniel Camac said this year's overall planned investment in the power and hydrocarbons sectors will total $5 billion. The minister said a total of 26 renewable energy projects are planned to become operational before the end of 2012.
Share This Article With Planet Earth
Related Links Global Trade News
China biggest luxury goods market by 2020: reportHong Kong (AFP) Feb 2, 2011 China will be the world's biggest luxury goods market by 2020, a report said Wednesday, as its economy booms and an emerging middle class spends a growing chunk of their cash on high-end items. Over the next decade, Chinese consumers - including a surging number of billionaires - will account for 44 percent of global spending on goods such as bags, vehicles, watches, shoes and clothes, the ... read more |
|
|
| The content herein, unless otherwise known to be public domain, are Copyright 1995-2010 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement |
del.icio.us
Digg
Reddit
YahooMyWeb
Google
Facebook
