Peru, France in talks to upgrade Mirage 2000 planes

French Ambassador in Lima, Cécile Moiton-Brady de Pozzo di Borgo, said Wednesday that Peru and her country are in talks to upgrade Mirage fighters of Peru’s Air Force (FAP).

The ambassador mentioned that a group of experts from her country will take part in the upgrade of Peru's French made-Mirage planes.

“It is a long process that has been confirmed by agreements between both countries for the modernization of the aircraft (…) and now we need to put these decisions into action,” she said.

On the other hand, ambassador Cécile Moiton-Brady de Pozzo di Borgo hailed the fact that the struggle against poverty is one of the main goals of the Peruvian Government for next year.

In this regard, the French diplomat noted that the number of poor people has reduced in the country, which is recognized by international organizations like the United Nations.

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Mirage 2000-5

Mancora beach ready to receive about 6,000 tourists during New Year's Eve

Mancora beach, located in northern Peru (Piura department), expects to receive some 6,000 domestic and foreign tourists, to celebrate New Year’s Eve, the Association of Hotels and Restaurants of Arequipa (Ahora) reported.

The representative of Ahora – Piura en Mancora, Jose Ossio, said that exclusive hotels and those located in town area are completely booked, adding that visitors started to arrive in the last days.

“We believe we will receive nearly 6,000 visitors in Mancora during New Year’s Eve, most people from Lima,” he said.

However, he pointed out that if families decide to travel to Mancora beach at the last moment, they can find some available lodging or small houses that are rented.

During this season, prices of hotels and tourist services in general increase by 50%, “but people still comes, because Mancora is a privileged destination.”

Ossio added that security is assured in Mancora and the surrounding beaches, because they work closely with the police and the municipality.

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Venezuela, Bolivia and US main consumers of Peruvian panettone

Venezuela, Bolivia and the United States are the main consumers of Peruvian panettones concentrating 68 percent of total exports, reported Wednesday the Exporters Association (Adex).

Peru's panettone exports amounted to 2.43 million dollars between January and October.

The three countries imported 1.39 million dollars, which make up 68% of total imports.

Other export destinations include Mexico, Chile, Spain, Japan, Switzerland, Canada and the UK, among others -in total of 20 countries.

Among the main exporting companies are Bimbo Bakery (US$ 795921), Gloria (US$ 395965), Compania Nacional de Chocolates del Peru (US$ 271460) and Todinno (US$ 263023).

In addition to Nestle, Industrias Teal and Eurogerm Andina, among others.

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Canadian Cuervo confident to find partner for Cerro Ccopane project

Canadian exploration company Cuervo Resources said that the outlook for finding a joint venture partner for its Cerro Ccopane iron ore project in Peru has improved. The project consists of 22 contiguous mining concessions covering 13,600 ha. in the southern department of Cusco.

"Finding a partner will help Cuervo fund the planned drilling program with an estimated cost of US$40 million to explore two major target zones at the property", the company said in a statement.

An NI43-101-compliant resource estimate for the Orcopura zone of mineralization currently stands at 56 Mt (million tonnes) grading 46 percent iron in the measured and indicated categories, while a further 51 Mt grading 43 percent iron is reported to be present in the Inferred category.

Orcopura is only one of six known zones at the property, which is believed to have the potential to contain up to 2 billion tonnes of iron ore.

The chief executive and chairman of Cuervo, Brian Berner, said that as an emerging company, Cuervo has been able to concentrate its focus on the Cerro Ccopane project without being overly burdened.

He added that the construction of a slurry pipeline to the coast at its Cerro Ccopone project was found to be the solution making the most economical sense by a study by Sandwell Engineering, addressing the transportation issues at the property that have been a matter of concern by investors.

Cuervo got another confidence boost from the sale of Caldero Resource’s Pampa de Pongo iron ore property in southern Peru to a Chinese steelmaker for US$100 million.

It added that apart from China, steelmakers and iron ore producers in India, South Korea, Australia and Brazil were not satisfied with their current supplies of the raw material.

Cuervo also defended its decision to list on the Canadian National Stock Exchange (CNSX), saying it was a “streamlined, fully disclosed, fully accredited and cost effective alternative.”

"The company does recognize the need for its shares to be listed and traded on a senior exchange, which would be advantageous to attract institutional investors. This opportunity should be achieved upon gaining project financing from a joint-venture partner,” Berner added.

Cuervo Resources is a public Canadian exploration company that completed an initial public offering on May 30, 2007. It has acquired and is drilling properties prospective for iron ore in Perú through its Peruvian subsidiary Minera Cuervo.

Cuervo Resources Inc. is listed on the Canadian National Stock Exchange (CNSX) under the symbol FE. The company also trades on the Frankfurt Exchange under the symbol CRR.

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Central Bank raises Peru’s 2010-2011 GDP growth forecast to 5.5%

The Peruvian Central Reserve Bank (BCR) has revised its GDP growth forecast for the 2010-2011 period to 5.5 percent from 5.2 percent announced in September this year.

According to its Inflation Report December 2009, BCR expects Peru's GDP to increase by 5.5 percent in 2010 and 2011 and its domestic demand up 6.2 and 6.3 percent, respectively.

The document reveals that both construction and manufacturing will be the most rapidly growing sectors, adding that private investment will rise 6.3 percent in 2010 and 9.0 percent in 2011.

In addition, the report states that the GDP growth forecast for 2009 has been revised downward to 1 percent.

BCR explained that this decrease was due to falling private investment (from -10.3 to -15.3 percent), a decrease in public investment (from 40 to 21 percent), and a sharp decline in inventories.

It explained that this year's decline in private investment occurred in the midst of a global recession, which slowed the development of new projects in the mining sector.

When comparing mining-related investments over the last two years, BCR stated that the total amount is down about $3.3 billion from last year's total.

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European Investment Bank to explore cooperation opportunities with Peru

European Investment Bank (EIB) Vice President Plutarchos Sakellaris today will begin an official visit to Peru to explore cooperation opportunities with the country, among other projects, reported the European Union delegation in Peru.

“Sakellaris will explore the cooperation opportunities with Peru, through the financing of foreign direct investment operations or transfers of technology and know-how from Europe for projects that will effectively contribute to the economic development of the country,” EIB reported.

He will also explore projects that will contribute to the environmental sustainability, the struggle against climate change and the safety of Peru’s energy supply.

During his stay in Lima, Sakellaris will meet with Finance Minister Luis Carranza, Energy and Mines Minister Pedro Sanchez and Peru’s Central Reserve Bank (BCR) president Julio Velarde.

Likewise, he will hold meetings with representatives of European Union embassies in Peru, the European Chambers of Commerce and many other representatives of public and private sectors.

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Peru seeks to strengthen relations with Bolivia, says Chancellor

Peruvian Foreign Minister Jose Antonio Garcia Belaunde said Peru is interested in strengthening its relationship with Bolivia and establishing a common agenda for the development of their cross-border area.

Garcia Belaunde hailed the appointment of former chancellor Manuel Rodriguez Cuadros as new extraordinary and plenipotentiary Peruvian ambassador to Bolivia, which sends a clear message of the Peruvian interest in strengthening the bilateral relations.

“His work is to improve that relationship and develop an agenda. I already gave him 20 points of a common agenda that seeks to strengthen the relations for the benefit of both countries. That is the message he will pass on,” he told Andina.

With the re-election of Evo Morales as Bolivia’s President, Garcia Belaunde mentioned that the new agenda includes points relating to cross-border matters.

The Peruvian minister explained that it is about very specific things of the bilateral relationship, like the use of the Titicaca Lake waters and the movement of people through the border points.

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Peru, Ecuador authorities agree to improve road infrastructure

Nine governors of regions in northern Peru and southern Ecuador expressed their commitment to support the implementation of road infrastructure projects aimed at ensuring "an efficient transport infrastructure between the two countries."

Attendees at the First Meeting between Ecuadorian and Peruvian Governors agreed to establish a technical support committee that will address border issues, promote economic development and strengthen science and technology research.

The authorities stressed the urgent need to join the Binational Plan’s integration efforts by acting as a bridge between the governments of both countries and responding to the needs of their people.

Ecuadorian Ambassador in Peru, Diego Rivadeneyra, said this first meeting paves the way for closer integration between both nations as part their Bi-National Development Plan.

"Our countries have a historical debt to the people living in the border regions and we have to pay that debt. This meeting will allow these people to say what they want and what their needs are," he said.

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Peru's Central Bank likely to upgrade 2009-2010 GDP forecast

The Central Bank of Reserve (BCR) said today it would upgrade Peru's GDP forecast for 2009 and 2010 amid rising expectations on the Peruvian economic recovery.

The president of the BCR, Julio Velarde, said the bank expects that Peru's GDP could rise between 1.0 and 1.5 percent this year, and between 5.0 and 5.5 percent next year.

The possible upgrade is based on the increase of input imports (18.7 percent in November), and tax collection (IGV), (14 percent).

The bank reported that the local cement sales jumped 14.1 percent in October and retail food sales 6.7 percent.

Electricity production rose 3.8 percent in November, and almost nine percent in the first days of December.

The Macroeconomic Expectations Survey conducted by the BCR reported that the financial and non financial institutions and economic analysts predict that Peru's GDP will grow between 1.1 and 1.6 percent in 2009.

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Photo: Central Bank President Julio Velarde Flores participates in the seminar called “Perspectivas de la Economia Peruana” (Peruvian Economic Outlook) in the district of San Isidro (Lima). Photo: ANDINA / Jorge Paz.

Canadian Shield starts regional gold exploration program in Peru

Canadian Shield Resources Ltd. announced the initiation of the Regional Andean Gold Exploration Program ("Rage") in Peru, aimed at identifying new gold and silver discoveries through generative exploration and acquisition, based on the company's extensive regional database.

Canadian Shield acquired a strategic gold exploration database with its acquisition of a 90% interest in Gallant Minerals Perú Ltd, the company said in a statement.

The database contains extensive mineral occurrence information, structural, geological, geochemical and remote sensing data which have been integrated to identify favourable areas for identification of epithermal alteration, and precious metal mineralization.

The company will hold a 100% interest in all new properties.

Keith Laskowski, the recently appointed President of Canadian Shield stated that under the current market conditions, Canadian Shield can provide greater shareholder value by completing the first phase of the Rage program on their own.

"Canadian Shield will consider strategic partnerships with larger companies as they advance the program. ", she stated.

Canadian Shield also announced it has withdrawn from the non-binding Letter of Intent agreement with Kinross Gold Corporation to conduct regional exploration, as announced in a press release dated June 23, 2009.

"We have a great deal of respect and appreciation for Kinross, and their successful exploration and development capabilities," she added.

Canadian Shield is a precious metals exploration and development company focused on strategically-located properties in Peru and Chile. It has seven precious metal exploration projects in Peru and one in Chile.

Some of the projects the compnay is developing are: the Colpayoc Property, located 15 km west of the town of Cajamarca and 15 km south of Yanacocha; and the La Tola, which is a epithermal gold silver property.

The company's shares are listed on the TSX Venture Exchange.

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Peru ratifies FTA with China

The Peruvian Government announced it has ratified its free trade agreement (FTA) with the Republic of China, signed on April 28 this year in the Chinese city of Beijing, according to a supreme decree published today.

The document, published in the legal provisions supplement of the official gazette El Peruano, states that the ratification of this Free Trade Agreement is in the best interest of Peru.

It also states that according to the Articles 57 and 118 of the Peruvian Constitution and the Law 26647, the President is empowered to sign and ratify agreements without prior approval from the Congress.

The supreme decree is signed by President Alan Garcia Perez and Foreign Minister Jose Antonio Garcia Belaunde.

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Electricity generation in Peru to increase 50% until 2011

President Alan García stated that electricity generation capacity in Peru will increase 50% until the end of his administration, enabling the country to become a manufacturing productive icon with guaranteed energy.

In this way, Peru will double its electricity generation capacity by 2021, becoming an energy provider for the other South American countries.

"It's very important to increase the energy capacity of Peru, which following Norwey's example and its hydroenergy development, aims to become a great provider of electric energy in South America,” he stated.

Garcia attended today the signing ceremony of a concession contract for electricity supply from the future Cheves hydroelectric plant between the Government and Norwegian company SN Power, at the Palace of Government.

During his speech, President García said that four new hydroelectric plants are being developed in Peru, including the Cheves one.

The plant will generate 168 new megawatts as of 2014, which will help to reaffirm Peru's status as a great energy provider.

"We have a long experience with the Norwegian company, generating 270 megawatts, and with Chevez this amount will rise to 520 megawatts, I'm very sure this committment will encourage the company to start new projects," he said.

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IMZ eyes 2011 Inmaculada feasibility study in southern Peru

US-based International Minerals (TSX: IMZ) aims to complete a feasibility study at the Inmaculada gold-silver project in southern Peru in mid-2011, according to CEO Stephen Kay.

"Our target is to get a feasibility study done by 2011, so in the next 18 months or so," Kay told BNamericas.

IMZ is finishing up its acquisition of compatriot Ventura Gold, which held 51% of Inmaculada and an option to increase the stake to 70%.

The minority partner at the project is Peru's Hochschild Mining. IMZ has a 40:60 JV with Hochschild at the producing Pallancata mine some 25km from Inmaculada.

"We're looking at all the alternative ways of putting (Inmaculada) into production. The logical choice is to use the existing infrastructure at the Pallancata-Selene operation because there is already a plant there," said Kay.

"But we are looking at other alternatives: Can we heap leach the material on site? Is there sufficient economic viability to build a separate plant there? It is about 35-40km from the plant, so it's quite a ways," he added.

Ventura released in January 2009 an initial NI 43-101 compliant inferred resource estimate for the project showing 3.7Mt of 4.0g/t gold and 139g/t silver, or 438,000oz gold and 16.6Moz silver contained.

IMZ plans to complete an updated estimate in 1Q10. The company's Cdn$64.6mn (US$61.9mn) takeover of Ventura is due to wrap up by January 12.

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Pan Pacific Copper plans feasibility study in Peru copper project

Nippon Mining Holdings Inc. said Monday that its joint venture will spend Y3 billion to engage in a feasibility study for a copper mining project in Peru.

Pan Pacific Copper Co., a joint venture held by Nippon Mining's unit Nippon Mining & Metals and Mitsui Mining & Smelting Co., will study the feasibility of a copper mining project in the Quechua copper deposit, about 700 kilometers southeast of Lima, for 14 months between December and January 2011.

A recent review has found that the project would be economically viable, prompting the joint venture to bring the status of the project to the feasibility study stage.

The project is estimated to have a mine life of 17 years and would churn out a total of 1.3 million metric tons.

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