Posts Tagged ‘development’

Guarantee fund for new mining investment to face the possibility of environmental damage

Guarantee fund for new mining investment to face the possibility of environmental damageGovernment proposals to establish a guarantee fund for new mining investment to face the possibility of environmental damage would be a kind of “Seat environment,” to introduce the concept of solidarity in assuming the risks inherent in their activities.

The idea would be to cover unforeseen possibilities in the mine closure plan, or for any environmental liability sectors, such as those proposed by the executive director of the Peruvian Environmental Law Society (SPDA), Manuel Pulsar-Vidal.

He said the official newspaper El Peru no need to recognize that one of the basic principles in the development of human activity is solidarity. “It would be something like Traffic Accidents Compulsory Insurance (SOAT).”

“One of the major risks of driving a car is to have traffic accidents, and how to show solidarity with the victims is to provide insurance coverage. Therefore, all handlers are required to pay,” he said as an example.

He said that in the case of mining will look like this. “If we realize that an activity has a negative impact and we want to minimize, avoid or prevent them, it would be more appropriate to have the resources to reverse this situation.”

Pulsar Vidal noted that these funds should be handled with total transparency. “The constitution will go through the trust and management by an entity that cans public-private partnership,” he suggested.

He added that these resources should not go to the Treasury because it has a procedure that can be very tricky, because one purpose of the fund will be easy to implement.

“The idea is that the environmental problems of a quick solution can be implemented using the bottom,” he said.

Government intention to establish a contingency fund as an interesting concept but need more details of the proposal for a complete analysis and identify its impact on the sector, said President of the National Society of Mining, Petroleum and Energy (SNMPE), Carlos del Solar.

He stated that the best will request additional information from the authorities involved in this activity.

On the other hand, said he agreed with the message given by the President of the Republic, Lolita Humana, during the 5 the International Business Forum of China-Latin America, while emphasizing the need to stop exporting only raw materials (minerals) and passed to offer value-added products are more high.

However, he said that in the case of a large mining sector investment needed to take a big step. “We are on track to achieve, but it is a slow process.”

He stressed the need to attract new investment into the mining sector, which is required for stable and attractive conditions for investors.

Seabed Mineral Resources

seabed mineral resourcesRussia has begun to actively compete for seabed mineral resources. The International Seabed Authority (ISA) has approved a request by Moscow to conduct geological investigations in the sources of Kommersant Atlántico.Según sea, this is one of the largest untapped deposits in the world, copper and gold contents of between five and ten times that of landline. The project will be undertaken by the Geological Survey Expedition Polar and Marine Research Center VNII Okeangeologia, and has a budget of up to 43 million dollars over the next five years. Kommersant sources in the Russian government’s initiative shows that the Russian exploration of marine resources associated with a strong intensification of China in the same sector.

Russian Natural Resources Ministry announced on August 3, that the application for the exploration of mineral resources in the seabed was filed in December 2010 and approved on July 19 during a meeting at ISA headquarters in Kingston, Jamaica. In addition to Russia’s request, which was also adopted from China and Pacific island countries, Nauru and Tonga? This is the first time in history that the ISA authority without drilling in marine waters attached to the economic zone in accordance with specific circumstances.

Dario Vasilevskaya, deputy director of the department of state policies and regulations in the field of geology and exploitation of natural resources Natural Resources Ministry, told Kommersant that the contract with the ISA will be signed at the end of 2011 and will last for fifteen years, extendable to five. Explore the region that Russia has 100 blocks, each of 100 square kilometers and is located in the northern Cordillera Centroatlántica. Supplied minerals are found at depths of 2-4 kilometers. It is understood that Russia will have priority to exploit the deposits, according to the press service the Ministry of Natural Resources. The contract will last for two public companies: Prospecting Expedition Polar and Marine Geology Research Center VNII Okeangeologia.

According to information obtained by Kommersant, this exploration plans of one of the largest gold and copper deposits in the world, which is still unexplored. “In the land given to the Russians have found six promising sites. A rough estimate of the resources is between 50 and 70 million tones of dry ore body,” he told Kommersant Sergey Andreyev, deputy director of the department of geology and mineral resources Ocean World Okeangeologia VNII. “Keep in mind that the mineral content of rocks under the water several times larger than the earth’s surface.” According to experts, the average copper content in soil is 1%, while in submarine sulfide is given to Russia could be between 2.5% and 10% on average (maximum level is 30%) and a ton of rocks containing between 4 and 10 grams of gold. (17 g per ton maximum) If this assessment is confirmed, these resources will be comparable with those of the company Norilsk Nickel (Norilsk Nickel)… Read the rest of this entry »

Mining real investment boom in Latin America

Latin American mining recorded a real investment boom that has made this sector, with the renewable energy and wind power, in one of the most attractive for foreign investors. Hand in hand with the growing demand for commodities from emerging economies, especially China and India, Latin America remained the world’s leading destination for investments in mineral exploration in 2010 and is expected to total investment in projects economic segment of the region meet in the period 2009-2015 more than 250,000 million dollars. In global terms, and only in major mining countries in the region, current projects require an investment of 37,000 million dollars over the next two years.

Although traditional mining (excluding oil), contrary to what happens in renewable, where the presence of Spanish companies is large, technologically leading and increasingly intense in Latin America, Spain lacks vigorous groups and significant international focus, the situation generates large indirect investment opportunities for our firms. Especially for companies in engineering, infrastructure and supply of equipment, which can become suppliers of new mining technologies most dynamic countries, for which the mining sector is key (Chile, Brazil, Peru, Colombia), need to optimize facilities and undertake the development of new centers.

The latest data from industry worldwide, announced by Metals Economics Group (MEG) in its Global Exploration Trends 2011, indicate that Latin America, led by Mexico, Peru, Chile, Brazil and Argentina, consolidated in 2010 as the destination of leadership planned mining exploration spending than any other region of the world has been able to snatch in two decades, since 1994.

The MEG report highlights that in 2010 there was a 45% surge in investment in nonferrous mineral exploration, in response to rising metal prices and greater market stability. Thus, the investment amount for such mining of minerals amounted to 11,200 million dollars, a figure which rises to 12,100 million if the items are also accounted dedicated to search for uranium. Thus, the industry sector last year recovered nearly two thirds of the 5,500 million dollars in exploration that were cut in 2009 by the global financial crisis, and approached a record reached in exploration spending in 2008: 13,200 million dollars. In 2010, gold was the main focus of exploration worldwide, with over half the total budget and copper was second. Read the rest of this entry »