Peru Says Yes to Conga Mine
June 27, 2012 by metalinvestmentnews · Leave a Comment
SOURCE: [Reuters] – Newmont Mining (NEM-NYSE) has agreed to spend $200 million over two years to build reservoirs that will deliver clean year-round water to the communities surrounding its Conga Mine in Peru. The total price of the 600,000 oz/yr mine is now expected to be $5 billion. Peru derives 50% of its tax revenues [...]
Shipwrecked Gold Returned to Spain
February 26, 2012 by metalinvestmentnews · Leave a Comment
Five years ago a Florida-based salvage company discovered sunken Spanish Naval vessel carrying gold coins worth $500 million at current prices. On Feb 24, 2012 the coins arrived in Spain after a lengthy legal battle. Find out why Peru thinks the gold belongs to them. Full Story:
CORONET METALS ADVANCES YANAMINA PROJECT IN PERU
January 20, 2012 by metalinvestmentnews · Leave a Comment
Recent headlines from Peru have been dominated by the stalled $4.8 billion Newmont Mining (NEM-NYSE) Conga gold and copper mining project. Protesters backed by the regional governor have expressed fears that the mine will harm their water supplies. Southern Copper (SCCO-NYSE), Anglo American (AAL-L) and Bear Creek Mining (BCM-TSX.V) have also experienced community relations challenges. [...]
State Of Emergency in Peru
December 7, 2011 by metalinvestmentnews · Leave a Comment
When Ollanta Humala was declared the new President of Peru on April 10, 2011, many observers predicted tough times for miners. But after enacting a relatively modest $1 billion “windfall tax” – Humala has been advocating vigorously for the interests of international resource extrators. Find out why Humala just declared a 60-day state of emergency [...]
IMF GIVES THUMBS UP TO PERUS NEW MINING LAWS
October 7, 2011 by metalinvestmentnews · Leave a Comment
Peruvian President Ollanta Humala signed three new bills into law, raising mining taxes and royalties. Miners will now pay royalties based on operating profits and “windfall profits”, rather than net sales. The new taxes are expected to raise an additional billion dollars a year for the Peruvian government. The International Monetary Fund has endorsed the [...]