Thursday, April 29, 2004

Mayor Lynched, cont: Update: Dow Jones is reporting that Lourdes Flores Nano (of the center-right National Unity alliance) said that Interior Minister Fernando Rospigliosi "should resign because the government had failed to control rising tensions in Ilave." She still believes, however, that he is among the best in Toledo's current cabinet. Agence France Press publishes a haunting photograph of "unidentified relatives attend[ing] the funeral of Ilave Mayor Cirilo Robles. MISNA reports that "around a thousand people, for the most part street vendors, took the streets of Chiclayo, in protest against the Mayor Arturo Castillo, who intends to privatise the main market of the city." [NOTE: Peruvia has received emails from Chiclayo questioning the veracity of this account.]

Miners Strike, cont: Reuters reports that workers at eight mines, including Toquepala and Cuajone (two mines owned by Southern Peru Copper Corp.) "heeded a nationwide strike call over contracts and benefits for 60,000 workers who currently lack them," according to union officials. Workers at Antamina and Yanacocha were not expected to join the strike "because their unions are weaker." Quoted is Pedro Escate, general secretary of the Mining Federation. The Miami Herald runs yesterday's Reuters story. A separate Reuters article says that "mining issues on Peru's stock exchange fell sharply for a second day on Thursday over worries a cooling in China's fast-growing economy could hurt demand for metal exports," according to traders. A secondary concern in this article is the "partial strike." Chinese Premier Wen Jiabao on Wednesday told Reuters that China was committed to forceful measures to prevent its red-hot economy from overheating. That could mean less demand for minerals, Peru's largest export."

Newmont Mining and its Critics: Denver's Rocky Mountain News reports on Newmont's shareholders annual meeting in an article titled, "Newmont Loses Glitter." Chairman and Chief Executive Wayne Murdy is quoted saying, "'We are focusing on three of our five core areas: Ghana, Nevada and Yanacocha in Peru." The Denver Business Journal headlines their story "Newmont shareholders face good news and bad" and includes quotes from Father Marco Arana, a resident of Cajamarca and an activist on calling attention to Newmont's mining practices, "Newmont has profited greatly from Yanacocha, but residents still suffer terrible health effects from a mercury spill that occurred four years ago. We are fighting to free our community from poverty and contamination and to affirm our right to development that is based on social equality and environmental protection." As over 1,000 Peruvians are suing Newmont in Denver as a result of the spill, the Business Journal reminds that the mining company "sought help from the state Legislature to avoid being sued in Colorado over matters that happen elsewhere in Newmont's far-flung gold and precious minerals empire. Gov. Bill Owens signed the bill into law on April 8." See "Overseas Lawsuits Would Be Tried Elsewhere," Denver Business Journal. Earthworks, an environmental mining watchdog group, has put out a press release timed for the shareholders meeting and declaring that "Communities Hurt by Newmont Mines Seek Fair Compensation." Father Arana is included in this press release.

More Mining:
- Pan American Silver Corp. put out a press release that quoted Chairman and CEO Ross Beaty saying "We are now almost debt free with $120 million in cash, sufficient to purchase the Morococha mine in Peru ... and complete the expansion of our Huaron mine in Peru."
- Bloomberg reports that Minas Buenaventura "gave up an option to buy a stake in the Yanacocha mine from the International Finance Corp., setting the stage for a public sale of the holding." The IFC (the financing arm of the World Bank) "is seeking to raise at least $75 million from the sale of the 1.25 percent stake in Minera Yanacocha" according to Roque Benavides, Buenaventura's chief executive. Buenaventura and Newmont Mining Corp., which own 43.7 percent and 51.4 percent of Yanacocha respectively, both waived their preferential rights, he said. Newmont hasn't made a final decision on whether to buy the stake.
- Panoro Minerals put out a press release to announce that they have "resumed drilling at Panoro's El Rosal Property in Peru following a number of mechanical problems with equipment of the former drill contractor who has now been replaced."
- The Irish Minmet put out a press release to announce they are merging their Peruvian and Brazilian assets with Brazilian mining company Mineracao Vale dos Reis Limitada to form OuroQuest Americas where Minmet will own 70% of the new company. Minmet owns the El Aguila silver-lead-zinc prospect in Cerro de Pasco.

Saving Water, cont: Dow Jones reports that Lima "will face widespread cuts to water supplies until the end of the year," according to SEDAPAL. "From May 1 until December, water will be restricted in Lima and the port of Callao from five in the afternoon to five in the morning." Quotes come from Sedapal chief Jorge Villacorta. See also 'Saving Water' in March 9's Peruvia.

Peru 1 - Chile 1: Reuters reports that Israel Zuniga scored "a last-minute goal as Peru salvaged a 1-1 draw in their friendly" against Chile, played in Antofagasta. Zuniga, who plays for Universitario, entered the match as a substite. Reuters also provides the details and some photographs of the match. Reuters also offers photographs of Zuniga celebrating his goal.
Meanwhile, Xinhuanet reports that Uruguay announced the squad that is to play Peru on June 1 in a 2006 World Cup qualifier."

Ministers Meet: Pakistan's Daily Times reports on the 17 Latin American government Ministers of social development meeting in Lima May 1 in preparation for the Third Presidential Summit of Latin America and the European Community to be held in Guadalajara in May. President Alejandro Toledo will address the opening session in Lima.

LHorna in Munich:Agence France Press and the Associated Press reports that Luis Horna advanced in the BMW Open. He was leading Taylor Dent 6-4, 3-1 when Dent (of the United States) "retired with a knee injury." Horna will now meet the Czech Radek Stepanek.

Stripped, cont: London's ribald The Sun headlines "Men's UN-derwear protest" on yesterday's PescaPeru protest.

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