MINING SECTOR IN PERU: THE ROLE OF CANADIAN INVESTMENT. Alan Fairlie Reinoso

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1 MINING SECTOR IN PERU: THE ROLE OF CANADIAN INVESTMENT Alan Fairlie Reinoso

2 Trade Peru and Canada today have important links as the Free Trade Agreement (FTA) and the Asia Pacific Cooperation. Canada is the fourth largest trading partner of Peru. There is a favorable trade balance for Peru. In the period , trade between the two countries has tripled. Peru-Canada Trade Balance, (US$ millions) Saldo Comercial Perú-Canadá, (US$ Millones) Exportaciones Importaciones Saldo Comercial 4 231, , , , , , , , , , ,3 409,1 539,6 586,2 588, Fuente: SUNAT Elaboración: MINCETUR-OGEE-OEEI

3 In the period the bilateral trade had a significant increase in percentage of 21%, exports to Canada accounted for 9.2% of Peru's total exports. However, over 95% of exports are traditional. Exports Peru-Canadá, ( US$ millions) Exportaciones Perú-Canadá, (US$ Millones) Expo. Tradicionales Expo. No Tradicionales , ,0 103, ,5 58, , , , , , Fuente: SUNAT Elaboración: MINCETUR-OGEE-OEEI

4 Were exported in 2011, 28 subheadings which correspond to Traditional Products and 776 Non-Traditional Product subheadings. The main products exported are mineral products, gold, lead, silver and gasoline. Other products are: coffee, tangerines, grapes, avocados, mangoes and fish. High degree of trade complementarity. The main products imported from Canada are raw materials and intermediates. Stresses the import of wheat. Exports Perú-Canadá, 2011(US$ millions FOB) Traditional products Nontraditional products

5 Investment According to the commercial area of the Canadian Embassy in late 2010 Canadian direct investment in Peru totaled nearly 4,200 million. While according PROINVERSION, the Canadian capital stock in Peru is billion dollars by 2012, as the figures underestimate. Stock of direct foreign investment in Peru FDI stock structure of Canada in Peru by (US$millions) sector (2010)

6 Peru is the third destination for Canadian investment in Latin America. Investment in Canada as a country of residence Canadian investment as matrix house

7 Canadian investments are modeled on public-private partnerships (PPPs). While investment focuses on finance and mining sectors also registered Proinversión investments in the services, trade, industrial, construction and oil. According to the Commercial Section of the Embassy of Canada, Canadian companies are also investing in oil, energy, telecommunications, finance, agriculture and sanitation. There are a considerable number of Canadian companies that provide services in areas such as engineering, mapping, geophysics and community relations. Among the major mining investments stands Scotia Group (financial sector) and SNC Lavalin Peru (infrastructure). Major investors made capital movements, through contributions or acquire shares in the period , are:

8 Mining in Peru Peru is a leading producer of silver and second largest copper producer. In Latin America is the leading producer of gold, silver, zinc, tin and lead. Ranking of Production

9 The mining sector in Peru ( )

10 In recent years, national mineral exports have increased by 7 times its value. Copper and gold are the major national exports. Minig exports (millions US$ FOB) Mining exports according to destination market

11 Investment in the mining industry According To the Ministry of Economy and Finance of Peru, Canada is the third largest investor in the extractive industry, With The Presence of 85 mining companies and 12 companies of Canadian oil and gas. The Commercial Section of the Embassy of Canada Said That Canadian companies operating there are 97, of which 87 are junior companies engaged in the exploration and production nine minerals.

12 Mining investment Ranking 2012

13 Mining companies that stand out are: Teck Cominco, Antamina consortium partner, Pan American Silver and Sulliden largest Shahuido: Barrick Gold Corporation. Major Canadian mining projects in Peru Source: Canadian Mining Investment in Latin America

14 Projected mining investment portfolio

15 Fuente: MEM(2012), Boletín minero octubre 2012.

16 Mining conflicts Misquichilca Barrick: operates the Pierina (Ancash) and Lagunas Norte (La Libertad). No pay royalties to Peru because the Security Agreements and Measures Investment Promotion. Another conflict was generated by the purchase of the Pierina mine, which Barrick not make any payment to Peru. Pollution caused by Pierina. Agreement pledged to reforest the communities affected by mining, repairing community relations area of the company and withdraw the complaint was against the leaders of the peasant patrols that prompted blocking mining camp. Bear Creek: conflicts with Aymara communities by the Santa Ana project was canceled the mining concession. On the other hand, is responsible Corani silver mine and has obtained the consent of the rural communities to implement the project. Agreement: financing infrastructure and education projects.

17 Candente Cooper: social conflict, since the San Juan Cañaris Baptist oppose Cañariaco mining project located in Lambayeque. Denounced to the mining company for committing abuses and failing to respect the customary rights of the community and is perceived as a threat to the ecosystem. Antamina: Ango Raju commoners of the accused for breach of the promises and contaminate the area. Cajacay residents were affected by the toxic spill in July But... Millpo: performs Magistral mining project, which is located in the district Conchucos, Pallasca in Ancash province. It has developed a friendly relationship, which is based on trust and transparency in project studies, addition to encouraging the active participation of the people in initiatives social responsibility the company has implemented. Source: Defensoría del Pueblo.

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