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Gulf United Energy acquires working interest in Block XXIV Peru
Gulf United Energy Inc. reported Friday it has entered into a participation agreement with Upland Oil and Gas, LLC Sucursal del Peru to acquired rights to a 35% working interest in Block XXIV, an approximately 280,000 acre onshore and offshore property, located in northern Peru.
Pursuant to the terms of the participation agreement, Gulf United, through its wholly owned subsidiary Gulf United Energy del Peru, also acquired from Upland rights to a 35% working interest in the Peru TEA, consisting of four contiguous blocks totalling approximately 40 million acres.
Upland will serve as operator on both Block XXIV and the Peru TEA. The company has filed a Form 8-K today disclosing this transaction.
Gulf United Energy is an international energy company focused on global oil and gas exploration, development, production and investment in energy infrastructure projects.(Andina)
Argentine president to visit Peru on Sunday
Argentine President Cristina Fernandez will travel to Peru Sunday with a delegation of 100 Argentine business people from industries ranging from technology to wine production.
"The visit will strengthen the historic and close relationship between the two countries," said Argentine Foreign Minister Jorge Taiana.
During her stay on March 22-23, President Fernandez will hold talks with her Peruvian counterpart Alan Garcia, Congress President Luis Alva Castro and Lima's Mayor Luis Castaneda.
In the first visit by an Argentine head of state to Peru in 16 years, Fernandez will seek to bury a diplomatic row over the illegal sale of arms to Peru's neighbor, Ecuador.
According to Dow Jones Newswires, the Argentine government said it wants to "leave behind the mishaps of recent history," referring explicitly to the 1995 Ecuadorian weapons incident.
At the time of the arms sale, Argentina was acting as a mediator in talks between Peru and Ecuador, which had just fought a brief war.
Argentine courts have probed allegations that Argentina illegally sold weapons to Croatia in the early 1990s at the time of a United Nations embargo on arms sales to countries of the warring ex-Yugoslavia.
The investigators say arms were also sold in 1995 to Ecuador, a country enmeshed in a brief armed conflict with Peru.
Former President Carlos Menem was briefly detained in 2001 for his role in the alleged conspiracy to sell artillery, anti-tank missiles, mortars and rifles to Ecuador and Croatia. At least one investigation is ongoing. (Andina)
Russia's UTair plans expansion from new Peruvian base
Russia's UTair is planning expansion throughout Latin America, which has remained one of the world's fastest-growing civilian rotorcraft markets despite the global economic downturn, following its acquisition of Peru's largest helicopter operator.
UTair purchased Peruvian sister companies AviaSur and HeliSur in a transaction that closed last year.
The deal gave UTair, which operates a fleet of about 200 mainly Russian helicopters and is the launch customer for the new Eurocopter EC175, its first footprint in the fast-growing Latin American market.
HeliSur/AviaSur vice-president Mamed Kasumov says UTair Group's new Lima-based subsidiary is operating a fleet of 13 Mil Mi-8 MTV and Mi-171 helicopters under the HeliSur brand, with more than 250 employees.
He reveals UTair plans to add Mil Mi-26 super heavy and EC175 medium twin helicopters to its Peruvian-registered fleet as part of an expansion plan that also envisages operations in other South American countries.
"The prospective is to make the Peruvian company the base for expansion in the Latin American market," Kasumov says. "We are looking now at Ecuador, Chile and Brazil."
He says the first phase of the expansion will involve the delivery of two or three additional Mi-8/171s in 2010 to meet growing demand from HeliSur's customer base, flightglobal.com reported.
HeliSur now operates on-shore missions "for oil and gas exploration companies working in Peru" including Petrobas and other leading energy companies with aviation departments that "have their own system of certification and have the highest safety standards". (Andina)
Peru invests 759,000 USD in tsunami warning satellite network
The Peruvian Government will invest 2,186,000 soles (759,000 US dollars) to implement a satellite network for tsunami warning, as part of the National Earthquake Prevention that was launched in Peru on March 4.
Such amount will be transferred to the Geophysical Institute of Peru (IGP) for a satellite project in the Peruvian coast, which seeks to protect 1.6 million people who live along the coast, Xinhua reports.
The project proposed and promoted by Peru's Geophysical Institute for early forecasting of tsunamis, was approved by the government as a preventive measure and alert against possible disasters.
In this way, Peru seeks to correct its vulnerable and inadequate communication system of tsunami warning, the report said.
Meanwhile, President of the Council of Ministers Javier Velasquez Friday announced the creation of the National Emergency Operation Center as part of a "structural response" from the government to minimize the effects caused by natural disasters.
The minister said that following the earthquakes in Haiti, Chile and the 2007 earthquake in Pisco, the government decided to take prevention of natural disasters as state policy.
For this purpose, the Municipality of Lima organized Friday a simulation of earthquake in the Peruvian capital, with the participation of about 16,000 people, including students, tourists and workers.
A 20-minute simulation also took place at the Government Palace with the participation of the brigade and rescue teams from fire department. (Andina)
Travellers vote Lima airport lounge world's best
Airport lounges can ease some of the pain of travelling, and the SUMAQ VIP lounge of Lima's international airport has been voted the world's best for 2010 by independent airport lounge programme Priority Pass.
Priority Pass, the world's biggest membership programme that gives frequent travellers access to airport lounges regardless of their xclass of travel or which airline they've flown, asked more than 30,000 passengers from all over the world to pick their favourite lounge from among a 600-strong list.
The lounge at Peru's Jorge Chavez International Airport came up tops, reclaiming its 2009 position, with travellers praising its business facilities and relaxation rooms that have blankets, pillows and showers.
"The awards reflect truly exemplary service standards from the SUMAQ VIP Lounge and our other award winners," Jonathan French, head of brand at Priority Pass, said in a statement.
By region, Continental Presidents Club, Terminal E, Houston, Texas, was voted the best lounge in North America and Zurich's Panorama Lounge the best in Europe. In the Asia Pacific, KAL Lounge, Concourse A, in Seoul's Incheon Airport was in first place while Bahrain's Dilmun Lounge was the top in the Middle East and Africa. (Andina)
Japanese trains likley to be used for Electric Train Line 1
Peru’s Deputy minister of Communications, Jorge Cuba, and two officials from Callao Mass Transport Special Project Autonomous Authority (AATE) will evaluate in Japan the possibility of using Japanese trains for Lima’s Electric Train Line 1.
The deputy minister was authorized to travel to the Japanese cities of Tokio, Nagoya and Osaka from March 10 to 17, 2010, in his capacity as member of the Sectorial Committee in charge of coordinating the development of the Electric Train Mass Transport System of Lima and Callao, Line 1 from Villa El Salvador to Grau Avenue.
The Ministry of Transport and Communications (MTC) explained that according to a report of February 26, 2010, issued by the AATE’s Operation Management, the trains for the Electric Train will be modified and modernized pursuant to what is required in the public tender for the Contracting of the Civil and Electromechanical Works Execution of the Electric Train Project on Line 1.
In addition, such report indicates that the total extension of Line 1 will be of some 22 kilometers of six minute frequency as maximum to provide an appropriate service, being essential to have 15 trains minimum to start this service for this stretch in July 2011.
In that sense, the acquisition of trains that enable providing the service with the appropriate frequencies is necessary. (Andina)
Canadian investors interested in gold, uranium projects in Peru
Gold, uranium and polymetallic ores projects in Peru are attracting more and more investors from Canada, where the Prospectors and Developers Association of Canada (PDAC) annual conference 2010 is taking place, said Peru’s Minister of Foreign Trade and Tourism Martin Perez.
"Peru’s stand is one of the most visited at this great convention. We cannot disclose specific company names, but we can say they are large mining firms from the United States, Canada, China and Australia," he told Andina news agency.
PDAC Convention 2010 is the biggest mineral exploration event in the world and provides an excellent opportunity to promote Peru as an investment destination.
Peru's presence in such an important forum is strategic due to the increasing competition between countries to attract foreign investors.
The Peruvian delegation is headed by Ministries of Foreign Trade and Tourism (Mincetur), Energy and Mines (MEM) and Environment (Minam) as well as the Central Reserve Bank of Peru (BCR).
The annual PDAC conference is held in Toronto from the 7th - 10th of March. It showcases latest technology, products, services and mining jurisdiction.
Delegates from all over the world are going to address the conference. The participants will get to meet famous business delegates and marketing professionals.
The attendees will also get an excellent job opportunity in the PDAC 2010 event. This will not only help to explore the conference but will be helpful for the visitors to build business contact. (Andina)
Tinka options Anita de Tibillos copper porphyry project in Peru
Tinka Resources Limited announced the signing, through its 100% owned Peruvian subsidiary, of an option agreement to purchase 100% interest in the Anita de Tibillos Copper Porphyry property from an arm's length private owner in Peru.
Tibillos totals 1,000 hectares and is located about 40 km northeast of the town of Palpa, situated 50 km northwest of Nazca, along the Pan American highway.
Tinka has the right to acquire 75% interest in Tibillos by making cash payments totaling US$600,000 over a period of five years, including a cash payment of US$11,000, payment of outstanding mineral claim fees, and undertake certain exploration programs in the first year of the agreement.
The company has the exclusive right to purchase the remaining 25% interest in Tibillos by making cash payments of US$500,000 over a further five year period provided that Tinka has earned the initial 75% interest. The Vendor retains no royalties.
Tibillos is located within the coastal batholith and falls along a contiguous line of porphyry deposits including Lara, Tingo, Puquio and Los Pinos.
Tibillos was sampled by Noranda in the 1990's who took 87 rock chip samples over an area of 2.5 km x 1 km. Within a 1 km x 1 km area, 64 of these rock samples averaged 640 ppm Cu with the highest being 3,150 ppm Cu.
The granodiorite host rock is extremely leached; experience gained elsewhere, in similar environments, shows that surface copper values do not reflect the actual copper grades found in primary sulphides at depth or in any supergene zone, yet to be identified.
These results are very encouraging, and Tibillos has never been drill tested. The granodiorite subcrop has been traced for over 4 km east-west by 2 km north-south and is covered by quartzites and younger volcanics on all sides. (Andina)
Peru, El Salvador to strengthen trade ties as FTA with Central America moves forward
El Salvador's Economy Minister Hector Dada expressed his interest of strengthening trade ties with Peru, which will be possible under the Free Trade Agreement (FTA) whose negotiation was set to begin next May by Peru's Foreign Trade and Tourism Ministry (Mincetur).
After the meeting held with representatives of the Peruvian Exporters Association (ADEX), he pointed out that it is a fact that Peru wll start negotiations with Central America, including El Salvador, Costa Rica, Guatemala, Nicaragua and Honduras.
He said the negotiation process will be between Peru and Central America, such the one with the European Union, because this is the purpose of the Central American Council of Ministers of Economic Integration, which brings together the aforementioned countries.
According to Hector Dada, Peru has enhanced its service offering, while El Salvador is making efforts to enter this area.
“Central American economies in general are quite open, there are few restrictions except for some products with high tariffs, there is definitely a very big space to improve the relationship,” he added. (Andina)
Peru’s field hospital in quake-hit Chile to perform up to 20 surgeries a day
The field hospital sent by the Peruvian Government to Chile for the quake-affected people will perform between 15 and 20 surgeries a day, said Health Minister Oscar Ugarte.
Minister Ugarte said that the fully-equipped hospital has two surgical rooms, an intensive care unit and a sterilization room, among other facilities.
The government official, who traveled to Chile along with 21 Peruvian doctors and rescue workers, said the field hospital will be installed in the town of Penco in Concepcion, about 500 kilometers from the Chilean capital of Santiago.
The Peruvian minister pointed out that the 8.8-magnitude earthquake that hit central Chile last Saturday severely damaged eleven hospitals in the region, adding that immediate health priorities include search and rescue of survivors trapped underneath rubble.
Ugarte said he will monitor the performance of the hospital, which will help to meet the health care needs of thousands of people, including many Peruvians who live in this neighboring country. (Andina)
President Garcia met with Chile's president-elect Sebastian Pinera
Peruvian President Alan Garcia Perez met Tuesday afternoon with Chilean president-elect Sebastian Pinera, after expressing his country's solidarity with Chile and delivering humanitarian aid for those affected by last Saturday's 8.8-magnitude earthquake.
The meeting between Alan Garcia and Sebastian Pinera lasted 40 minutes and took place at the Chilean Air Force's Grupo 10 air base. Peruvian Foreign Affairs Minister Jose Antonio Garcia Belaunde also participated in this meeting.
Earlier Tuesday, the Peruvian leader held talks with his Chilean counterpart Michelle Bachelet at the same air base at 14:10 (local time).
Peruvian President Alan Garcia arrived today in Santiago with a message of solidarity for the Chilean people, along with 25 doctors and 30 tons of humanitarian help for quake victims.
"We share the pain of the Chilean people (...), we bring a message of fraternity, so that they know that we are at their service in order to support them in whatever they may need," said Alan Garcia, who was received by the Chilean Chancellor, Mariano Fernandez.
"Peru has been a victim many times to quakes and catastrophes and knows that solidarity is needed," said Garcia, who "following the indications of the Chilean government" arrived with a field hospital, health professionals and relief supplies.
"We need to strengthen our fraternity, our closeness, and in these moments of need, work toward a true union of peoples," said the Peruvian leader.
"We share the pain that the Chilean people feel, it fills us with dismay to see what has happened and how nature has wroth these people that were advancing rapidly on the path to a strong democracy and technological and social development." (Andina)
Peru offers construction material to aid Chile
President Alan Garcia said Sunday that Peru will provide Chile with construction material to help it repair the damage caused by the 8.8-magnitude earthquake that shook the country early Saturday morning.
"In the same way that Peru has received aid from other countries on previous occasions, including Chile, during the earthquake in Ica, which killed 596 and destroyed 70,000 houses. Now it is our time to return that aid," Garcia said, quoted by local media.
"We are waiting for the Chilean government to tell us what it needs, if medicines or construction material. We have iron-steel plants that can give them construction materials," Garcia said during a visit to a school.
Garcia said that to the moment his government has not received any request from the Chilean government. However, he said, his government will be waiting to the requests that Chile will make once it finishes registering the damage.
Chilean President Michelle Bachelet said on Sunday the death toll from the large earthquake has reached 708 and was likely to increase as rescue operations went on. Over 2 million people were affected by the temblor and more than 1.5 million buildings were damaged or destroyed, Xinhua reported.
Some estimates put the total damage at between 15 billion U.S. dollars and 30 billion U.S. dollars, equal to 10 percent to 20 percent of Chile's gross domestic product.
In the hardest-hit town of Concepcion, 115 kilometers from the epicenter of the quake, which is off the coast of Maule region, the whole downtown area was razed to the ground.
Also on Sunday, Mexican President Felipe Calderon and Polish President Lech Kaczynski offered support and condolences to the Chilean government and people. (Andina)
Peru, EU conclude bilateral FTA negotiations
Peru and the European Union have concluded negotiations for a bilateral Free Trade Agreement (FTA) after intensive working sessions that lasted into the early hours of Sunday in Brussels, Belgium, announced Peruvian Trade and Tourism Minister Martin Perez.
The ninth and last round of negotiations began in Brussels on Monday, Feb. 22, and was scheduled to be completed on Friday but talks continued until early Sunday, Minister Perez told Andina news agency.
Martin Perez and his counterparts from the European Union and Colombia –that is also negotiating a trade agreement with the EU – participated in this last round with the aim of giving a political push to the process and resolving outstanding issues.
In that respect the most contentious issues cover market access and rules of origin, which included a debated topic concerning FTA-related fishery negotiations. (Andina)
Massive earthquake kills 82 in Chile
A huge magnitude-8.8 earthquake struck Chile early on Saturday, killing at least 82 people, knocking down homes and hospitals, and triggering a tsunami that rolled menacingly across the Pacific.
TV Chile reported that a 15-storey building collapsed in the hardest-hit city of Concepcion, where buildings caught fire, bridges collapsed and cracks opened up in the streets. Cars turned upside down lay scattered on one damaged highway bridge.
Residents huddled in streets full of rubble of masonry and glass from destroyed homes. Many were terrified by powerful aftershocks and desperately trying to call friends and family.
Tsunami warnings were posted around the Pacific, including the U.S. state of Hawaii, Japan and Russia.
Interior Minister Edmundo Perez said 82 people were confirmed dead, and that more deaths were possible, but he didn't expect the toll to rise much higher. Telephone and power lines were down, making it difficult to assess the full extent of the damage close to the epicenter.
Chile is the world's No. 1 copper producer, and the quake halted operations at two major mines.
"Never in my life have I experienced a quake like this, it's like the end of the world," one man told local television from the city of Temuco, where the quake damaged homes and forced staff to evacuate the regional hospital.
The U.S. Geological Survey said the earthquake struck 70 miles northeast of Concepcion at a depth of 22 miles at 3:34 a.m. (1:34 a.m. EST).
The capital Santiago, about 200 miles north of the epicenter, was also badly hit. The international airport was closed for at least 24 hours as the quake destroyed passenger walkways and shook glass out of doors and windows.
Chile's main copper producing region and some of the world's largest copper mines are in the far north of the country near its border with Peru, but there are also major copper deposits near Santiago.
Production was halted at the Los Bronces and El Soldado copper mines, owned by Anglo American Plc following the quake, but Chile's biggest copper mine, Escondida, was operating normally.
Chile produces about 34 percent of world supply of copper, which is used in electronics, cars and refrigerators.
TSUNAMI
Bachelet said a huge wave hit the Juan Fernandez islands. Radio stations reported serious damage on the archipelago, where Scottish sailor Alexander Selkirk was marooned in the 18th Century inspiring the novel Robinson Crusoe.
Bachelet, who flew over the worst-affected area, said residents were also being evacuated from coastal areas of Chile's remote Easter Island, a popular tourist destination in the Pacific famous for its towering Moai stone statues.
The Pacific Tsunami Warning Center issued a Pacific-wide tsunami warning for countries in Latin America, and as far away as the U.S. state of Hawaii as well as Japan, Russia, Philippines, Indonesia and the South Pacific. French Polynesia was also put on alert.
"Chile probably got the brunt force of the tsunami already. So probably the worst has already happened in Chile," said Victor Sardina, geophysicist at the warning center.
"The tsunami was pretty big too. We reported some places around 8 feet. And it's quite possible it would be higher in other areas," he added.
An earthquake of magnitude 8 or over can cause "tremendous damage," the USGS says. The quake that devastated Haiti's capital Port-au-Prince on January 12 was measured as magnitude 7.0.
Bachelet urged people to stay calm and to remain at home to avoid road accidents. "With a quake of this size we undoubtedly can't rule out more deaths and probably injuries," she said.
FLAMES, LOOTING
Local television showed a building in flames in Concepcion, one of Chile's largest cities with around 670,000 inhabitants. Some residents looted pharmacies and a collapsed grains silo, hauling off bags of wheat, television images showed.
Broken glass and chunks of concrete and brick were strewn across roads and several strong aftershocks rattled jittery residents in the hours after the initial quake.
In the moments after the quake, people streamed onto the streets of the capital, hugging each other and crying.
"My house is completely destroyed, everything fell over ... it has been totally destroyed. Me and wife huddled in a corner and after hours they rescued us," said one elderly man in central Santiago.
There were blackouts in parts of Santiago and communications were still down in the area closest to the epicenter. Emergency officials said buildings in the historic quarters of two southern cities had been badly damaged and local radio said three hospitals had partially collapsed.
In 1960, Chile was hit by the world's biggest earthquake since records dating back to 1900. The 9.5 magnitude quake devastated the south-central city of Valdivia, killing 1,655 people and sending a tsunami which battered Easter Island 2,300 miles off Chile's Pacific seaboard and continued as far as Hawaii, Japan and the Philippines.
Saturday's quake shook buildings as far away as Argentina's Andean provinces of Mendoza and San Juan. A series of strong aftershocks rocked Chile's coastal region from Valdivia in the south to Valparaiso, about 500 miles to the north.
Reuters - Alonso Soto
(Additional reporting by Doina Chiacu in Washington, Helen Popper, Kevin Gray and Guido Nejamkis in Buenos Aires; Editing by Kieran Murray)
Peru confirms FTA with China to be effective from March 1
Peru's official gazette El Peruano has published a decree confirming that the Peru-China Free Trade Agreement (FTA) will come into full effect from Monday, March 1 2010.
The full text of this bilateral trade pact will be published on the website of the Ministry of Foreign Trade and Tourism (www.mincetur.gob.pe).
The Supreme Decree 005-2010, published today in El Peruano's legal provisions supplement, provides that Mincetur will inform concerned government authorities about the necessary measures ensuring effective implementation of the FTA.
The document was signed by President Alan Garcia Perez and Production Minister Jose Gonzales Quijano, who is temporarily in charge of the Ministry of Foreign Trade and Tourism.
Following the implementation of the trade deal and a recovery in world trade, Peru's exports to China are expected to increase 17% to $4.7 billion from $4.0 billion.
Peru's Coricancha mine to restart by end of 1H 2010
Mining at the Coricancha mine in Peru, suspended since May 2008, is expected to resume by the end of the first half of 2010, its owner Nyrstar SA said Thursday.
The mine, in which Nyrstar acquired an 85% stake in November 2009 for $15 million, is expected to produce gold dore, as well as lead and zinc concentrates.
The lead concentrates will be high in silver content and therefore suitable for treatment at the Port Pirie lead smelter in Australia, while the zinc concentrates will be suitable for treatment at the Hobart smelter in Australia as well as at European smelters, Nyrstar said.
Operations were suspended following localized ground displacement caused by a third party irrigation system. While further ground displacement was stabilized in July 2008, the mine requires a new tailings facility prior to restarting operations.
Nyrstar said it has an "aggressive" ramp up plan and is progressing the construction of the new tailings facility and commissioning of the mine and plant.
The mine, located about 90 kilometers east of Lima, has a 600-tons a day ore processing facility, underground mine and reserves and resources containing zinc, lead, copper, gold and silver.
According to a Dow Jones Newswires report, the company said it has also initiated a detailed exploration program that is expected to "significantly increase mine resources and allow for an expansion of the scope and scale of operations in 2011." (Andina)
Li3 Energy acquires lithium and potassium assets in Puno
Li3 Energy, Inc. announced it has recently executed a definitive agreement thereby acquiring 100% of the assets of the Loriscota, Suches, and Vizcachas Projects located respectively in the Provinces of Puno, Tacna and Moquegua, Peru.
The projects are prospective for lithium and potassium and comprise 9 claims that cover a total area of 19,500 acres (approximately 7,900 hectares) at an elevation of 14,000 feet (approximately 4,300 meters) above sea level.
The Projects are in recently reinterpreted areas previously studied by the Peruvian Mining Ministry in 1981, whose survey concluded that the Projects contain high lithium and potassium values.
Subsequent to the Mining Ministry's survey, preliminary sampling was conducted on the Projects and found to contain similar values to other more advanced South American operations that are currently under development for commercial production.
The mineralization is similar to salt deposits in evaporitic lakes that are recognized producers of lithium.
The Projects offer a typical potential production scenario based on evaporative brine techniques, which are recognized as the lowest-cost source of extraction and as the most environmentally friendly and energy efficient production process.
As previously announced, Li3 Energy has signed a definitive agreement to acquire options on a 100% interest in up to 170,000 acres of a strategically located lithium brine mineral property located in Big Smoky Valley near Tonopah, Nevada.
The company has signed a letter of intent to acquire options on up to an 80% interest in 123,000 acres of prime salar (salt flat) prospects located across nine Chilean salars, including the producing Salar de Atacama, and an option to acquire up to 85% of 90,000 acres of salar property in Argentina, in the Centenario, Rincon, Pocitos and Cauchari salars.
The completion of the Peruvian agreements, together with the company's ongoing acquisition efforts in Argentina, Chile and the United States, position Li3 Energy as one of the largest option holders of prospective lithium acreages in the world.
Luis Saenz, CEO of Li3, commented that the diligent efforts made by the company's dedicated geological assessment team have paid off once again in identifying these significant holdings.
"We are very pleased to have this opportunity in Peru. We believe our growing portfolio of lithium landholdings and options clearly positions us as an important player in this sector, and we look forward to leveraging that status as we close the options on those properties which we believe truly define and offer the best opportunities for successful development and advancement for our company." (Andina)
Air Europa provides new passage to Peru
Latin American specialist Air Europa has officially launched the new London Gatwick to Lima service, via Madrid.
The programme of three weekly departures to the Peruvian capital follows the successful introduction of the summer and winter schedules, as well as twice daily flights from London Gatwick to Madrid in March 2009.
“Following a positive 2009, we are happy to have established this exciting new route from London to Lima, via Madrid” says Colin Stewart, UK General Manager, Air Europa.
“Competitive pricing and a commitment to excellent customer service has facilitated the expansion of our destination portfolio in South America. Something we hope to build on in 2010”.
With prices starting from as little as £555.30 per person, return, onward flights to South America and the Caribbean are more affordable than ever before for UK passengers. (Andina)
Energía Eólica to invest $ 280 million in two Peru plants
Peruvian-Spanish company Energía Eólica announced Sunday it will invest approximately US$ 280 million to build two wind power plants in Peru, which would start operations by mid 2012.
According to the Wind Energy Resource Atlas of Peru, the country has a wind-power potential of around 77,394 MW and has 28 of the 32 climates appropriate for wind power generation.
Estimates suggest that wind turbines could produce around 65,152 MW in the country’s coastline alone, 15 times the country's current energy needs.
In mid-February, Peru’s government approved wind, solar, micro hydro, and biomass energy projects that will add 500 megawatts of clean, renewable energy, meeting 12% of the current electricity needs of the country.
Energía Eólica’s general manager Juan Coronado said that their US$-210-million wind farm of Cupisnique, located 90 Km north of Trujillo in La Libertad region, will have a generating capacity of 80 MW.
"While the company’s wind farm of Talara in Piura region will have a capacity of 30 MW and will require an investment of US$ 70 million," said Coronado, who added that both wind power projects would start operations by July 2012. (Andina)
Peru exported metals worth US$16.36 billion last year
Peru's metal exports in 2009 totaled US$16.36 billion, which represented 60.9 percent of the total value of Peruvian exports registered last year, Peru's Energy and Mines Ministry (MEM) reported Thursday, according to a study made by the Central Reserve Bank of Peru (BCR).
Only in December, the value of minerals sold was US$1.78 billion, which exceeded the amount of sales in the previous 11 months.
According to MEM, the global financial crisis affected last year the industrial production in the world and had a negative impact on the metal demand in different sectors, starting the recovery at the end of 2009.
In the annual balance, gold exports registered a positive trend reaching a value of US$6.80 billion, which is higher by 21.7 percent to the figure registered the previous year (US$5.58 billion).
The total volume of gold exported in 2009 was 7, 010.8 million ounces, which represented 9.2 percent more than the figure of 2008 (6.418 million ounces). (Andina)
Peru and US hold first Free Trade Commission Meeting to evaluate FTA progress
Government representatives of the United States and Peru convened Thursday the first meeting of the Free Trade Commission (FTC) of the U.S.-Peru Trade Promotion Agreement (PTPA), evaluating progress on the heels of its one year anniversary of entry into force.
Everett Eissenstat, Assistant U.S. Trade Representative for the Americas, led the U.S. delegation and Vice Minister of Foreign Trade and Tourism Eduardo Ferreyros led the Peruvian delegation.
At the FTC meeting, officials discussed bilateral trade, investment and economic issues of mutual interest, as well as the administration of the PTPA, reported the Office of the US Trade Representative.
Both governments acknowledged the progress over the last year to implement the commitments under the agreement, and discussed a plan to effectively monitor implementation of, and compliance with environment and labor obligations.
Officials also discussed commitments under the Intellectual Property Rights Chapter of the agreement.
In addition, the parties formally established the Committee on Agricultural Trade to provide a forum for monitoring and promoting cooperation on the implementation of the agricultural trade provisions in the Agreement.
Both governemnts also established the Standing Committee on Sanitary and Phytosanity Matters to promote cooperation and consultation on sanitary and phytosanitary issues.
Additionally, officials discussed the importance of the PTPA to small- and medium-sized businesses (SMEs) in both parties' economies, and established a working group to develop ideas on how to further enhance the ability of SMEs to capitalize on the benefits of the PTPA.
"The United States is pleased to host the first Free Trade Commission meeting of the U.S.-Peru Trade Promotion Agreement on the heels of its one year anniversary of entry into force. This is a historic agreement that has strengthened U.S. ties with Peru and created new economic opportunities for workers, businesses, farmers and ranchers," said Eissenstat.
He added that during the FTC meeting both countries reaffirmed their commitments to working towards the effective implementation of the agreement and to ensuring that workers and businesses, including small- and medium-sized enterprises, can have the opportunity to take advantage of the benefits created by the agreement.
"The United States looks forward to continue working with Peru to further enhance our bilateral trade relationship as well as advance the Trans Pacific Partnership Agreement and other multilateral trade initiatives," Eissenstat said. (Andina)
Canadian Alturas earns 100% in Huajoto project in central Peru
Canadian Alturas Minerals Corp. announced that it has increased its share in the Huajoto zinc-gold-rare earth element project in central Peru to 100%.
The company has earned this share after having completed a minimum exploration expenditure of US$1.5 million to earn an initial 65%.
Joint Venture partner Teck Cominco Peru subsequently has opted to pass the remaining 35% share to Alturas in consideration for 1 million Alturas shares plus a 1% NSR royalty on gold and a 0.5% NSR on all other metals extracted from the property.
The issue of shares to Teck is subject to approval by the TSX Venture Exchange and the agreement is expected to be closed within one month.
The Huajoto Project is situated 22 kilometers northwest of the historical mining town of Huancavelica in Central Peru. The project is comprised of eight contiguous mineral concessions with a totalling 3,700 hectares.
Alturas is a Canadian corporation and is the parent of Alturas Minerals (Alturas Peru). Alturas Peru has been actively exploring various mineral projects in Peru since January 2004. (Andina)
Peru's 2009 GDP grew 1.12%, up 6.38% in December
Peru full-year 2009 growth totaled 1.12% driven by a 6.38 percent rise in December, reported Monday the National Statistics Institute (INEI).
The country's Gross Domestic Product (GDP) grew for the fifth consecutive month in December after having experienced two consecutive falls in June and July 2009.
Growth in the last month of the year was led by the Construction and Government Services sectors. (Andina)
Lima hosts Routes Americas 2010, attracts over 300 airline and tourism executives
More than 300 executives -including airport managers, airline representatives from all over the world and officials of tourism promotion agencies- are meeting today in Lima for the first time at the Third Annual Routes Americas 2010.
Routes Americas, taking place today and tomorrow, is the only network planning event for all of the Americas and the world.
It is the only airline/airport marketing event that recognizes the vital interdependence of the North, South and Central America markets.
In effect, it is a 'one stop shop' for air services to, from and within the Americas, saving you valuable time and money.
This meeting aims to get more airlines flying to and from Lima, improve commercial aviation connectivity and position Peru as a tourist and shopping destination.
The 3rd Routes Americas is hosted by Peru’s Ministry of Foreign Trade and Tourism (Mincetur), Peru’s Export and Tourism Promotion Board (PromPerú) and Lima Airport Partners (LAP).
In these difficult times, the air links between North, South and Central America are now where some of the greatest opportunities lie. This year, dialogue between airlines and airports has never been more important; route expansion is still on the agenda for many but, for others, route efficiency will dominate discussions.
This is the ranking of best airports in the world, according to Skytrax Research "Jorge Chavez" Airport: The Best Airport in South America in 2009.
The Jorge Chavez International Airport has been named the Best Airport in South America in 2009, by Skytrax Research, a market study consultant which specializes in airport matters, based in London, and which carries out, every year, an Online Internet survey to more than 8.6 million passengers of 95 different nationalities and users of at least 190 Air Terminals worldwide, in order to choose the winners of the World Airport Awards.
On this occasion, Second Place was awarded to the International Airport of Santiago, Chile and Third Place was achieved by the International Airport of Ezeiza, Buenos Aires.
The aforementioned Online survey measures 39 different criteria, among which, Airport Access, Transit Passenger Availability, Comfort in the Air Terminal, Atmosphere and Cleanliness, Waiting times and Migration Services, Air Terminal signage, Luggage Handling, Security Controls, Quality and Kindness of Airport personnel, the ease with which one connects for another flight and the variety of the products and services that are on offer, are all included.
In addition to this, the "Jorge Chavez" International Airport has also won the category of Best Service from Airport Personnel in South America.
Currently, the "Jorge Chavez International Airport" has new facilities and new equipment, which have helped positioned it as the best airport in the region. (Andina)
Peru International Reserves totaled US$ 34.8 billion by February 9
Peru's Net International Reserves (NIR) amounted to US$ 34.83 billion by February 9, US$ 487 million more than January’s closing, the Central Reserve Bank of Peru (BCR) reported Saturday.
According to BCR, so far this year, international reserves have totaled 1.6 billion dollars.
The results over the first days of February are mainly explained by increased deposits in the Financial system for a total of US$ 590 million.
This evolution was partially offset by public sector deposits for US$ 51 million and by the lower valuation of investments (US$ 52 million).
By February 9, the BCR foreign exchange position was US$ 24.23 billion, US$ 52 million less than January’s closing.
Between February 2 and 9, the daily average of the corporate interest rate, on 90-day term, increased from 1.61 to 1.64 percent in the domestic currency and from 1.23 to 1.32 in the foreign currency.
So far this month, the daily average of interbank interest rate in national currency has been 1.19 percent. (Andina)