Mexico’s proposed higher mining royalties could block nearly $7bn in investments
The Mexican government proposed raising mining royalties under the argument that metal prices have risen in recent years.
Minas Buenaventura has announced it will invest USD 460 million this year in three new projects in Peru.
The projects are aimed at increasing the company’s production of silver, zinc, copper and energy.
One of the projects involves the expansion of the zinc and copper mine Colquijirca, located in Pasco, with an investment of USD 254 million.
Another investment of USD 90 million will be carried out at chemical plant Rio Seco and a third investment of USD 116 million will be allocated to the Huanza hydroelectric plant.
Operations manager Francois Muths forecast silver production to reach 1.15 million ounces in 2013 at the Mallay plant in Lima, and gold production at its Breapampa project in Ayacucho to reach 60,000 ounces.
Source: Gestión is a daily national newspaper based in Lima, Peru, that covers business and financial news.
Source (Spanish): Gestion via Brightwire News.
