Thursday, September 02, 2004
Las Bambas Effect: Times of London and the Independent report that the Las Bambas sale has driven up the price of shares in Monterrico Metals "to a new all-time high yesterday in a rumour-driven frenzy, bringing mixed blessings to two top Framlington fund managers."
Taxing Mining? Reuters reports that "oponents of a controversial mining royalty in Peru have collected the signatures needed to ask the country's top court to quash the tax and will start proceedings as soon as a pay strike in the judiciary is resolved," according to the Jose Miguel Morales of the National Society of Mining, Petroleum and Energy, a group representing Peruvian mining companies. The SNMPE said "it had collected the 5,000 signatures needed for a ruling by the Constitutional Court, Peru's highest tribunal, which can declare the royalty illegal on constitutional grounds."
Camisea Work Gets More Resources: Dow Jones reports that Transportadora de Gas del Peru SA "signed a long-delayed contract with the Inter-American Development Bank for $75 million in a 14-year direct loan," for their work in the Camisea gas line, according to an IDB official. ("TGP has the 33-year downstream concession to transport natural gas from the Camisea project to Peru's coastal regions.") NOTE: "But given the success TGP has had in raising cash elsewhere, the IDB hasn't signed a contract for the previously approved backing of a $60 million syndicated loan, the so-called "B" tranche, the IDB spokesman said." ALSO: "Regional lender Andean Development Corp. said separately Monday that it signed a 14-year loan agreement for up to $75 million with TGP." ALSO 2: "Separately, TGP said it signed a 15-year contract to provide Empresa de Generacion Termoelectrica Ventanilla SA with 2.2 million cubic meters of gas a day."
LBerenson Previewed: The Washington Post offers a piece by Lucien Chavin on the Lori Berenson case reporting that "the Inter-American Court of Human Rights is expected to rule early this month on whether ... [she] received a fair trial under Peru's anti-terrorism laws." NOTE: "Government attorneys said they expected to lose the case, with a retrial ordered. Berenson, 35, imprisoned since November 1995, was accused of collaborating with the Tupac Amaru Revolutionary Movement, a small rebel group that is now defunct." ALSO: Unnamed "analysts said freeing Berenson would be political suicide for Toledo." CITED: Ms. Berenson in a "recent interview"; and Marcos Ibazeta, the judge who presided over Berenson's 2001 retrial.
Peruvian Wine: Reuters runs an updated version of its story on the wine industry (and includes at least one photograph) which includes Tacama, Tabernero, Santiago Queirolo and Ocucaje but tries to place the blame for contemporary problems on Velasco's nationalization efforts. CITED: Carlos Rubini's Ocucaje "which currently imports Chilean and Argentine grapes to make its wine, is planting grapes again"; Pedro Olaechea's Tacama, "one of the best-selling wines in Peru and perhaps the best known abroad and has so far focused on producing small batches of high-quality wines. ... Tacama's Gran Blanco white wine, rated by British wine writer Hugh Johnson as one of Peru's best, is a mix of Chenin, Semillon, Sauvignon and Ugni Blanc grapes, not the single grape variety often found in France." Tabernero's Francisco Rotondo and their "semi-sweet Borgona wine, which is proving very popular in the United States. The Borgona grape is a Peruvian specialty with a strawberry-like flavor that goes down well with people who are learning to drink wine, according to export manager Patrick Gubbins." FINALLY: "Experts say Peru is unlikely to ever challenge the $670 million-a-year wine export revenues of Chile because it has so few wines. Peru's total wine sales are $20 million today. 'The difference is that Chile has 200 good wines. Peru has just three or four,' said wine critic Cristina Vallarino, who buys wines for Peru's leading supermarket chain E. Wong."
Exporting Legally: Eye for Transport reports that "Exel has announced that its freight management office in Lima, Peru, has received official certification from the Business Anti-Smuggling Coalition (BASC) - one of the first freight forwarding organisations in Latin America to receive this important certification." According Exel's station manager in Lima, Patricia Lema, “This important certification ensures that all of our customers' shipments from Peru into the United States comply with international security and commercial trade standards and procedures.” NOTE: "During 2003, Exel's freight management office in Lima managed approximately 195 tons of seafreight from the Port of Callao and 520 tons of airfreight shipments from Lima Airport to New York, Miami and Los Angeles, on behalf of its customers. While Exel works with organisations in multiple sectors throughout Peru, the majority of the company's operations are concentrated in the textile industry serving US-based businesses."
Number One Horse: Thoroughbred Times reports that Comando Intimo "was elected Peru’s 2003-2004 Southern Hemisphere season Horse of the Year, champion horse, and champion three-year-old male by the Asociacion de Criadores de Caballos de Carrera del Peru on August 26. Campaigned by Freddy Chirinos’s Stud El Castillo, Comando Intimo has won five of 13 starts over two seasons, including wins in the Clasico Alfredo Benavides y Alfredo Benavides Diez Canseco and Clasico Marina de Guerra del Peru."
Wednesday, September 01, 2004
2005 Budget: Reuters reports that Peru's government has proposed authorizing up to $2.65 billion in new foreign debt next year, according to the 2005 draft budget submitted to Congress. The bill also said the government proposed internal financing operations of up to 3.866 billion soles (US$1.11 billion), including the issue of bonds up to 3.77 billion soles."
Teaching English in Lima: The Guardian has an uneven narrative by Natalie Clark on teaching English in Lima which is part travelogue (combis, Collca) and part cultural survival. Though the paper puts the piece in their 'Teaching English as a Foreign Language' section, Clark spends little time on that theme and drifts toward architectural criticism and political commentary among other things. NOTE: "At the end of the first month teaching I was called to the office of my language centre and reprimanded for having too many students who had failed the cycle and was told to alter their scores." ALSO: "Other mornings I found the buses would be on a diversion because parts of the road were on fire- but fires controlled by marshals." FINALLY: "I soon realised that every Peruvian I met had an overwhelmingly negative opinion of their country because of its history of dictatorships, poverty and the memory that over a decade ago terrorism was rife."
Tuesday, August 31, 2004
Las Bambas Auction: Reuters reports on the nine top copper companies lined up "to bid for the vast Las Bambas deposit in Peru -- long touted as one of the greatest of all projects in this mineral-rich nation -- but locals vowed protests. The sale of the Las Bambas copper project -- at a site discovered in 1911 high in the Andes southeast of Lima and expected to need investment of at least $1.5 billion -- was delayed from June amid a controversy over a royalty charge on mining operations." Although 14 companies had originally prequalified for the sale, SNMPE President Jose Miguel Morales said only Swiss-based Xstrata Plc, Australia's BHP Billiton, Phelps Dodge of the United States, Rio Tinto and Brazil's Vale do Rio Doce "had accredited representatives for the auction as of Friday." NOTE: "Some 600 peasants have ridden across the Andes to Abancay, capital of the Apurimac department where Las Bambas is located, to protest the sale along with 90 local leaders, according to Juan Amache, head of a local citizen's group." CITED: CONACAMI, a lobby group protesting the impact of mining.
Montanans in Peru: Montana's Billings Gazette reports on seven college students who travelled to Peru through ProPeru, a service corps operating under the auspices of its parent organization, ProWorld. The organization's mission is to provide cross-cultural experiences by blending service, community development and academic study." NOTE: "What the students earned in perspective, the Peruvians gained in sweat labor. The Rocky group spent much of its time involved in projects that would better the region around Urubamba, a mountain village not far from Cuzco. ... One of their assignments was to build a greenhouse - vivero - to nurture native saplings. The vivero was constructed next to the village's small hospital."
Monday, August 30, 2004
Sunday, August 29, 2004
LHorna Loses in Finals: Reuters reports on Luis Horna's victory over Paradorn Srichaphan in the Long Island Cup 1-6 6-4 7-6 "in a dramatic semi-final on Saturday." Later today, the Associated Press and Reuters reported that Horna lost to Lleyton Hewitt6-3, 6-1 in the TD Waterhouse Cup final.
Cienciano at Miami: The Miami Herald reports that Peruvian clup Cienciano will play the Argentine Boca Juniors at Lockhart Stadium next month.