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Gold/Mining/Energy : Copper - analysis

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From: LoneClone	2/23/2007 9:45:45 AM
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Peru: Twenty prequalify for Michiquillay bidding Source: BNamericas metalsplace.com Twenty companies have prequalified to bid for control of the Michiquillay deposit in Peru's Cajamarca department in an auction to take place April 30, including Canada's Barrick Gold (NYSE: ABX) and Swiss resources company Xstrata (LSE: XTA), local press reported. Proinversion, the state agency organizing the auction for the copper-gold-silver project, increased the number of potential bidders from the previous 15. The other companies to attain prequalification include those with Chinese, Japanese and Korean capital looking to make their first investment in Peru, newspaper Gestian reported. In particular, the paper mentioned Japan's Nippon Mining & Metals, which has assets in Chile. Other firms known to be interested in the auction are Canadian Vena Resources (TSX-V, BVL: VEM) and China's Zijin. The agency is scheduled to publish a base price for bidding on March 30, award the project on April 30 and sign the contract on May 30.

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