Latin America is projected like one of the principal producers of gold
20-05-2008 newspaperLatin America is projected like one of the principal producers of gold in the world, as it was clear today of VIII International Symposium of the Gold, where it was predicted that the price of the ounce will overcome in a next future 1.000 dollars. The symposium started today in Lima, which receives every two years Peru, with the intention of analyzing the perspectives of the valued metal on the international markets.
“Latin America is turning into one of the principal producers of gold of the world, particularly Peru, as well as Chile, Brazil and Mexico”, affirmed the director of the area of Natural resources of the Economic Commission for Latin America of United Nations (CEPAL), Fernando Sánchez-Albavera.
The expert added that “Argentina emerges like important producer and there is big reservations potential in Colombia and Venezuela”.
Also, he underlined the interest of the multinationals to invest in the region because the “gold has turned into a factor that covers the risk of the investors”, what generates a major desire to explore and to exploit auriferous deposits.
According to the CEPAL, 24 % of the world investments on metal exploration in 2007 concentrated in Latin America, approximately approximately 2.500 million dollars.
Peru is the principal golden producer in Latin America and it fills the fifth vacancy in the world ránking, with 170 metric tons in 2007, what supposed 6,8 % of the production in the planet.
During the opening of the meeting, the Peruvian minister of Energy and Mines, Juan Valdivia, moved forward that for the period 2008-2015 his country has projected investments at the price of 19.923 million dollars in the mining sector.
In fact, Peru along with Mexico there were the countries that more funds destined to the search of new deposits, followed by Chile, Brazil and Argentina.
Before more than thousand executives of the principal mining companies of the planet, Sánchez-Albavera praised the “important auriferous potential of Latin America” to take part "dinámicamente" of the international market of the valued metal.
In this sense, he emphasized the progressive valuations of participation of Latin America in the world production, with an increase that overcame almost five times the global average between 2002 and 2006.
“Everything seems to indicate that the auriferous mining is going to have a big demand growth, and hence a quite interesting price in the next years”, added Sánchez-Albavera, who moved forward that the golden ounce will overcome in “a next future” a price “of four numbers”, when at present it is about 920 dollars.
He told that the high demand of China and India and the intensification of the industrial use, as well as “the depreciation of the dollar and the international monetary instability”, will impel the value of the gold.
The person in charge of this organization, dedicated to the promotion of the gold on the international markets, pointed out that with the high prices, the projection is still that the countries that they buy more gold, led by China and India and consuming 36 % the world production, keep on doing it.
VIII International Symposium of the Gold will extend until the next Thursday, May 22, in the Headquarters of the Army of Peru.
The closing ceremony will be to charge, on Thursday, of the Peruvian president, Alan García.
20-05-2008 EFE
