Peru Mining News

Peru's Portage Resources rewards speculators with 10:1 split, stock's rollercoaster ride gathers pace

In late morning trade shares in Miraflores-based Portage Resources had gained more than 12% after announcing a 10:1 future stock split that would, after cancellation of some of the shares held by its CEO, bring the total number in issue to a whopping 4.45 billion. When MINING.com reported on Portage Resources a fortnight ago the counter had gone from 2c to 65c a share in the matter of three months. The explorer has been snapping up properties in Peru hitting pay-dirt with reserves of 58 million ounces of silver at one of them. Portage is a prime example of how volatile stocks in juniors miner can be: its 52-week high is $1.24 and despite Monday's 12% jump to 32c, the stock is worth half of what it was just five trading days ago.

Newmont Board approves Conga project in Peru and Tanami shaft project in Australia

Newmont Mining Corporation (NYSE:NEM) today announced that its Board of Directors approved funding for the Conga project in Peru and the Tanami Shaft project in Australia. Combined, the two projects are expected to add approximately 400,000 attributable ounces of gold and up to 100 million pounds of copper production per year once commercial operations commence in late 2014 to early 2015.

Peru, Chile name new mines ministers

The President of Chile, Sebastian Pinera has split the mining and energy ministry into two, replacing Laurence Golborne with Hernan de Solminihac and Fernando Echeverria, respectively, in the two posts.

Portage Resources: Peru explorer that's not for the faint-hearted investor

When a 4.5% jump in stock price with 15 million shares changing hands on news of the acquisition of three new concessions is considered a dull trading day then you know you're dealing with a volatile stock. Portage Resources has gone from 2c to 65c a share in the matter of three months but the Peruvian explorer has certainly not been a one-way bet – the stock's 52-week high is $1.24. The company based in Miraflores, Lima (pictured) has been snapping up silver properties in Peru, but after announcing silver reserves worth $2.3 billion at one of them the stock has been unstoppable.

Minera IRL delivers a positive prefeasibility study for the 1.4 million ounce Ollachea Gold Project in Peru

Minera IRL Limited (TSX:IRL)(MIRL)(BVLAC: MIRL) the Latin American focused gold mining, development and exploration company, announces the results of its Prefeasibility Study for the Ollachea Project, Peru.

Commodities giant Glencore buys majority in Peru's Mina Justa copper mine for $475 million

Commodities giant Glencore says it is buying a majority stake in Peru's Mina Justa copper mine for $475 million. Swiss-based Glencore International PLC said Monday the purchase of a 70 per cent stake in Marcobre SAC from CST Mining Group Limited is subject to inspection of the books and price adjustment.

Bear Creek bounces after taking legal action against Peru

Shares in Canada’s Bear Creek Mining Corporation bounced by over 4% at the open on Wednesday after the company announced it was launching legal action against the Peruvian government to regain its license for a mining concession in the south of the country. Peru cancelled Bear Creek’s licence in late June after protests against the Santa Ana Silver project resulted in five people being killed by police at an international airport 160km away from the site. Bear Creek’s injunction comes weeks ahead of the swearing in of the South American nation’s new leftwing president Ollanta Humala (pictured).

Stillwater Mining plans US$487.1 million acquisition of Peregrine Metals

Stillwater Mining, the only platinum and palladium producer in the U.S., announced on Monday that it will acquire Peregrine Metals for US$487.1 million. Peregrine Metals is a publicly-traded exploration and development company with gold and copper projects in Argentina and Peru. The company is listed on the Toronto Stock Exchange.

Peru creates additional retirement fund for miners

Peru's congress Thursday enacted a new law on Thursday that provides miners with an additional retirement fund funded by corporate profits and payrolls Peru's Congress enacted a law on Thursday that will create an additional retirement fund for miners

Mineworkers around the globe unite for higher wages

Unrest and strikes in Indonesia, Chile, Australia and Africa, a shortage of skilled workers in North America and rising labour costs all over the globe are quickly becoming the most serious downsides of a mining boom that started almost a decade ago. While a historically high overall jobless rate is masking spiking wages in the resources sector in the US, workers in emerging markets are shutting down operations of mining companies deemed not to be sharing record profits fairly.

HudBay completes Peru acquisition to up copper output 145%

Copper-zinc miner HudBay Minerals said Wednesday it has acquired the roughly 2.5m shares in Norsemont Mining it did not already own, giving it 100% ownership. The acquisition is set to increase HudBay's copper output by about 145% when Norsemont's Constancia mine in Peru comes into full production. The news comes a day after the company announced it will spend $144m to build a new concentrator at its Lalor project in Manitoba, Canada.

Esperanza signs definitive agreement to sell San Luis joint venture to Silver Standard

Vancouver, B.C: Esperanza Resources Corp. (TSX-V: EPZ) is pleased to announce that it has signed a definitive agreement and received shareholder approval to transfer its 30% interest in the San Luis joint-venture in Peru to Silver Standard Resources Inc.

Estrella drills Colpayoc gold project, Peru

Estrella Gold announced it started drilling its Colpayoc gold project on June 26, 2011. Colpayoc is located 12 kilometers southwest of the Yanacocha gold mine complex, in Peru. The drill program is designed to expand the area of known mineralization at the Daylight Zone, and to test recently discovered high-grade silver and gold mineralization at the Cerro Rico Zone.

Strike Resources acquisition boosts stake in Peru iron ore projects

Strike Resources has executed an agreement with Iron Associates Corporation to purchase an additional 12% interest in Apurimac Ferrum SA from IAC increasing its stake in AF to 56%. The strategic acquisition was made for a consideration of USD 1.2 million

Xstrata says copper output picked up in Q2, committed to Peru

World No. 4 copper miner Xstrata said Friday it was confident it would hit its 2011 copper output target, after production improved in the second quarter following heavy rains in the first quarter. CEO Charlie Sartain said the miner would continue to invest in Peru, where some fear leftist President-elect Ollanta Humala's policies could hurt investment in the sector.

Silver mining in Peru: looking forward through crisis

Protests against the Canadian-owned Bear Creek Mining Corporation’s (CVE:BCM) Santa Ana Silver project resulted in five people being killed by police gunfire last Friday at the Juliaca International Airport, located 160km away from the site, and contributed to a severe drop in the company’s share price. This one dramatic event is a culmination of months – or possibly years – of political unrest in the country, and represents a very uncertain future for foreign investment in the natural resource sector.

Candente Copper: status update Canariaco Norte Copper Project

Candente Copper Corp. (TSE:DNT) updates on the status of the entirely owned Cañariaco Norte Copper Project in Northern Peru.

Peru molybdenum production up 17.45% Jan-Apr this year

According to the statistics released by the Ministry of Energy and Mining of Peru, this country produced 5,565 tonnes of Mo in molybdenum concentrates in the first 4 months of 2011 which had a substantial increase of 17.45% compared with that in the same period of 2010.

Bear Creek will fight for silver mine in Peru

Canada’s Bear Creek Mining Corp. threatened legal action Monday after the Peruvian government cancelled the company’s plans for a silver mine in the country’s southern highlands. The Vancouver-based company said it hoped a political solution could be found, but that it would "vigorously defend" its rights.

CNN: Peru cancels mine operation after deadly clashes; protesters shut down airport

Operations at the Santa Ana mine in Peru, owned by Canada-based Bear Creek Mining, have been cancelled after violence erupted at the mine on Friday, CNN reported: Following the deaths of five protesters in clashes with police Friday, the Peruvian government agreed to put an end to a private mining project in the southern department of Puno.

Portage Resources Inc.: Wuakakuy properties estimated to contain 58 million ounces of silver

Signalling an intention to acquire the Wukakuy silver deposits in Peru, Portage Resources says its due diligence on the properties indicates a reserve estimate of 58 million ounces of silver. The company said Friday that further geological reporting and subsequent estimates have been given by a respected Peruvian geologist and his reviews of the N43-101 and other geological reports have been used to produce a fair estimate of the reserve potential for the Wukakuy properties.

Iberian Minerals announces closing of $76 million financing

Iberian Minerals Corp. today announced that it has closed its previously announced underwritten offering of 84,444,500 registered shares at a price of $0.90 per share for gross proceeds of $76,000,050. The shares sold today included the exercise in full of a 15% over-allotment option previously granted to the underwriters.

Dynacor Gold Mines has best month of production in company's history

Dynacor Gold Mines Inc. (TSX:DNG) is pleased to provide a second quarter operations update. In the month of May, Dynacor produced from its custom milling plant a historic best of 4,183 ounces of gold (representing more than 50,000 ounces on an annualized rate). Furthermore, during Q1-2011 the company, using cash directly generated from operations, optimized the plant's yield at the current capacity of 180 tpd (tonnes per day). The expansion program, which included installation of an additional cyanidation tank and a 90 tpd ball mill, will facilitate a capacity increase from 180 tpd to just over 200 tpd during the 2nd part of 2011.

Sulliden Announces Further Positive Drilling Results-Intersects 1.42 g/t Gold over 86 Metres and 1.75 g/t Gold over 58.5 Metres

Sulliden Gold Corporation Ltd. ("Sulliden", or the "Company") (TSX:SUE)(OTCQX:SDDDF) is pleased to announce continued positive exploration results for six new drill holes from the ongoing 70,000 metre drilling program being carried out this year on its 100%-owned Shahuindo Gold and Silver Project in northern Peru

Dynacor doubles revenues, expects to produce 45,000oz in 2011

Dynacor Gold Mines more-than-doubled its sales revenues in the first quarter, prompting the gold mining and exploration company to release an upbeat full-year production outlook. For the first three months of the year, the Peru-focused company posted revenues of $14.7 million, compared to $6.1 million in the prior year period. Dynacor also sold 10,083 ounces of gold during the latest quarter, compared to 5,342 ounces of gold a year earlier.