Oct 14 Peru's leftist president, Ollanta Humala, has secured some $15 billion in pledged investments for the country's fast-growing economy since narrowly winning the June 5 presidential election.
Though just six months ago Humala's ascent in polls had unnerved financial markets and caused businesses to put plans on hold, he has implemented a center-left platform that aims to please both the rural poor and businesses, rather than follow the model of his one-time mentor, Venezuelan President Hugo Chavez.
Humala, a former army officer, has pacified investors in Peru, a top minerals exporter, by appointing a conservative economic team committed to keeping free-market reforms intact and adopting a moderate discourse.
The new investments are equal to about 10 percent of current gross domestic product.
Below are key new investments announced in Peru's mining, energy and telecommunications sectors since Humala was elected to a five-year term, along with planned investments that companies reaffirmed after he won:
NEW INVESTMENTS (ABOUT $15 BILLION):
Spanish oil firm Repsol-YPF (REP.MC) plans to spend between $2.5 billion and $3 billion in the next five years, company President Antonio Brufau said on Oct. 13. The company expects to spend about $1 billion in its Pampilla refinery; the rest of the investments would go to exploration and development of blocks that are already producing natural gas. [ID:nN1E79C20I]
Prime Minister Salomon Lerner said on Sept. 28 that Brazil's Votorantim, the world's No. 3 zinc producer, would invest $3.2 billion in Peru in the next five years. Votorantim controls Peruvian miner Milpo (MIL.LM) and operates the Cajamarquilla refinery in Peru. [ID:nS1E78R0W]
Barrick Gold (ABX.TO), the world's largest gold producer, plans to "bet on Peru" with a $550 million investment by 2013, the head of the company's Peruvian subsidiary, Darrell Wagner, said at the Perumin mining convention on Sept. 13. [ID:nS1E78C20Q]
Canada's HudBay Minerals (HBM.TO) (HBM.N) will spend at least $1 billion to develop its Constancia copper project in Peru, the company's chief executive, David Garofalo, told Reuters on Sept. 12. [ID:nS1E78B1YV]
Peruvian miner Buenaventura (BVN.N) and U.S.-based Newmont (NEM.N) said they would pour up to $4.8 billion into the Conga gold and copper mine, the largest mining investment in Peru's history, on July 27, the day before Humala took office. [ID:nN1E76Q246]
Spain's Telefonica (TEF.N) approved a plan to invest $1.5 billion in Peru through 2013 as it accelerates investment plans in the country, confident of the incoming government, the company announced on July 20. [ID:nN1E76J1VL]
Claro, a unit of Mexico's America Movil (AMXL.MX), said on June 9 it would spend $1 billion in Peru over three years -- the first major investment announced by a foreign firm after Humala won the presidency. [ID:nN09278693]
REAFFIRMED INVESTMENTS (SOME $17 BILLION):
China's Chinalco started construction on its $2.2 billion Toromocho Peru mine in May, and it should be ready to operate in October 2013, the company said on Sept. 15. [ID:nS1E78E1ZV]
Anglo America (AAL.L), the world's fourth-largest diversified miner, will start construction on its $3 billion Quellaveco copper mine next year, the company's Peru chief said on Sept. 14. [ID:nS1E78D2D3]
Gold Fields' (GFIJ.J) key Chucapaca mine, a $750 million joint venture with Peru's Buenaventura, is on track to start construction by the second quarter of 2013 and initiate operations in 2015, Latin American head Juan Luis Kruger said on Sept. 14. [ID:nS1E78D25H]
Southern Copper (SCCO.N) expects to complete the feasibility study for its $1.3 billion Los Chancas project in Peru this year and is preparing to resume talks with the government over its planned $1 billion Tia Maria mine, the company's chief executive, Oscar Gonzalez, told Reuters on Sept. 12. Southern Copper will also invest $800 million to expand its Toquepala mine. [ID:nS1E78B0S1]
Xstrata Copper XTA.L will invest $1.47 billion in its Tintaya and Antapaccay copper mines in Peru. The company also plans to start construction on its $4.2 billion Las Bambas project in the third quarter of 2011. [ID:nS1E78B0S1]
Cerro Verde, which produces around 2 percent of the world's mined copper, expects to submit an environmental impact study for its $3.5 billion proposed expansion project by year's end. The mine is controlled by Freeport-McMoRan (FCX.N). [ID:nS1E78E0P8]
These projects are part of about $50 billion that Peru's national association of mining and energy companies said it expects over the next decade. (Compiled by Caroline Stauffer and Patricia Velez; Editing by Leslie Adler)
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