ANALYSISLATINAMERICA
economy in the region, according to Niels
Stolberg, president of Beluga Shipping.
“In general, South America has not been
affected in the same intensity as other regions
by the global financial and economic crisis,” he
said.
He added that confidence had returned in
Peru faster than elsewhere, despite some
inevitable fallout from problems with foreign
financial backing at some of the 170 or so
mining projects in the country.
“Projects such as Quellaveco and
DB Schenker moves
Michiquillay (Anglo American) in Peru will be
LNG plant across Peru.
ramped up this year,” he said.
Between them, two of Peru’s largest copper
mines are likely to generate up to 150,000
Peru:SouthAmerica’s
tonnes of cargo each, said BDP’s
Droegemueller.
boomeconomy
“They are at the EPC (engineering and
procurement) contract stage now, and it will
probably take at least a couple more months for
the logistics contracts to be awarded,” he said.
eru has been the Latin American producing countries in the world. Gold prices Chinese mining group Chinalco also has a
P
economy least affected by the fallout over USD1,000 per ounce make almost every USD2.3 billion copper mine investment
from the global crisis, based on figures gold resource a potential project, although it planned in Toromocho, after acquiring Peru
for economic growth and foreign might be located in a very remote area with Copper for USD805 million in 2007.
investment. While the economy grew difficult access,” he said. Aker Solutions was awarded a
by 0.8 percent last year, compared with a The diversity of the Peruvian economy USD140 million EPC contract by the Chinese
regional average of -1.8 percent, foreign direct limited the impact of the collapse in other mining group in October.
investment was up 28.1 percent, compared with commodity prices in 2009. This is particularly TheToromochositeisduetobecomeone
a regional decline of 40.7 percent. true of copper prices, which hurt Chile, the of Peru’s largest copper mines when
The country has perhaps the most world’s largest producer, so badly. production begins in 2012.
diversified of the region’s economies, and Located 140 km east of Lima, in the
offers foreign mining companies arguably the
Copper
Morococha district in central Peru,
most stable and attractive environment for approximately 5,000 m above sea level, the
investment in Latin America, and, as a result, Peru, the world’s third largest copper producer, project will comprise a large open pit mine and
Peru saw foreign direct investment (FDI) is set to overtake the USA, currently in second an ore processing facility capable of handling
increase from USD4.8 billion to place, within the next five years with the 117,200 tonnes per day of material to produce
USD6.2 billion in 2009. development of key mining projects by large 225,000 tonnes a year of copper concentrates.
With some of the highest quality, multinationals. But it is not overly reliant on Many of the projects in Peru involve
undeveloped gold reserves in the world, Peru just one commodity in the same way as many complicated logistics solutions due to the
has benefited from uncertainty in the global other regional economies. height at which mines are being developed, or
markets as investors have sought refuge in gold, “Peru is a very different story to the rest of the conditions of developing oil and gas
pushing the precious metal’s price to new the continent because of the huge variety of projects in the heart of the Peruvian Amazon.
highs, said Haens Briceño, general manager of minerals in the country,” said Droegemueller. Much of the equipment for oil and gas
Solot Perú SAC. With copper prices on the way up, there is exploration and mining activities has to be
“Certainly in the gold sector, Peru has optimism that both the Chilean and Peruvian moved on the Amazon River to Peru’s
actually benefited from the crisis,” he said. economies will see a reactivation of key mining principal port in the Amazon, Iquitos.
Solot has been involved in the logistics of projects. Peru’s infrastructure, like most of the
the two largest gold mine projects in recent Droegemueller believes there is still a region, has fallen behind the advances in the
years – Barrick Gold’s expansion at Alto certain degree of hesitancy in some sectors, but maritime leg of the logistics chain, said
Chicama, and Minera Gold Fields’ the situation will be clearer by the second half Stolberg.
USD545 million gold mine, Cerro Corona. of the year. “Shipping lines are aiming for better and
Much of the foreign investment being “Copper prices are still low, but there is more cost-efficient hardware to be employed,
poured into Peru is moving into the country’s recovery little by little. Various expansion not only in South America, but on a global
gold mines, said Arndt Droegemueller, projects have been confirmed already in Peru basis as well. Overland transport lags behind in
business development director of BDP projects and new projects will start this year, or in early the “development race”, and providers can only
in Latin America. 2011,” he said. be as efficient as the roads allow them to be,”
“Peru as a country is one of the top ten gold The future looks good for the hottest he said. HLPFI
www.heavyliftpfi.com March/April 2010 57
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