Archive for July 2008

Peru’s Buenaventura’s 2Q profits up 571 percent

Released : Wednesday, July 30, 2008 7:25 PM

Macro World Investor

LIMA, Peru-Peruvian miner Buenaventura said Wednesday that net income rose 571 percent in the second quarter, compared to an exceptionally low period in 2007.

Profits shot to US$121.7 million or US$0.48 per share, up from US$18.2 million or US$0.07 a share, a year ago, Compania de Minas Buenaventura SAA said.

The Lima-based miner had posted abnormally low profits during the second quarter of last year, when it was hit with nonrecurring expenses including a one-time charge of US$64.7 million against hedging-related losses, CEO Roque Benavides said in a statement.

Compared with the same period in 2007, revenue for the second quarter of this year increased a more modest 15 percent to US$216.4 million on stronger silver and zinc sales, as well as rising gold and silver prices.

U.S. shares of Buenaventura fell 4.2 percent or US$1.21 on Wednesday to close at US$27.61.

Buenaventura also said production at the northern Yanacocha gold mine, Latin America’s largest, rose 46 percent in the second quarter.

The company holds a 43.65 stake in Yanacocha, while Denver-based Newmont Mining Corp. holds 51.35 percent and the International Finance Corp. holds 5 percent.

Buenaventura is the largest publicly traded precious metals company and a major holder of mining rights in Peru.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Provider:
Associated Press Worldstream

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PERU: PRESIDENT BLAMES SOARING FOOD PRICES ON OIL CONFLICTS

Angel Paez
Macro World Investor

Released : Wednesday, July 30, 2008 7:18 PM

LIMA, Peru, Jul. 29, 2008 (IPS/GIN) — Peruvian President Alan Garc¡a alleged Monday that “war on the people by the oil-producing companies and countries” is to blame for today’s soaring food prices.

Oil interests are also to blame for the fact that poor people in Peru are not benefiting from economic growth, Garc¡a said. In an address before Congress, marking Independence Day and the second anniversary of his inauguration, Garc¡a acknowledged that his administration has made mistakes, and promised to fight harder against poverty and inflation and to create more jobs.

Speaking just a few weeks after Peru experienced violent social protests, the president did not, however, mention specific measures to tackle these problems.

The country’s inflation rate, which stood at 7 percent between June 2007 and June 2008, “is one of the lowest on the continent,” said Garc¡a, although he did not clarify that the prices for consumer goods in the provinces have risen by up to 15 percent.

The president devoted most of his nearly two-hour speech to describing the main achievements of his administration so far. For instance, 18.5 million people in Peru now have mobile phones, compared to just 6 million in 2006. Also, in the past year 700,000 new fixed telephone lines have been installed.

Garc¡a also emphasized the substantial increase in revenue from annual concession fees paid by mining companies, called the “canon minero,” which the executive branch distributes to local and regional governments to be used for social spending. In 2006 the amount transferred was equivalent to $607 million, and this year it will reach nearly $1.85 billion.

The increase of more than 300 percent is due to the surge in international metals prices.

Between 2004 and 2007, “canon minero” revenues rose tenfold, but their distribution to mainly mining areas created inequality between regions.

The tax is distributed in different proportions between the mine site and local and provincial governments with jurisdiction over the mine. Thus some very poor areas that are close to mines but fall under a different local administration receive little or nothing from the tax.

This system of distribution means that 61 percent of the revenue accrues to only five of the country’s 25 provinces — ncash, Tacna, Cusco, Cajamarca and Moquegua — while barely 5.45 percent goes to Huancavelica, Apur¡mac, Ayacucho, Puno and Huanuco, where poverty rates range between 64 and 85 percent.

Garc¡a did not specify how he would modify the distribution mechanism, which is a permanent cause of social conflicts, such as those that broke out recently in the Moquegua and Madre de Dios regions.

From January to June this year there have been 132 social conflicts, 65 percent of them active and 35 percent latent, according to a report from the Ombudsman’s Office updated to June 30. “None of these has been settled during June,” the report said.

During the same six-month period, 53 social demonstrations took place, continuing a rising trend. Ombudsman Office officials have had to intervene as mediators on 78 occasions to avert violent clashes between demonstrators and the security forces.

According to the Ombudsman Office’s report, between June 2007 and June 2008, social conflicts have risen by nearly 57 percent.

“After impressive growth, we propose more redistribution and an intense fight against extreme poverty” in the year ahead, Garc¡a said.

“Peru has advanced, but it is now time for the poor to advance the most,” he said.

In 2006, 57,000 households were beneficiaries of the Juntos program, under which mothers of poor families were granted a monthly allowance, now equivalent to nearly $36, to be used for feeding the children, sending them to school and ensuring their health care.

Today this program covers 600,000 families in the poorest areas of the country, and the state will spend $232 million this year to fund it.

But the president “said nothing about taxing the mining companies’ windfall profits, increasing wages and pensions, or adopting concrete measures to deal with the rise in the cost of living,” said Mario Huam n, the general secretary of the General Confederation of Peruvian Workers.

On July 9, Huaman led a 24-hour national strike, which was the largest demonstration so far against the Garc¡a administration.

In his view, “Garc¡a is not planning to combat inflation, therefore food prices will continue to rise, which will especially affect the poor.”

A poll published by the Catholic University’s Institute of Public Opinion reported that 62 percent of respondents disapproved of the president’s performance, while 31 percent approved.

In social sectors D and E — the poorest strata in the sample — disapproval of Garc¡a climbed to 79 percent, with only 15 percent giving him positive marks. Furthermore, 43 percent of interviewees in these strata said their disapproval was due to price rises.

“I don’t think the president’s message will have any impact whatsoever, since the average citizen doesn’t listen to him,” said Fernando Tuesta, the head of the Institute of Public Opinion.

His speech “is of interest only to the media, politicians and other experts. It won’t do Garc¡a any good in terms of public opinion, and I don’t think he expects it to, especially with such a long speech, going into details that ordinary people aren’t interested in,” he said.

Lawmaker Jhony Peralta of the governing Peruvian Aprista Party, who is currently the head of the Congressional Budget Commission, said “the president has recognized the effects of inflation on Peruvian households and proposes to curb it, but without hasty or abrupt measures.

“The president has repeated his pledge to reduce the poverty rate to 30 percent by the end of his term [in 2011], which undoubtedly means that he will bring inflation under control. An effective measure would be to promote domestic agricultural production to cut dependence on food imports, which are fueling inflation,” Peralta said.

Garc¡a also made some surprising remarks, saying there is a need for another kind of reform: “a reform of the soul, which every Peruvian can undertake.”

“Tax evasion should not become a clever trick to play, and racism should not be allowed because it causes offense and slows national progress. These things cannot be imposed by law, but stem from each one of us,” he said.

But the president made no mention of any measures to fight corruption. One year ago he announced the creation of a National Anti-Corruption Office, under a highly respected judge, Carolina Lizarraga, who resigned a few weeks ago, leaving her post vacant.

“There was a great vacuum with respect to the measures to be taken to curb inflation, and what was also surprising was the complete absence of the issue of fighting corruption, in spite of the incidents that have occurred,” said opposition lawmaker V¡ctor Andr‚s Garc¡a Bela£nde.

Neither was there room in the president’s speech to discuss the $500 million that the executive branch has just decided to invest in upgrading equipment for the armed forces. All he said was that “Peru’s defense system has a high deterrent capability, which guarantees the country’s sovereignty.”

Copyright 2008 Global Information Network

Provider:
Global Information Network / English IPS News

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Mountain glaciers in Peru are receding rapidly due to global warming

July 30, 2008

Andhra News

Satellite images have revealed that mountain glaciers in Peru are receding rapidly due to global warming, with 26 per cent of their surface area lost in the last 33 years.

Washington, July 30 : Satellite images have revealed that mountain glaciers in Peru are receding rapidly due to global warming, with 26 per cent of their surface area lost in the last 33 years.

According to a report in ENN (Environmental News Network), the reduction is equivalent to 188 square kilometres of the Cordillera Blanca, the highest tropical mountain chain in the world.

The mountain range is home to more than seven hundreds glaciers, with the glacier Huascaran declared a world heritage site by UNESCO.

Marcos Zapata, head of the glaciology unit at the National Institute of Natural Resources (INRENA), has determined that the glaciers are melting by around 20 metres per year - compared to a rate of nine metres per year recorded until 1977.

“At present, there are more melting glaciers and therefore there is a relative increase in flows in rivers and streams,” said Nelson SantillA�n, a researcher at the INRENA glaciology unit.

According to SantillA�n, while this currently does not have any significant negative effects, people must be warned about the correlation of this with the increased glacier melting and the future halt in water flow.

INRENA estimates this could be as soon as 2020.

“This could have severe consequences since the population and number of agricultural areas near the glaciers is growing at higher rates than three or four decades ago,” said SantillA�n.

Andean scientists have suggested the Paramos ecosystem in the northern Andes as an alternative source of water for communities when the glaciers disappear.

The ecosystem retains and absorbs water in wetland areas.

“The Paramos can act like a big sponge to contain (excess water from) the melting of the glaciers,” said Jorge Recharte, director of the Andes programme at the Mountain Institute in Peru. “If they are conveniently managed they could provide an alternative (source of water),” he added.

A 2002 study by Recharte indicated that the Paramos is a source of drinking water for thirteen million Peruvians who live on the coast.

“Given the difficulty of controlling glacier melting, it is definitely important to work in the conservation of grasslands and high forests located in the upper basins of the Andes to keep some water availability in the coming years,” he said.

ANI

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Broadband access in Peru jumps 23.4 percent

Monday 28 July 2008 | 09:06 AM CET

Telecom Paper

Broadband access in Peru climbed by 23.4 percent in 2007, according to the Cisco Broadband Barometer. In December 2007, Peru reached 598,259 connections, with over 113,000 new additions last year. Broadband penetration in Peru reached 2.3 percent, below the levels registered in other countries in the region, including Chile (8.8%), Argentina (6.6%) and Brasil (4%). Broadband connections using cable modem, fixed wireless and ADSL reached 591,125 connections. Fixed wireless connections recorded the largest growth in 2007, driven by WiMAX with 14,000 connections.

The residential segment continues to be the dominant market sector with 84 percent of broadband connections, up by 7.2 percent in 2007. By comparison, the business segment accounted for 15.47 percent of the country’s overall broadband connections in the second half of 2007. The SME segment experienced the highest annual growth for both dedicated lines, with 68 percent, as well as for ADSL, fixed wireless, cable modem, with 51 percent. Lima continues to gather most of the broadband connections and dedicated lines, accounting for 61.3 percent and 80.8 percent, respectively, of Peru’s overall number of access lines.

The regions with reached the highest broadband penetration are Lima with 4.2 percent and Tacna with 3.4 percent, followed by Moquegua with 2.9 percent and Arequipa with 2.8 percent. By comparison, the regions with the lowest broadband penetration are La Libertad (2.3%), Lambayeque (2.0%) and Ica (1.9%). As to the download speeds, over 39.8 percent of the overall connections offer between 256 Kbps and 512 Kbps. The Cisco Barometer currently measures the broadband growth in Argentina, Chile, Brazil, Colombia, Costa Rica, Venezuela and Peru.

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Peru at Odds with Chile and Bolivia

Lima, Jul 28 (Prensa Latina) A border dispute with Chile and disagreements with Bolivia came out on Monday in a message by Peruvian President Alan Garcia, on the occasion of the national holiday.

In his appearance before Congress to report about the second year of his five-year term, Garcia said Peru chose “the peaceful, legal path” by bringing a maritime border dispute with Chile before the International Court of Justice in The Hague.

“We have accomplished our duty to bring our maritime dispute before the International Court in The Hague, which is the peaceful and legal path to be followed, and we know its ruling will admit that Peru is right,” said the president.

He also referred to disagreements with Bolivia, which rejects the application of the format of free trade agreements with the United States to a Partnership Agreement with the European Union.

“Peru does need the trade agreement with Europe and we must be strong in our demand to Bolivia,” he stressed.

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Peru’s Garcia vows to cut poverty 25 percent

updated 3:36 p.m. PT, Mon., July. 28, 2008

CNBC

LIMA, Peru - Peruvian President Alan Garcia is vowing to reduce poverty by one-quarter before he leaves office in 2011.

Garcia says he’ll increase anti-poverty funding to reduce the ranks of poor Peruvians from 40 percent of the population to 30 percent by the end of his term. He did not give details.

Garcia also said Monday in an Independence Day address that annual inflation that reached 5.7 percent through June is due to rising global food and fuel prices.

Peru’s economy expanded 9 percent last year and is forecast to grow at least 8 percent this year. But inflation and poverty remain high, and many Peruvians say they are not seeing the benefits of the boom.

Garcia’s popularity has steadily declined since taking office two years ago.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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Laptop computers a hit in remote Peru

26/12/2007 8:00:00 PM. | AP

Live News

Doubts about whether poor, rural children really can benefit from quirky little computers evaporate as quickly as the morning dew in this hilltop Andean village, where 50 primary school children got machines from the One Laptop Per Child project six months ago.

These offspring of peasant families whose monthly earnings rarely exceed the cost of one of the US$188 ($A215) laptops - people who can ill afford pencil and paper much less books - can’t get enough of their “XO” laptops.

At breakfast, they’re already powering up the combination library/videocam/audio recorder/music maker/drawing kits.

At night, they’re dozing off in front of them - if they’ve managed to keep older siblings from waylaying the coveted machines.

“It’s really the kind of conditions that we designed for,” Walter Bender, president of the Massachusetts Institute of Technology spinoff program One Laptop Per Child, said of this agrarian backwater up a precarious dirt road.

Founded in 2005 by former MIT Media Lab director Nicholas Negroponte, One Laptop has retreated from early boasts that developing-world governments would snap up millions of the pint-sized laptops at US$100 ($A114) each.

In a backhanded tribute, One Laptop now faces homegrown competitors everywhere from Brazil to India - and a full-court press from Intel’s more power-hungry Classmate.

But no competitor approaches the XO in innovation. It is hard drive-free, runs on the Linux operating system and stretches wireless networks with “mesh” technology that lets each computer in a village relay data to the others.

Mass production began last month and Negroponte says he expects at least 1.5 million machines to be sold by next November. Even that would be far less than Negroponte originally envisioned. The higher-than-initially-advertised price and a lack of the Windows operating system, still being tested for the XO, have dissuaded many potential government buyers.

Peru made the single biggest order to date - more than 272,000 machines - in its quest to turn around a primary education system that the World Economic Forum recently ranked last among 131 countries surveyed. Uruguay was the No. 2 buyer of the laptops, inking a contract for 100,000.

Negroponte said 150,000 more laptops will get shipped to countries including Rwanda, Mongolia, Haiti, and Afghanistan in early 2008 through “Give One, Get One,” a US-based promotion ending December 31 in which you buy a pair of laptops for US$399 and donate one or both.

The children of Arahuay prove One Laptop’s transformative conceit: that you can revolutionise education and democratise the internet by giving a simple, durable, power-stingy but feature-packed laptop to the worlds’ poorest kids.

“Some tell me that they don’t want to be like their parents, working in the fields,” first-grade teacher Erica Velasco says of her pupils. She had just sent them to the Internet to seek out photos of invertebrates - animals without backbones.

Antony, 12, wants to become an accountant.

Alex, 7, hopes to be a lawyer.

Kevin, 11, wants to play trumpet.

Saida, 10, is already a promising videographer, judging from her artful recording of the town’s recent Fiesta de la Virgen.

“What they work with most is the (built-in) camera. They love to record,” says Maria Antonieta Mendoza, an Education Ministry psychologist studying the Arahuay pilot project to devise strategies for the big rollout when the new school year begins in March.

Before the laptops, the only cameras the kids at Santiago Apostol school saw in this hamlet of 800 people were carried by tourists coming for festivals or the local Inca ruins.

Arahuay’s lone industry is agriculture. Surrounding fields yield avocados, mangoes, potatoes, corn, alfalfa and an Andean fruit called cherimoya.

Many adults share only weekends with their children, spending the work week in fields many hours’ walk from town and relying on charities to help keep their families nourished.

When they finish school, young people tend to abandon the village.

Peru’s head of educational technology, Oscar Becerra, is betting the One Laptop program can reverse this rural exodus to the squalor of Lima’s shantytowns four hours away.

It’s the best answer yet to “a global crisis of education” in which curricula have no relevance, he said.

“If we make education pertinent, something the student enjoys, then it won’t matter if the classroom’s walls are straw or the students are sitting on fruit boxes.”

Indeed, Arahuay’s elementary school population rose by 10 when families learned the laptop pilot was coming, said Guillermo Lazo, the school’s director.

The XOs that Peru is buying will be distributed to pupils in 9,000 elementary schools from the Pacific to the Amazon basin where a single teacher serves all grades, Becerra said.

Although Peru boasts thousands of rural satellite downlinks that provide Internet access, only about 4,000 of the schools getting XOs will be connected, said Becerra.

Negroponte says One Laptop is committed to helping Peru overcome that hurdle. Without internet access, he believes, the program is incomplete.

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Strike Resources places $103m shares with Gallagher Holdings

Elisabeth Behrmann, Dow Jones Newswires | July 28, 2008

The Australian Business

STRIKE Resources has raised $103 million through a share placement to Gallagher Holdings to help fund its Peruvian iron ore project.

The Perth-based company said it placed the shares at an issue price of $2.75, a 39 per cent premium to Strike’s (ASX: SRK) closing price Thursday.

Gallagher is an unlisted holding company of Russia’s resource player Metalloinvest Holding, and Gallagher chairman Farhad Moshiri will join Strike’s board as a non-executive director after completion of tranche one of the placement.

The funds will go toward development of Strike’s flagship 20 million metric tonne per annum iron ore project in Peru.

Strike recently announced the completion of a year-long pre-feasibility study. The placement means Strike will be able to move to a bankable feasibility study.

The placement will be made in two tranches, one of $49.7 million and $53.4 million.

The first tranche will proceed shortly, with completion of the second tranche subject to shareholder approval, Foreign Investment Review Board approval and completion of due diligence by Gallagher.

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Maple Energy Eyes More Peru Ethanol Projects

7/22/2008 6:44:00 AM

Cattle Network

LIMA (Dow Jones)–Peru’s Pacific desert coast is home to less than 2% of the Andean nation’s water supply, but to Rex Canon, it’s the perfect place to grow sugarcane for ethanol.

“It’s an ideal place to grow cane,” said Canon, chief executive of Maple Energy PLC (MPLE.LN), a Dallas-based energy company that has operated in Peru since 1992.

Last year, Maple purchased from the Peruvian government 10,676 hectares – an arid piece of land in the northern Piura region that will soon be home to Peru’s first fully integrated ethanol project, worth more than $180 million.

Through its wholly owned subsidiary Maple Etanol SRL, Maple is planning to grow 8,000 hectares of sugarcane and process it in its own distillery there.

In an interview with Dow Jones Newswires, Canon said Maple, which is listed in London and Lima, expects to produce 35 million gallons of field-grade ethanol a year by 2010, when production is slated to begin.

“What’s unique about Peru is the climate and the fact that there is very little rainfall on the coast,” Canon said, setting the Andean nation apart from biofuel powerhouse Brazil, where growing is based on the season. “Peru has arguably the best conditions in the world for growing sugarcane.”

The project also includes a 37-megawatt power plant, which Maple plans to fuel itself, selling the excess output to the national power grid.

Canon said Maple is looking other similar ethanol projects, most likely along Peru’s coast, to increase ethanol production as demand for global biofuel grows.

“Our mid-term goal is to be producing about 100 million gallons a year of ethanol,” Canon said. “We don’t have the kind of projects to do that right now. We are looking at other opportunities and we’re also looking to expand the project we’re currently developing.”

Canon said Peru’s location on South America’s Pacific coast makes it particularly appealing for the export of ethanol, especially to Asia.

Peru’s government has flip-flopped on the issue of biofuels. Government officials are grappling with the country’s open-armed stance for investment and domestic energy production, and the need to safeguard food supply.

Earlier this year, President Alan Garcia said biofuel crop production could put the world’s food supply at risk. In May, the agriculture minister said biofuel production in Peru was acceptable as long is it didn’t take place on the fertile lands used for food production.

Crop science companies have benefitted from the rise in biofuel production and in crops in general in Latin America.

In its 2007 annual report, chemical giant Bayer AG (BAYRY) said business at its Bayer Cropscience unit increased in part “due to increased cultivation of crops for the production of biofuels and a more favorable market environment in Latin America.”

Sales grew faster in Latin America than any other region for Bayer Cropscience.

Syngenta AG (SYT) said in its 2007 annual report that: “The star performer was Latin America with sales growth of 37%. High soybean prices encouraged growers to maximize yield while demand on other crops such as corn and sugar cane also increased.”

Source: Leslie Josephs, Dow Jones Newswires; 511-211-2689; peru@dowjones.com

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CHILE BUYS FRENCH-MADE SATELLITE FOR 72 MILLION DOLLARS

Some 25 groups submitted bids for the deal, and the tender was won by the French aerospace and defense group, according to La Tercera.

Received Friday, 25 July 2008 20:00:00 GMT

The Tocqueville Connection

SANTIAGO, July 25, 2008 (AFP) - Chile has decided to buy a satellite for military and scientific purposes from France’s EADS-Astrium group, the newspaper La Tercera reported Friday.

Chile’s Defense Ministry wants the 72-million-dollar satellite to monitor the country’s borders and to help with natural disasters.

Some 25 groups submitted bids for the deal, and the tender was won by the French aerospace and defense group, according to La Tercera.

The satellite is slated to be rocketed into orbit in 2010.

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