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