Peru - golden Reservations for 11 years and it might turn into the first producer of gold of the world

The vice-minister of Mines of Peru, Fernando Gala, said that “Peru can turn into the first producer of gold of the world in a few years due to the existence of a few golden reservations for almost 11 years, to the rhythm of 182 tons current production a year, while China, which is at present the first producer of this metal in the world, is provided with reservations for only 6 years if it supports his 310 tons production a year.”

Gala even mentioned that of more than 41 billions USD of the entire portfolio of mining projects that exist in Peru, slightly more than 5.000 million USD (13 %) corresponds to auriferous projects.

Another advantage with which Peru is provided, pointed out the vice-minister, is that if normally the golden presence has always happened in the north (Cajamarca and La Libertad), in the last months also there were golden discoveries in the south area of Peru.

Gala told that the mineral reservations are an economic concept, this implies that when it raises the price, automatically the reservations increase.

The discovery of auriferous deposits is more complicated than that of other metals because these are scarce and very erratic for his place and dimensionamiento.

In this sense, Gala emphasized that the project Chucapaca of the company Gold Fields, located in Moquegua, would imply an investment of almost 1.000 million USD, and one believes that close to this deposit there are other golden deposits that would increase the reservations of the metal.

Minem Peru

17-09-2010

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11-09-2010 management
Peru is wallowing in gold

The ex-president of the Cabinet Pedro Pablo Kuczynski discarded that golden scarcity exists in Peru, in reference to the declarations that there gave Germán Alarco, teacher of Centrum Católica, who warned that if Peru supports the current production level, the reservations proved the alone metal would reach for 3,2 years.

In dialogue with RPP, Pedro Pablo Kuczynski was further away and he indicated that
“Peru is wallowing in gold. Many of these new projects of copper, especially in Cajamarca, have copper with gold. We have a lot of gold here. Almost all the gold-mines work with 2 ó 3 years of horizon, but gold there is, and I think that the price of the gold goes to be still high.”

According to information of the Department of Energy and Mines (gathered by Management 24.05.10), the reservations proved gold in Peru promote to some approximately 589,8 tons, while the annual production (of 2009) added approximately 182,4 tons.