Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
NEW YORK, NY–(Marketwire – Jun 15, 2012) – Peru has a rich precious metals history. This diverse Andean nation, once a victim of Spanish looting, is now the largest silver producer in the world, the second largest copper and zinc producer and the sixth largest gold producer.
The richness of its mineral deposits stems from a dramatic landscape consisting of soaring mountains, valleys, deserts, jungles and long coastlines. More than 7% of global mining exploration occurs on this terrain, where historical production collides with modern geological technology. The Peruvian mining industry represents about 60% of the country’s export earnings. Earnings from mining are expected to grow 6% annually through 2011-13 mostly driven from large mining outfits like Newmont Mining (NEM), Barrick (ABX) and smaller upstarts like The Graystone Company (PINKSHEETS: GYST).
Most recently, Graystone has acquired two areas of production totaling over 2900 acres in Peru with estimates of over $132,000,000 worth of gold deposits.
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