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Gold/Mining/Energy : Century Mining Corporation
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From: John McCarthy5/5/2006 6:17:26 PM
   of 545
 
Peru mining companies to invest more than $1.2B in 2006 - minister

Last Update: 4:03 PM ET May 5, 2006

LIMA (MarketWatch) -- Mining companies will invest more than $1.2 billion in Peru's mining sector this year, said Energy and Mines Minister Glodomiro Sanchez in a statement Friday.

In recent years, Peru's mining industry has boomed, with rising exports of minerals like copper, zinc, gold and molybdenum.

Among other things Sanchez pointed to the modernization of the Southern Copper Corp.'s (PCU) Ilo smelter, a project with a $400 million price tag.

Sanchez said that base metals miner Sociedad Minera Cerro Verde SAA will finish an $850 million expansion by the end of this year.

Cerro Verde operates two open pit mines near the southern Andean city of Arequipa. The expansion includes construction of a new concentrator and developing an ore body.

Cerro Verde is controlled by Phelps Dodge Corporation (PD).

Among other projects, the minister said that Compania de Minas Buenaventura SAA (BVN) will start construction at its La Zanja gold project this year, with an initial $35 million investment.

He also pointed to the La Granja copper project in northern Peru, recently awarded to a unit of Rio Tinto PLC (RTP).

According to the minister, the company will invest $700 million.

Finally Sanchez said that the government hopes to grant the concession to operate the Michiquillay copper project in northern Peru this year. That project will require $1 billion in investment.

-Rebecca Howard, Dow Jones Newswires; 511-221-7050;
-Contact: 201-938-5400

marketwatch.com
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