Peruvian sugar cane production likely to post 10% growth next year

Peruvian sugar cane production would post a ten percent growth next year as a result of the start of the harvest season of almost 17,000 hectares planted in Piura addressed to the ethanol production, estimated Tuesday the bank Scotiabank.

However, a moderate or strong Niño phenomenon, is likely to affect production, so the increase would be less.

In regard to sugar production, the senior analyst of the Scotiabank Economic Studies Department, Pablo Nano, said that the bank estiamtes an increase of six percent according to the expansion of the areas of sugar cane planted in Lambayeque and La Libertad.

Most local sugar production is causing not only a drop of imports but also discovering new export markets, according to the rising price of sugar in the world market.

Meanwhile, the refined sugar production would reach 1.08 million metric tons (MT) in 2009, eight percent higher than the number registered in 2008.

Publication: Andina - English Newswire
Provider: Andina
December 8, 2009

Ripley, Falabella and Mall Plaza to open Arequipa mall in December 2010

It has been reported that the new shopping centre being built by the Chilean retail giants Ripley and Falabella and Peruvian shopping centre company Mall Plaza will open in Arequipa in December 2010. Construction of the mall was due to begin in January 2009 but the project was put on hold as a result of the global economic crisis. The mall will occupy an area of 100,000 m2 and will require an investment of USD 40mn (EUR 26.65mn). This is the third shopping mall that the three companies have developed in Peru and they plan to open a fourth one in the Lima district of San Anita in the first half of 2011.

Publication: Esmerk - News monitoring
Provider: Esmerk
November 27, 2009

ProInversión to launch Cuzco airport concession in 2016

Peru's private investment promotion agency ProInversión will launch the process to concession a new airport terminal in Cuzco at end-2016, said ProInversión's executive director Cayetana Aljovín, according to local paper La República.

Authorities have to wait for the results of a meteorological study in the area where the airport will be located before launching the concession. The study is expected to be ready in 2015, Aljovín said.

The new international airport terminal will be called Chinchero.

The facility will replace Cuzco's Alejandro Velasco Astete terminal, in which Peru's transport and communications ministry (MTC) recently announced that it will invest 60mn soles (US$20.8mn) to improve infrastructure.

The resources will finance rehabilitation and improvement works on the secondary runway and the implementation of landing lights to allow the airport to operate at night.

The construction of a new airport terminal is considered the best solution to cope with the growing tourism industry in the area, which houses Incan ruins at Machu Picchu, among other well-known sites.

The current terminal is operated by the country's civil aviation authority Corpac.

Publication: Business News Americas - English News
Provider: Business News Americas
November 27, 2009

Aquaculture production raises 300% over five years

The Peruvian aquaculture production rose 300% over the last five years and totalled shipments of US$103mil in 2008, as informed by the Ministerio de la Produccion. Output leaped from 10.000 tons in 2003 up to 40.000 tons nowadays and has potential to go further, as pointed out by Elsa Galarza, vice minister Pesqueria.

Peru has got a diversity of environments to the installation of aquaculture centres in the coast, mountains and forests, as well as a variety of potential species set to be developed. Amongst the cultivated species figures lobster (US$35.116.000), abanico shells (US$16.934.000), trouts (US$2.470.000), paiche (US$26.396) and tilapia (US$20.137).

The main international destination of the Peruvian products are the US, UE and Asia. According to the Asociacion de Exportadores (Adex), exports totalled US$54.541.000 in the first semester 2009 boosted up specially by the increasingly demand for seafood products.

Publication: SABI - Business News
Provider: South American Business Information
November 23, 2009

Gamarra hopes for 10% sales increase over Christmas 2009 period

Peruvian textiles and tailoring chain Gamarra has announced that it is hoping that its retail sales will increase 10% over the Christmas 2009 period. Sales of Christmas supplies to the wholesale sector begun in September 2009 and the firm has reported optimistic results. A 10% increase in Gamarra's sales would equate to a turnover of around USD 150mn (EUR 100.10mn).

Publication: Esmerk - News monitoring
Provider: Esmerk
November 13, 2009

Number of restaurants increases 47% since 2005

According to a market research survey carried out by Arellano Marketing, the number of restaurants in Peru has increased 47% over the last four years. By the end of 2009 it is expected that there will be 66,000 restaurants on a national level, of which 41,450 will be in Lima.

The survey also revealed that 9% of Peruvians currently like to go out to eat between two or three times per month. Of those questioned, around 40% said they would increase the amount they spend on food if their salaries were increased by 25%. Peruvians spend an average of 35% of their income on food.

Publication: Esmerk - News monitoring
Provider: Esmerk
October 30, 2009

Ibermatica's Tecnet wins four contracts in Peru and Argentina

Tecnet, the subsidiary of the Basque company Ibermatica in America, will implement technological solutions to control a number of activities performed by the Chinese mining company Shougang and the agribusiness company, Chimu, in Peru.

The contract signed with the Chinese mining company, Shougang, in Peru consists in developing a new automation and communication system to enhance iron extraction and transformation processes and increase production.

Tenect will also supply IT infrastructure to the Argentinean Judiciary and install an optical fibre LAN between the Logistics and Assembly buildings at the Ford plant, also in Argentina.

Likewise, Ibermatica's subsidiary will modernize the technological infrastructure in seven of the official buildings of the Argentinean Judiciary and of the City of Buenos Aires.

Publication: Andina - English Newswire
Provider: Andina
October 27, 2009

Minera Koritambo estimates investment of USD 14.5mn up until May 2013

Peruvian mining firm Minera Koritambo, a subsidiary of Canadian mining company Apoquindo Minerals, has estimated that it will invest USD 14.50mn (EUR 9.66mn) between the end of 2009 and May 2013. The money will be invested in acquisitions and exploration at the Huarman (Ancash), Pachagon (La Libertad) and Zafranal (Arequipa) mining prospects.

Publication: Esmerk - News monitoring
Provider: Esmerk
October 27, 2009

Minmetals to begin constructing Galeno mine in 2010

Chinese mining firm Minmetals has reported that it will begin constructing its Galeno mine in Peru in 2010. The mine will produce copper, gold, silver and molybdenum from 2014. The project to develop the mine will require an investment of USD 1bn (EUR 666mn). A feasibility study has shown that the mine will be capable of producing some 144,000 tonnes of copper concentrate per year during its 20-year life span. Minmetals is part of a group of Chinese companies that will invest USD 6bn in Peru during the next three years.

Publication: Esmerk - News monitoring
Provider: Esmerk
October 23, 2009

Wood exports amount to USD 90.5mn between January and August 2009

In the first seven months of 2009, China was Peru's largest buyer of wood, importing a total of USD 37.50mn (EUR 25.37mn). The Asian country was followed by Mexico, which imported USD 19.5mn worth of Peruvian wood, according to information provided by Peru's exporters association Adex.

Peru's forestry industry's exports totalled USD 90.5mn between January and August 2009, a 41% fall compared to the year-earlier period. Of this total, USD 36mn comprised of semi-processed wood products, USD 33.8mn comprised of processed timber and USD 9.2mn comprised of chipboards. Peru's leading exporters, as far as the wood/timber sector is concerned, were Maderera Bozovich, IMK Maderas, Maderera Vulcano, Triplay Amazonico, Consorcio Maderero, Nature Word, Weiman, Nature America and Industrial Ucayali.

Publication: Esmerk - News monitoring
Provider: Esmerk
October 14, 2009

Sissa and its dummies to invade South America

The advertising services supplier Sissa, pertaining to the De Azambuja family, started out developing advertising dummies (plastic made), willing to keep growth rate of 8% - 10% per year. It already plans to be opening offices in Chile, Ecuador and Argentina. Jaime de Azambuja, general manager Sissa, states that in the next months the supermarkets, commercial centers, bodegas and cinemas will be filled up with dummies advertising the launch of new products. Advertising campaigns totalled investments of US$5mil in 2005, figure that rose up to US$60mil in 2009 and would increase 10% as of 2010, according to Jaime. In order to advance in the market, Sissa has invested US$3mil in the acquisition of the first dummies manufacturing machine in Latin America.

Publication: SABI - Business News
Provider: South American Business Information
October 8, 2009

Construction of Huachipa water treatment plant is 5% ahead of schedule

It has been reported that construction of the Huachipa water treatment plant in Lima is now 32% complete, which is 5% ahead of schedule. Consorcio Huachipa, the company in charge of the project, has invested USD 105mn (EUR 71.33mn) to date, of a total of USD 304mn. It has been reported that the plant will be officially opened in December 2010 and that water treatment will start three months earlier than first anticipated. The plant will have a processing capacity of 10m3 of water per second and will benefit some 2.4mn people.

Consorcio Huachipa is formed of Brazilian company Camargo Correa and French firm OTV. The consortium will operate and maintain the plant for four years.

Publication: Esmerk - News monitoring
Provider: Esmerk
October 8, 2009

BCP to buy additional US$5.19mn stake in microlender Edyficar

Peru's largest bank Banco de Crédito (BCP) has reached an agreement with IFC to buy the latter's 5.4% stake in Peruvian finance company Financiera Edyficar for US$5.19mn, BCP said in a filing with local securities regulator Conasev. Early September BCP announced the acquisition of a 77.2% stake in Edyficar from NGO CARE, and last week the bank announced the purchase of an additional 8.5% stake in the finance company from US-based Microvest.

BCP will pay for the IFC stake with its own funds and hold 91.1% of Edyficar's total stock after the transaction.

Peru's financial services regulator SBS on October 2 approved BCB's acquisition of up to 100% of Financiera Edyficar's equity, the filing said. BCP is also required by local capital market rules to make a public stock offering to acquire Edyficar's remaining shares.

Micro loan-focused Edyficar, which BCP said in September it valued at US$96mn, had a loan book of 619mn soles (currently US$215mn) at the end of July.

BCP was the country's second largest player in microenterprise loans as of end-July, with 1.82bn soles in such loans, giving it a 35% market share. It followed only Mibanco, which had 2.03bn soles in microenterprise loans for a 38% market share.

Edyficar, which has 195,000 clients, will continue to operate independently, maintain its brand name and continue to focus on providing financial services to low-income earners, according to a previous statement from BCP.

Publication: Andina - English Newswire
Provider: Andina
October 7, 2009

Camposol promotes red globe grapes in Asian market

Camposol, a leading agroindustrial company in Peru, has participated in the Asia Fruit Logistica to promote their new product: the table grape variety Red Globe.
The Red Globe grapes they are currently promoting, are cultivated in the region of Piura (Peru) and the production window fits perfectly with the needs of Asian demand.

However, they have already had good experiences with the promotion of green and white asparagus, which is their main product and has been directed mainly to Japan, with annual and seasonal sales. They also have experience exporting with mango to New Zealand.

The company has as its main markets in Europe (Spain, France and the UK) and the USA.

While the financial crisis has been a recurring concern of the economic operators, Camposol has been able to consolidate by opening some offices closer to the buyers.

Publication: Andina - English Newswire
Provider: Andina
October 5, 2009

Fourteen Peruvian companies on commercial research in Holland, France

Peru's Tourism and Export Promotion Board (PromPeru) and 14 small companies from the textile apparel sector will conduct a commercial and technological research in Amsterdam (Holland) and Paris (France).

The visit of the Peruvian delegation, which will take place from October 14 to 20, will be focused on the demands and trends of the European market, according to a Supreme Decree published on Monday by Peru's Ministry of Foreign Trade and Tourism (Mincetur).

In order to accomplish this goal, companies will visit specialized stores focused on design and fashion and will interview potential European buyers.

Market research is the basic process of demand identification and a tool for promotion, management and development of the exportable offer in order to identify opportunities and weakness that products may have.

Mincetur also authorized PromPeru and 7 Peruvian software companies to participate in a trade mission in Santiago de Chile from October 5 to 8.

The mission seeks to promote exports of Peruvian software through business agendas and meetings with companies and organizations of this sector.

Promperu announced that the 2009 German Workshop will take place from October 19 to 21, in Cologne and Berlin, with travel agents and tour operators of that country.

Publication: Andina - English Newswire
Provider: Andina
September 29, 2009

Foreign experts to participate in International Tourism Meeting in Lima

Leading international exhibitors and important professionals of domestic tourism will develop the First International Tourism Meeting in order to discuss issues like the recognition of national tourism diversity, the need to innovate and the promotion of a business culture.

The event called "Construyendo Destinos = Innovacion + Diversidad" (Building Destinations = Innovation + Diversity), is organized by the Peruvian Tourism Institute (CENFOTUR) and Proyecto Peru Biodiverso (PBD); and is aimed at entrepreneurs, officials, Non-Governmental Organization (NGO), students and tourism operators.

The meeting will take place on September 30 at the Convention Center of the Peruvian Medical Association, located in the district of Miraflores (Lima).

The reunion will focus on four thematic areas such as Knowledge Management, Enterprise Networks, Marketing, Diversity and Ethics in charge of specialists from United States, Germany, Australia, Argentina, Spain and Guatemala.

Autralian Simon McArthur, famous professional in hotel management, winner of several awards like the Australian Travel Innovator (2008), will be also present.

Publication: Andina - English Newswire
Provider: Andina
September 27, 2009

Supermercados Peruanos opens its 39th Plaza Vea supermarket

Supermercados Peruanos (SPSA) on Thursday opened its new Plaza Vea Alameda Sur supermarket located in the district of Chorrillos with an investment of US$2.8 million, becoming its 39th store in the country.
The company explained that Plaza Vea Alameda Sur has an area of 3,200 square meters, which is part of a shopping center that has 110 parking spaces exclusively for clients.

The supermarket offers products in several categories, including groceries, fruits, vegetables, meat, cold cuts, apparel and household appliances.

Plaza Vea Alameda Sur also has an Inkafarma drugstore, an Econolentes optical, Spa Mint Saloon, Sweet Garden cake shop, Miraflores Express laundry and a Fantasy Park for children.

SPSA General Manager Norberto Rossi noted that the new supermarket has generated 680 new formal jobs, 170 direct and 510 indirect, for all people living in this district.

Publication: Andina - English Newswire
Provider: Andina
September 25, 2009

Investments in biofuel sector likely to reach US$400 million in 3 years

Investments in Peru's biofuel sector may reach US$400 million in 3 years, the President of the Special Committee on Biofuels of the National Society of Industries (SNI), Ari Loebl said.

"Nowadays, investments in biofuel sector total US$200 million, and there are some other 200 million to be executed within two to three years," he told Andina News Agency.

He highlighted some important investments that have already been announced and are already being executed by companies such as Sucroalcolera del Chira, Caña Brava, del Espino Industries, Biodiesel Peru Internacional, Maple Etanol, Pure Biofuels del Peru, Agroindustrias LS (Agrillsa) and Heaven Petroleum Operators.

Several millions have also been invested in the agro industry sector in order to plant sugar cane which can eventually be used to produce ethanol alcohol of sugar companies," he said.

Pure Biofuels Corporation, through its subsidiary Pure Biofuels del Peru, announced that they will invest US$250 million to expand the biodiesel production plant in Ventanilla (Callao) and the implementation of jatropa plant in northern Peru.

Heaven Petroleum Operators, owned by Peruvian group Herco Combustibles, has a processing plant and distributor of biodiesel in Lurin, which produces 120,000 gallons per day of biodiesel Heaven HB100.

Publication: Andina - English Newswire
Provider: Andina
September 20, 2009

Camposol: Asparagus demand drop opens door for avocados

As demand for Peruvian asparagus faltered in the first half of 2009, the country's leading agriculture industry group, Camposol, has been investing in avocado plantations.

"The drop in requests for asparagus, particularly from America, has been an opportunity to take a bet on avocados," said Camposol chief executive officer Juan José Gal'Lino.

He said the company is investing US$13.2 million to irrigate a further 1,853 acres for avocado production this year.

Camposol, which has been growing avocados for the past 10 years, currently has 3,545 acres under production.

The company's most valuable crop, however, is asparagus, and, despite a slide in national exports earlier this year, Camposol hopes to increase export values by 9% in 2009.

Nationwide, the picture is not so bright. Peru's asparagus exports for the first seven months of this year were US$81 million, said PromPeru, the country's export commission. Peru's year-round asparagus exports totaled US$450 million in 2008.

Peruvian avocado exports for the first seven months of the year were US$48 million, halfway to last year's total of US$70.2 million, although the season will end in October.

Camposol exports avocados to France, Germany, England, Holland, Canada and Chile, for a total of US$140 million. The company may also consider exporting to the U.S.

Publication: Andina - English Newswire
Provider: Andina
September 12, 2009

Kuntur inks legal stability deal, regulator okays pipeline manual

Kuntur Transportadora de Gas has signed a legal stability agreement with Peru's state agency for promoting private investment ProInversión for its US$1.3bn Gasoducto Andino del Sur gas pipeline project.

Under the deal, the state guarantees the stability of the current tax and labor code, state news agency Andina reported.

In related news, energy and mining investment regulator Osinergmin issued a favorable technical report for the project's design manual.

Kuntur has also submitted the project's right of way study to the energy and mines ministry, and a rates proposal to Osinergmin. In addition, more than 250 workshops have been held with communities along the project's preliminary route.

The pipeline would transport gas from Camisea in Cuzco region to Ilo port in southern Moquegua region. Planners estimate demand of 1.14Tf3 (32.3Bm3) over the 30-year contract.

Kuntur must present the project's EIS in January 2010, after which the government will have six months to evaluate the document

Publication: Business News Americas - English News
Provider: Business News Americas
September 9, 2009

Gold Fields sells 7.5% stake in Eldorado for US$293mn

South African miner Gold Fields (NYSE, Nasdaq: GFI) has sold its stake of 27.8mn shares in Vancouver-based Eldorado Gold for US$293mn, the former said in a statement.

The amount is 7.49% of the 371mn shares Eldorado had issued as of June 30. The company said it would use the proceeds of the sale to pay off debt.

Gold Fields said the transaction will not have any impact on a previous arrangement whereby the South African company agreed to sell its 19.9% stake in Australia's Sino Gold Mining (ASX: SGX) to the Canadian in order to allow a merger between Eldorado and Sino.

Eldorado has several projects worldwide, among them the Vila Nova iron ore deposit and an option with Brazauro Resources (TSX-V: BZO) to earn up to 75% in the Tocantinzinho gold project in Brazil. Gold Fields has the Cerro Corona producing yellow metal mine in Peru.

Publication: Business News Americas - English News
Provider: Business News Americas
September 8, 2009

BCP to acquire 77% stake in Financiera Edyficar

Peru's largest bank BCP, part of financial services group Credicorp (NYSE: BAP), has reached an agreement to acquire a 77.2% stake in local finance company Financiera Edyficar from NGO CARE.

The transaction is subject to regulatory approval and would require BCP to make a public offer to buy the rest of Edyficar's shares held by other shareholders, BCP said in a filing with securities regulator Conasev.

Financiera Edyficar is valued at US$96mn, according to BCP.

Edyficar, which focuses on microlending, had a loan book of 619mn soles (US$208mn) at the end of July, according to financial services regulator SBS.

In a press release, BCP said Edyficar, with 195,000 clients, will continue to operate independently, maintain its brand name and continue to focus on providing financial services to low-income earners.

The bank also said the acquisition is in line with its strategy of leading all segments of the retail banking side.

BCP was the country's second largest player in microenterprise loans as of end-July, with 1.82bn soles in such loans, giving it a 35% market share. It followed only Mibanco, which had 2.03bn soles in microenterprise loans, for a 38% market share.

The acquisition strengthens BCP's position in a highly profitable market where lenders enjoy wide margins, and also diversifies its client base, Omar Milla, analyst at ratings agency PCR in Lima, told BNamericas. Edyficar will benefit from BCP's expertise in credit risk management, he added.

Publication: Business News Americas - English News
Provider: Business News Americas
September 8, 2009

Minera IRL forms JV with Collingwood to explore Veca gold property

Lima-based gold producer Minera IRL (Lima, AIM: MIRL) has signed a letter of intent with Collingwood Peru to form a JV to explore the Veca property some 30km southeast of Huamachuco district in La Libertad region, the former said in a statement.

Under the agreement, Minera IRL will pay Collingwood US$100,000 for 60% of the project and Collingwood will keep the remainder. The deal is expected to close this month.

Minera IRL also agreed to pay Collingwood US$10/oz for the gold it discovers and converts into proven and probable reserves, and US$0.15/oz for silver recovered if the operation enters production.

The company also has the option of increasing its stake to 70% by paying Collingwood US$2mn and can increase that to 80% under certain scenarios, Minera IRL said.

The company also agreed to spend at least US$200,000 in exploration expenses the first year and has the right to terminate the agreement at any time after the first year.

But if Minera IRL chooses to continue past the first year, it must pay another US$200,000 in exploration expenditures and issue an advance payment of US$400,000 to Collingwood.

Minera IRL also runs the 30,000oz/y Corihuarmi gold mine in Peru and has other precious metals projects.

Publication: Business News Americas - English News
Provider: Business News Americas
September 8, 2009

Movistar to invest PEN 600mn in 2009

Mobile telecommunications firm Telefonica Moviles (Movistar) has reported that it closed the first half of 2009 with 14.3mn clients. It has an 81% participation in the market, with 22.8mn mobile telephone lines. The firm's client base is growing most significantly in the provinces, which now represent 60% of its total clients.

Movistar also reported that mobile phone tariffs in Peru are falling at a rate of 20% per year and the average cost per minute of USD 0.06 (EUR 0.04) per minute is lower than many other countries in the region, including Brazil, Chile and Venezuela. Movistar will invest more than PEN 600mn (EUR 142.99mn USD 203.32mn) in 2009 and hopes that 85 out of every 100 inhabitants will have access to mobile phone service by the end of 2009.

Publication: Esmerk - News monitoring
Provider: Esmerk
September 3, 2009

Termochilca presents plan for USD 500mn gas powered thermoelectric plant

Peruvian power generation firm Termochilca has presented its investment project for the construction of a 600 megawatt (MW) gas powered thermoelectric plant to President Alan Garcia. The firm plans to invest USD 500mn (EUR 351.63mn) in constructing the plant over three stages. Construction is due to begin at the end of 2009, proving a contract is signed to guarantee natural gas supply. The first 200 MW is due to be operational by 2011 and a further 200 MW in 2013 and 2014 respectively

Publication: Esmerk - News monitoring
Provider: Esmerk
September 3, 2009

Rio Cristal Resources signs option deal to buy Peruvian property

Rio Cristal Resources Corp. announced today that it has signed a binding Letter of Intent (LOI) to enter into an Option Agreement to acquire the 2,400 hectare Condor early stage gold project in southern Peru. The LOI was entered into with a group of five individuals who hold the rights to the Condor concessions.

The Condor project consists of concessions totaling approximately 2,400 hectares located in the Nasca region of Peru.

The Project is approximately 420 kilometers south of Lima and just 40 kilometers from the Pan-American highway. The Project's altitude varies from an estimated 800 meters to 3,000 meters.

Thomas Findley, President and CEO of Rio Cristal, said, "adding an early stage exploration project like Condor is an important step as we implement our project diversification strategy of acquiring gold and copper properties."

Under the LOI, the Company will pay US$5,000 for the exclusive right to conduct technical and legal due diligence over a 60 day period.

The terms of the LOI call for the Company to acquire a 100% interest in the Condor project through a series of cash and share payments over a four year period totaling US$880,000 (US$20,000 upon signing the Option Agreement) and 1,700,000 Rio Cristal common shares (200,000 shares upon signing the option agreement).

The agreement also grants the owners a 2% net profits interest which may be bought out for US$3,000,000. In addition the Company must spend US$900,000 in exploration activities on the property over the same four year period ($150,000 in the first year). The Agreement is subject to approval by the TSX-Venture Exchange.

Condor represents a quartzite-hosted, epithermal gold system where detailed channel sampling reportedly contains up to 16 meters averaging greater than 6.0 grams per tonne gold and 100 meters averaging greater than 1.0 grams per tonne gold within intensively fractured and oxidized quartzite beds.

Mineralization appears to be controlled by broad structural corridors which represent potential for low-cost open pit mining and heap leach extraction. Due diligence will confirm these results prior to entering into a formal agreement.

Rio Cristal Resources is a Canadian corporation focused on the discovery and further development of gold, copper and zinc deposits in Peru.

The principal asset of RCR is the Charlotte Bongara claim block located in northern Peru within an emerging Mississippi Valley-type zinc district. Additional information can be found on the Company's website.

Publication: Andina - English Newswire
Provider: Andina
September 2, 2009

Simsa to seek strategic partners

Peruvian zinc miner San Ignacio de Morococha (Simsa) reported that its board has authorized the company to seek potential strategic partners.

The board unanimously agreed to invite six companies which could be interested in forming strategic partnerships to sign identical confidentiality agreements, and hire an investment bank to oversee the process, Simsa said in a statement.

Once the agreements are in place, due diligence processes will begin under the supervision of the investment bank, the statement said.

Simsa mines at San Vicente in the Chanchamayo area of Junín region in central Peru, where zinc concentrate output reached 17,535t in the second quarter.

Publication: Business News Americas - English News
Provider: Business News Americas
September 1, 2009

Backus & Johnston aims to exports Cusquena beer to Australia in 2010

Peruvian brewery Backus & Johnston has announced that it plans to begin exporting its Cusquena brand of beer to Australia in 2010. The firm currently exports to Chile, the US, the UK, Spain and Japan. Backus's exports increased 22% between January and August 2009 and the firm hopes to sell 5mn litres by the end of 2009. In Chile alone, Backus's sales increased 25% in the first eight months of 2009, while sales in the UK increased 40%.

Backus's products are now sold in 1,250 establishments in Chile, of which 400 are supermarkets, as well as in 3,500 establishments in the UK; this is an increase of 30% compared to in 2008. Backus & Johnston only exports between 2% and 3% of its production. Cusquena represents 75% of the exports, while Cristal represents 25%. Around 60% of the firm's exports currently go to the US and the UK markets and the aim is to increase UK exports five times over by 2014.

Publication: Esmerk - News monitoring
Provider: Esmerk
September 1, 2009

Belcorp expands toiletries presence in Chile

Peruvian cosmetics & personal hygiene products are tapping opportunities in Chile, as Belcorp that boasts an unit in Santiago has been increasing business gradually in that country and now accounts 16% of the market, says Silvia Seperack, Peruvian commercial advisor in Santiago.

According to her, the food segment also has great potential to boost up business in Chile, specially with olives, oregano, asparagus, pepper, artichoke, chilli paste and canned fish. However to be successful in Chile, businessmen have to be aware of the distribution channel scheme, which represents 60% of sales from the food sector. One of the leaders in the segment, D&S adopted a low prices policy and created its own brand Lider.

Publication: SABI - Business News
Provider: South American Business Information
September 1, 2009

Calidda to reach 70% penetration in Lima and El Callao in six, not four,years

In the next six years, 70% penetration of the residential market in Lima and El Callao will be achieved by natural-gas connections, says the firm in charge of such activity, Calidda Gas Natural de Peru. The firm's general director, Ernesto Cordova explains that, at present, penetration is at 17%, adding that in four years time 50% penetration should have been reached.

However, the Ministerio de Energia y Minas (MEM) has stated that Calidda should be reaching the 70% mark in just four years. Cordova suggests that this is unrealistic and that no country worldwide has been able to make such progress (Argentina took eight years and Colombia, even longer). He is aware that the firm will pay a tariff-based penalty for not reaching the 70% mark.

Publication: SABI - Business News
Provider: South American Business Information
September 1, 2009

Peru remittances totaled US$564 million in 2Q 2009

Remittance flow sent by Peruvians overseas to their relatives in Peru totaled US$564 million in the second quarter of this year; this is the highest amount so far this year, Central Reserve Bank of Peru (BCR) reported Sunday.

BCR added that those remittances of Peruvians who live abroad represented an increase of 5.2 percent in relation to the previous quarter this year.

Remittances from United States rose 3.4 percent in second quarter in relation to the previous quarter.

While remittances from other countries grew by 6.5 percent in the same period.

During second quarter of this year, remittance intermediation by banks rose 10.4 percent.

In second quarter, 44 percent of remittances were intermediated by banks, while 40 percent by Exchange Traded Fund (ETF).

BCR added that total remittances sent to Peru in 2008 amounted to US$2.43 billion, figure that represented a 14.4 percent growth in relation to the previous year.

Publication: Andina - English Newswire
Provider: Andina
August 30, 2009

ABB invests US$5mil in Cercado de Lima

In 2006 Asea Brown Boveri (ABB) has stopped production of electric transformers in Peru, and concentrated in electrical engineering and industrial infrastructure services. General director Enrique Rohde pointed out as results of this strategy the turnover rose from US$30mil in 2005 up to US$200mil. According to him, 50% of earnings come from services in Peru. ABB intends to reach turnover of US$300mil as of 2010, via investments of US$5mil in 2009 and 2010 in the modernisation of the unit in Cercado de Lima and the construction of laboratories to improve services.

Publication: SABI - Business News
Provider: South American Business Information
August 29, 2009

Laboratorios Portugal to penetrate Chile and Colombia

After initiating exports to Poland and Ukraine, Laboratorios Portugal is negotiating its entry in Chile for the next year and has contacted some Colombian businessmen as well. Currently, exports represent 10% of total sales that summed US$30mil in 2008. Jose Alonso Portugal, general manager of the lab, expects to be ending up 2009 with 15% increase in sales up to US$35mil.

Laboratorios Portugal, specialised in production of pharmaceutical products and cosmetics, has created a transportation company last year with investment of US$500.000. A total of US$2.5mil should be spent this year in the acquisition of machinery, equipment and infrastructure.

Peru: Publication: SABI - Business News
Provider: South American Business Information
August 29, 2009

Advertising investments of US$444,9mil in 2009 in Peru

Corporate investments in advertising would top US$444,9mil in 2009, up 8% from 2008, when the sector showed US$412mil, estimates Marketing Preciso. Manuel Fazio, manager Preciso, says television advertising accounts for 38% of the pie, followed by newspapers with 20% and outdoor advertising with 13%; radio has 12%, cable TV 5%, with magazines and Internet media each 3%. Companies engaged in the manufacturing of massive products account for 60% of the advertising investments, followed by financial services, educational services, and others.

Publication: SABI - Business News
Provider: South American Business Information
August 29, 2009

Vena enters into joint venture to develop Pucara project

Vena Resources Inc. announced that it has signed a Letter of Intent with IIMPUL Peru, a Peruvian gold/copper production and trading company, to put the Pucara gold/copper project into production as soon as permits are received.
The Letter of Intent, which will be set out in a definitive Joint Venture Agreement, involves four key revenue streams which will be funded by IIMPUL and from future cash flow generated by the Joint Venture:

"JV Mine": To develop and mine the underground gold/copper veins at Pucara. It is expected that by the end of 2010, Vena will be able to recover its US$2 million (approximate) invested so far in developing Pucara. The remaining after-tax profit will be divided 50/50 between the two partners.

"JV Expansion": The identification and purchase of high-grade copper (greater than 3% Cu) properties in the vicinity of the Pucara project with investments and gains/losses to be split 50/50 by Vena and IIMPUL. It is intended that the JV-Mine operation will fund these acquisitions. Vena is presently reviewing technical data from two nearby operations.

"JV Mill": To install a scalable mill capable of processing high-grade copper ore (greater than 3% Cu). The mill is expected to have an initial capacity of 200 tons-per-day (tpd) with the expectation that the mill processing rate will reach 5,000 tons-per-month of at least 3% Cu by the end of the first year of operations and continue to expand. 50% of the feed will come from the existing Pucara project. Any gains or losses resulting from this operation will be split 50/50 between Vena and IIMPUL.

"JV Toll Milling": This is IIMPUL's core expertise in Peru and given Pucara's strategic location (60 kilometres from Juliaca) and outstanding infrastructure, the JV intends to provide custom milling services to several local copper miners. IIMPUL has already identified and is negotiating with several miners with high-grade copper veins ready to be serviced by the joint venture. Any gains resulting from this operation will be split 70/30 in favor of IIMPUL.

Publication: Andina - English Newswire
Provider: Andina
August 19, 2009

AOC wants 13% of the TV and LCD market

The monitors and television sets giant AOC, subsidiary of the Chinese Admiral Overseas Corporation, has set up its strategy aiming to conquer 13% of the Peruvian market. Gustavo Rivera, president AOC Peru, stated that around 100.000 monitors and television sets will be commercialised in the country in six months, overcoming 2008's total performance in 25%. In order to achieve the goal, AOC has recently added 200 new selling points to its network, by setting up agreements with retail chains, such as Elektra, Carsa and Efe.

Publication: SABI - Business News
Provider: South American Business Information
August 19, 2009

Peusac looks for exports of fancy food products

Peusac, manufacturer of the jelly brand Universal, is targeting the external market and plans to be present on October as expositor in Anuga, food & drink fair trade to be held in Germany. The firm has recently been expositor in the fair trade Summer Fancy Food on New York.

Peusac intends to be launching new products in Anuga, such as ice cream made of lucuma, porridge and chicha morada. Idea is to be exporting not only to Spain, Italy and the US, but to all Latin America and further Europe. Turnover has been of US$8mil in 2008, says Dorian Zea, exports manager Peusac, forecasting a growth of 25% for 2009. Currently, Peusac counts with over 30 products, however Universal continues as its core business accounting 70% of production.

Publication: SABI - Business News
Provider: South American Business Information
August 19, 2009

Chocolates La Iberica looks to increase presence locally and in the US

Peruvian chocolate firm Chocolates La Iberica, which is based in the region of Arequipa, has reported that it is aiming to increase its popularity among local consumers, since it is currently targeted mainly at tourists. Some 50% of the firms sales are currently in Arequipa, where it has a chain of five shops.

However, the firm is planning to open more shops in the new shopping malls that are being constructed in Lima and Huancayo, notably the Plaza Norte and Real Plaza Centro Civico, as well as the Mall Aventura Plaza de Arequipa. Over the last two years, Chocolates La Iberica has invested USD 2mn (EUR 1.41mn) in machinery and equipment, which has assured it will be able to satisfy demand for the next ten years.

As well as increasing its presence in Peru, the firm also plans to begin exporting to Chile and the US in 2010. It is currently in talks with firms that manage Peruvian and South American products in the US. Chocolates La Iberica employs between 250 and 300 people in Peru and produces around 200 different chocolate products

Publication: Esmerk - News monitoring
Provider: Esmerk
August 11, 2009

Dana Resources acquires Oro Chicama gold project in northern Peru

Dana Resources, a US-based precious minerals exploration company, announced that it has successfully acquired the Oro Chicama gold project in northern Peru.

Dana Resources (OTCBB: DANR) currently owns and operates seven mining concessions located in Peru's most prolific mining regions.

The Oro Chicama Gold Project covers 2471 acres in Ancash, Northern Peru's prolific mining region. The geology in this trend consists of volcanic sequences of andesitic spills and tuffs of the Calipuy Group which have been proven to contain some of the world's largest base and precious metals deposits.

The Ancash region of Peru is host to world famous silver, gold, and copper deposits owned by global mining leaders such as Barrick, Teck Cominco, BHP Billiton, Xstrata and Mitsubishi.

Dana Resources purchased the Oro Chicama Gold Project as its geology and position in the trend line is similar to several world class neighbouring mines.

With some of the richest mineral reserves in the world, Peru is one of the highest producing countries of precious & base metals in Latin America.

Previously inaccessible regions are now becoming available through modern technology and equipment, making the high diversity of marketable minerals an extremely attractive prospect. In total, Peru holds about 16 percent of the world's known mineral reserves.

Dana Resources is a precious and base metals exploration company with offices in the United States and Peru. Dana's management team possesses local knowledge, extensive international connections, a wealth of experience and technical expertise in mining, mining finance, exploration and production.

Dana Resources has acquired a portfolio of gold, silver and other precious & base metal properties located in Peru's most prolific mining regions. With Peru growing as a producer of gold, silver and other metals on the international market, Dana Resources is well positioned to capitalize on the escalating global demand for commodities.

The management team and Directors are committed to creating value for their shareholders and to the long-term success of Dana Resources.

Publication: Andina - English Newswire
Provider: Andina
July 27, 2009

Continental gets okay from Peruvian regulator to launch operations

Peru's financial sector regulator SBS has authorized Chilean credit insurer Continental's Peruvian subsidiary Insur Compañía de Seguros to begin operating in Peru's P&C segment, Continental told Chile's securities and insurance regulator SVS in a filing.

Continental indirectly owns 99.99% of Insur through investment vehicle Inversiones CSCC Peru, which in turn controls 99.99% of the Peurvian insurer.

Insur operates with its own independent management and reinsurance contracts, Continental said.

In July 2008, Continental received regulatory approval from the Argentine regulator to start operating in the surety bonds segment in that market.

And in February last year, Continental opened a subsidiary in Colombia.

Continental is Chile's leading domestic credit insurance company. Atradius, one of the world's largest credit insurers, has a 49.99% stake in Continental

Publication: Business News Americas - English News
Provider: Business News Americas
July 20, 2009

Nitratos de Peru to build plant in Paracas

Nitratos del Peru, part of Grupo Brescia and a producer of ammonium nitrate and ammonia, yesterday received authorisation to set up shop at the industrial zone I4 in Paracas, province of Pisco, Ica. This area will become the second petrochemical cluster, Marcona, also in Ica, being the first. Mariano Castro, a former executive secretary of the Peruvian Comision Nacional del Ambiente (Conam), states that, even so, the government will have to keep a close eye on matters such as land and sea transport by Nitratos del Peru to ensure that the national reserve of Paracas is protected. The firm hopes to have its plant ready for operations in 2011 after investment of US$650k.

Publication: SABI - Business News
Provider: South American Business Information
July 20, 2009

Egasa submits EIS for US$665mn hydro project

Peruvian generator Egasa has submitted an EIS to the energy and mines ministry for the US$665mn Molloco hydro electric project in Arequipa region.

In 2007, the ministry signed a supreme resolution granting Egasa a temporary concession for the project, which would use resources from the Molloco river basin.

Project components include dams Machucocha (50Mm3), Molloco (150Mm3) and Japo (90Mm3), and plants Llatica (144MW) and Soro (158MW).

Egasa also holds a temporary concession for the Lluta and Lluclla hydroelectric projects in Arequipa, which total 560MW.

The generator already operates the Charcani I, II, III, IV, V and VI hydro plants, and thermo plants Chilina and Mollendo.

Publication: Business News Americas - English News
Provider: Business News Americas
March 25, 2009

Andean American to invest over US$75 million in Peru gold projects

Andean American Mining Corp. plans to invest more than US$ 75 million in two new gold projects in Peru called Invicta (Lima) and Sinchao (Cajamarca), announced the company's vice president, Luis Vela.
"Invicta and Sinchao are the two best results in the last three years of exploration," Vela told Andina news agency.

Andean American Mining is a Canadian owned company that operates in Peru since 1995 and is dedicated to the exploration and exploitation of minerals, primarily gold and silver.

Andean American Mining Corp. is actively pursuing new targets of potential early stage gold and silver prospects in Peru and currently has two key assets: the 41,500 hectare Invicta gold-silver-copper advanced exploration project and 61% of Sinchao Metals Corp., owner of the Sinchao polymetallic mineralization project.

Andean American continues to maintain excellent community relations and a commitment to responsible environmental practices. The company has a strong management team with over 60 years experience and an effective board dedicated to excellence in corporate governance.

Publication: Andina - English Newswire
Provider: Andina
March 8, 2009

ExpoPerú in Japan to promote investment in the country, says Peru Foreign minister

Chancellor Jose Antonio García Belaunde declaring to the press. Photo: ANDINA/Alberto Orbegoso. Lima, Feb. 20 (ANDINA).- ExpoPerú 2009 event, to be held from February 23 to 27 in the city of Tokyo, Japan, will be a great meeting of Peruvian and Japanese businessmen that will allow promoting investments in the country, Peru's Foreign minister José A. García Belaúnde said today.

"The huge Peruvian exhibition held in Japan aims to gather several businessmen from both countries, and promote Peru and its gastronomy. It is a kind of official visit, but stressing on the country's promotion", said the Foreign Minister.

ExpoPerú 2009 event is organized by Peru's Export and Tourism Promotion Board (PromPeru), the Ministry of Foreign Affairs, Peru's Promotion Agency of Private Investment (ProInversión) the Peruvian-Japanese Business Council (Cepeja), and the Japan External Trade Organization (Jetro).

Regarding the recently announced resignation of Ambassador Extraordinary and Plenipotentiary to China, Jesús Jay Wu Luy, the minister said Peruvian government has not appointed the new ambassador to this country yet.

Publication: Andina - English Newswire
Provider: Andina
February 21, 2009

Taboada wastewater treatment plant concession attracts three offers

Three firms have recently presented proposals for Peru's Taboada wastewater treatment plant concession.
Offers were received from Spanish group ACS, and the consortiums Concesión Taboada - comprising the firms Keppel from Singapore and Brazilian Odebrecht - and Agessbio, formed by the Brazilian Andrade Gutiérrez and Chile's Essbio.

All three proposals comply with the bidding rules, according to Peru's Private Investment Promotion Agency (ProInversión).

The treatment plant concession is one of the government's priority projects, and was declared of national interest in a decree issued last December.

The project is part of an integrated plan to treat Lima's wastewater and will treat approximately 60% of the city's wastewater, which is currently disposed of without any treatment into the sea and the Rímac river.

The concessionaire will build, operate and maintain the plant, which will have the capacity to treat 14m3/s.

The 25-year concession will be awarded in the next few days and will require an estimated investment of 1bn soles (US$310mn).

Publication: Andina - English Newswire
Provider: Andina
February 8, 2009

Inversiones La Rioja and Marriott heaping on hotels

Inversiones La Rioja, the administrator of the Marriott hotel franchise in Peru, says that apart from the two previously-announced inaugurations in Cusco and San Isidro the group will be opening another establishment, this time in Trujillo, in the near future.

The presidente of Inversiones La Rioja, Alfonso Brazzini explains that the San Isidro hotel will be built as of late 2009 and will cost US$30mil. It will boast 200 rooms and will open in 2011 under the Courtyard moniker. La Rioja-Marriott has begun building its first Cusco establishment but is already thinking of a five-star hotel in the Valley of Urubamba, an hour from Cusco itself. Additionally, US$3mil is being inverted in the remodelling of the Miraflores Marriott.

Publication: SABI - Business News
Provider: South American Business Information
February 5, 2009

Oltursa set to invest post-changes

Oltursa hopes to invest US$8mil this year as long as the Peruvian Ministerio de Transportes y Comunicaciones (MTC) emits new national transport regulations, allowing companies from the sector access to new routes. The US$8mil would be split as follows: US$6mil will go on the acquisition of buses and the other US$2mil on infrastructure (the construction of new sales-points and terminals etc). David Olano, executive president of Oltursa, is hopeful the new regulations will be issued at the end of this month. The company currently has a fleet of around 45 buses and wants to move up to 60. New destinations that would be attractive to Oltursa include Tacna, Cajamarca and Huaraz. It posted sales of US$14mil in 2008 and the road-transport firm is looking for 10% growth in 2009.

Publication: SABI - Business News
Provider: South American Business Information
February 5, 2009

Jose R. Lindley sticking to investment guns

Corporacion Jose R. Lindley will invest US$50mil in 2009 despite the current economic climate, spending on expanding production lines, packaging and cold storage, explains the Peruvian group’s general director, Johnny Lindley. Preliminary talks regarding credit are going well, says Lindley, the family member currently at the reins of the drinks group.

The main project for the corporation in 2009 is that of constructing a glass-blowing plant (also featuring plastic-bottle production) in Santa Rosa, Trujillo, at a cost of US$40mil. Said plant could become operative in 2010. The group has plants in Chiclayo, Sullana (Piura), Iquitos (Loreto), Trujillo (La Libertad), Cusco, Ica, Arequipa and Lima (Cercado, Callao, San Juan de Lurigancho and Rimac) as well as a distribution centre in Jauja (Junin).

Publication: SABI - Business News
Provider: South American Business Information
January 29, 2009

Nestle, Coca Cola, launched Inka Kola flavoured ice cream

Nestle and Coca-Cola have set up partnership for launching a new ice cream in Peru, with the flavour of the carbonated beverage Inca Kola, which took nine months to be developed. The corporations are investing US$500,000 in the new product marketing, hoping it will be as successful as other Coca-Cola branded products.

Johnny Lindley, general manager Corporacion Jose R. Lindley, firm responsible for manufacturing, commercializing and distributing Coca-Cola products, pointed out the best way to face crisis is being solid and launching innovative products. The firm is directing US$50mil during 2009 in expansion of production lines, cooling and packaging equipment. Nestle has invested US$5mil in the launch of 20 new products since October 2008, among them figures the limited edition of Inca Kola, which could be promoted to the firm's brands portfolio depending on its performance

Publication: SABI - Business News
Provider: South American Business Information
February 2, 2009

Hayduk re-launches Perfecta cannery brand

Pesquera Hayduk re-launched its canned-fish brand Perfecta, in order to consolidate market share in the low income classes and its presence in the countryside of Peru. The firm is focusing in anchovy, a fish that has great potential due to its low consumption, says Fernando Parodi, general manager. Hayduk brands currently have around 12% of the national canned-fish market and idea is keep boosting its business. The firm strategy is focused in direct human consumption and conquering new market.

Publication: SABI - Business News
Provider: South American Business Information
February 2, 2009

Peruvian programmers in great demand

Global demand of Peruvian programmers is highly increasing due to their high technical level, reported Wednesady the Peruvian Association of Producers of Sotfware (Apesoft).

This also implies better wages for these programmers, pointed out the President and General Manager of Apesoft, Yosif Humala.

"Latin-American and European companies are increasingly demanding Peruvian professionals who work in software creation and development because of their computer skills", the President of Apesoft said.

In this respect, he emphasized that Peruvian programmers' jobs is one of the most valuable in world software market for its productivity and qualification.

"Countries such as Argentina, Uruguay, Chile and Spain demanded these services last year," he stated.

Microsoft Peru announced Wednesday his free assistance to 100 local emerging companies in the software creation and development in 2009.

This US$ 500,000 investment project will allow small business owners to generate technology for their administrative and accounting processes.

Publication: Andina - English Newswire
Provider: Andina
January 29, 2009

Fortuna increases silver production at Peru's Caylloma mine

Fortuna Silver Mines Inc. reported 2008 production performance figures and provide a 2009 production guidance for its Caylloma Mine, located in southern Peru.

The Mine produced 889,782 ounces of silver, an increase of 85% compared to 2007. For 2009 the Company anticipates silver production of 1.6 million ounces, an expected increase of 80% compared to 2008.

A Technical report on Reserves and Resources for the Caylloma mine is available on the Company's website at www.fortunasilver.com.

Mr. Jorge Ganoza, CEO of the Company, commented: "Our team at Caylloma has done a superb job in delivering sustained metal production growth since the start of mining in late 2006. For 2009 we plan this growth to continue. The expected increase in silver is the result of our successful investments in exploration and development of new bonanza style silver veins which began contributing to production in the fourth quarter of 2008."

Fortuna is a growth oriented, silver and base metal producer focused on mining opportunities in Latin America.

The company's primary assets are the Caylloma Silver Mine in southern Peru and the San Jose Silver-Gold Project in Mexico

Publication: Andina - English Newswire
Provider: Andina
January 27, 2009

Colombia's Ecopetrol plans to buy Petro-Tech

Colombia's state oil company Ecopetrol SA is planning to buy Petro-Tech Peruana SA, Peru's third-largest crude oil producer, Colombian Mining and Energy Minister Hernan Martinez said on Monday.

Ecopetrol, which is exploring for oil in Peru's northern jungle with Brazil's Petroleo Brasileiro SA and Petroleos del Peru SA, plans to increase investment in Peru's oil and natural gas industry, Martinez told reporters at the Presidential Palace in Lima after meeting with Peru's President Alan Garcia.

"We're studying whether to buy Petro-Tech," Martinez said. "Ecopetrol aims to invest in the long term despite the financial crisis."

Ecopetrol plans to spend $60 billion by 2015 to meet its goal of pumping 1 million barrels a day, up from this year's 650,000 barrels, and to more than double its refining capacity. Of $6.2 billion in planned spending for next year, including $1 billion for exploration, $2.72 billion for boosting output and $870 million for acquisitions, the company's president, Javier Gutierrez, said Dec. 18.

Petro-Tech, a unit of Houston-based Offshore International Group, produces 11,000 barrels per day of crude and 15.6 million cubic feet of gas. Argentina's Pluspetrol SA and Rio De Janeiro- based Petroleo Brasileiro SA are the largest oil producers in Peru.

Publication: Andina - English Newswire
Provider: Andina
January 27, 2009

Tourism and investment projects in Piura, Peru to be promoted in Spain

Peruvian Congress member Rosa Venegas Mello will travel to Spain to promote in the cities of Madrid and Barcelona several investment opportunities, from agribusiness to tourism projects, in favor of the department of Piura, at the north of Peru.

The legislator along with other 15 Peruvian congress members from different parties will promote, among the Iberian authorities, the investment opportunities for the High Piura Hydroenergetic and Irrigation Special Project, in the framework of bilateral relations between Peru and Spain.

"Spanish entrepreneurs will be interested in the several investment opportunities that Piura has such the High Piura Project as well as the Bayovar Phosphates Project and the tourism potential that it has," the congressman said.

Piura is located at the north of Peru, precisely at 1,000 Km from the Piura capital city of Lima. It is known as one of the richest regions of the country because of agriculture tourism metallic and agriculture, tourism, non metallic mining, fisheries and dry forest potentials.

Piura has many tourist attractions. One of the best known is Colan beach. Colan beach is a very long beach with warm waters. Local people like to go there during holidays.

The coast of Piura offers many diverse attractions. Máncora, located close to the Piura-Tumbes border, is a small cove with beautiful beaches much prized by surfers, fun loving youths, and entire families.

Toward the south lies Cabo Blanco, famous for the people cut from the same cloth as Ernest Hemmingway, attracted by ocean fishing for marlin, swordfish, and grouper.

Today, it is the perfect place to surf since some of the best waves in Peru are found there. Colán is the main beach resort for the inhabitants of Piura, lovely for its typical wooden houses set upon pylons at the edge of the sea.

Publication: Andina - English Newswire
Provider: Andina
January 24, 2009

Samcorp's Sinomaq selling Chinese tractors

As part of its diversification, Grupo Samcorp, made up of 15 firms linked in the main to the hostelry and entertainment sectors, has entered into the area of Chinese capital-goods sales via its firm Sinomaq.

It has announced the news that it has been made the official distributor of Chinese tractor brand YTO whilst Pedro Aguado, general director of the firm, says that Sinomaq will also sell YTO mining and construction-sector machinery, XTMG industrial machinery and HGVs in association with FAW. The firm has invested US$7mil in this new venture and hopes to post year-2009 revenues of US$20mil (a total it would look to double in 2010).

Publication: SABI - Business News
Provider: South American Business Information
January 18, 2009

Irradia receives go-ahead for Chilca plant

Peru's Ministerio de Energia y Minas (MEM) has approved an agreement for the installation, operation and maintenance of a gas-natural processing plant by the firm Irradia. The latter will liquefy dry natural gas and sell the liquid natural gas on the Peruvian market as of December 2009, notes company president Willy Neustadlt, when the liquefying plant soon to go under construction in Chilca is ready. Irradia has already sealed supply deals with 15 firms in areas not reached by existing natural-gas distribution networks including SAB Miller with plants in Trujillo (La Libertad), Chiclayo (Lambayeque) and Cajamarca and Minera Yanacocha (in Cajamarca) and dairy group Gloria.

Publication: SABI - Business News
Provider: South American Business Information
January 9, 2009

BPZ Resources signs $1.3 billion crude oil sales contract with PetroPeru

Oil and gas exploration and production company BPZ Resources Inc. has signed a seven-year, $1.3 billion crude oil sales contract with PetroPeru. BPZ shares tumbled $1.38, or 16.5 percent, to $6.99 in morning trading.

The PetroPeru deal covers the sale of 17 million barrels of oil at an average price of about $65 each.

BPZ noted that commodity price fluctuations and production levels will determine the actual number of barrels sold and the corresponding term of the PetroPeru contract.

Under this agreement, oil will be delivered from the company's Corvina field in northwest Peru to the State-owned Talara refinery.

"This long-term contract gives us a secure market for the sale of oil from our Corvina field," Zuniga said Friday. "This long-term contract is another important piece on our ongoing growth and development, as well as providing support to our pending financing with Natixis."


Publication: Andina - English Newswire
Provider: Andina
January 9, 2009