Tuesday, August 17, 2004

Economic Growth: Reuters reports that “Peru's economy grew 3.02% in June compared with June 2003, led by strong output in fishing, manufacturing and construction,” according to the National Statistics Institute, or INEI. NOTE: “Latin America's No. 7 economy expanded 4.2% in the January-to-June period." IN SPANISH: Read the INEI report.

Government Budget/Spending: Dow Jones reports that Minister of Economics and Finance Pedro Pablo Kuczynski said “his cabinet will examine the 2005 budget proposal next week, which will then be presented to Congress,” according to CPN radio. NOTE: “Although the Finance Ministry wants to reduce the fiscal deficit next year … Kuczynski also said that the executive branch is studying how to create a special fund to modernize the military.”

Cement/Construction Growth: Dow Jones reports that Peru's overall cement sales “rose in July 14.9% to 377,939 metric tons from the same month a year before, with Cementos Lima SA leading the way,” according to the Asociación de Productores de Cemento, or ASOCEM. NOTE: Cementos Pacasmayo SAA, the second largest cement producer, had sales of 58, 019 tons in July.” ALSO: “Peru's construction sector expanded by 5.65% in the January to June period this year compared with the same period last year,” according to a separate report by INEI. IN SPANISH: Read INEI’s construction report.

Mining One: Canada’s Andresmin Gold Corporation announced in a press release that they have “mobilized an exploration team to commence preliminary exploration in the Huarangayoc and Pira properties near Huaraz.” NOTE: “The Huarangayoc property is located within the Calipuy Volcanics in the Cordillera Negra and represents a silver polymetallic project.”

Mining Two: Canada’s Sultan Minerals announced in a press release that they have started “exploration on its Coripampa 1 and 2 silver and gold properties in southern Peru. Having recognized the potential of these Peruvian properties, the Company has engaged the services of South American Management S.A., a Chilean geological consulting practice, whose principals have specific experience with epithermal ore bodies.”

Mining Three: Geologix Explorations announced in a press release an update regarding its reconnaissance activities in Huancavelica and Junin. “Geologix Peru has been actively conducting reconnaissance in central Peru targeting primarily volcanic-hosted, precious-metal systems. Four properties of merit have been acquired by concession application: Huacullo, Patacorral, Sura, and San Felipe."

Shell Peru Sells Assets to Chileans: Merco Press reports that “Chile’s government oil company ENAP has acquired Shell Peru assets.” NOTE: "Shell Peru assets include 165 gasoline stations, 12% of the Peruvian market; wholesale fuel distribution mainly to the fisheries, mining and manufacturing industries, and lubricants retail distribution.” ALSO: “In Peru, ENAP has joined Romero Trading, one of Peru’s main economic groups with ramifications in finance, industry, distribution and services, which will enable them to a 20% share of the country’s fuel market.”

Farfán Debut: Soccer Times notes Jefferson Farfán played his debut match with PSV Eindhoven.

Alianza 1 – Universitario 0: Reuters notes that Alianza Lima “won the first stage of the Peruvian championship with a 1-0 victory over Universitario, who had three players sent off on a chaotic weekend in the country that hosted last month's Copa America.”

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