Latin America Update: March 8, 2012
The second annual Peru Day will be held tomorrow, March 9th at the New York Stock Exchange with the participation of senior officials of the Peruvian Government and leaders of the Peruvian private sector. Peru’s robust growth makes it a leading investment option in Latin America.
Chinese Firm Kickstarts Dormant Mining Industry in Ecuador with $1.5 Billion USD
China’s Ecuacorriente S.A. signed a 25-year agreement to operate an open-pit copper mine and make a $1.5 billion USD investment in Ecuador. Mining contracts in Ecuador require a 52% royalty on profits and this precedent-setting agreement includes a $100 Million USD advance royalty payment to the Government of Ecuador. Kinross (Canada) and International Minerals Corporation (US) are currently negotiating similar agreements with Ecuador.
Chile to Invest $4.3 Billion USD in Copper Mining During 2012
Chile’s state-run mining company will invest a record $4.3 billion USD this year to expand copper mining operations. The 16,000 employees of La Corporación de Cobre de Chile (Codelco) are expected to produce approximately 1.7 million tons of copper or 30% of Chile’s yearly output.
Mexican Carlos Slim Tops Forbes List of Billionaires
Carlos Slim, the chairman of Mexican telecommunications conglomerate Telmex is worth about $69 billion USD. Telmex and its associated companies are active throughout Latin America.