Xstrata PLC : Mining Investments Up 42% in Peru in January-April Period
06/28/2012| 06:27pm US/Eastern
LIMA--Mining investments in Peru, a major global metals producer, increased 42% in the first four months of 2012 compared to the same period last year, the government said Thursday.
The Mines and Energy Ministry said mining investments totaled $2.25 billion in the January-to-April period.
Mining companies spent $544 million on infrastructure in the four-month period, which is more than double the same period in 2011, the ministry said. Expenditures on processing-plant equipment rose 12% to $245 million, while spending on mining equipment was up 49% to $141 million.
Spending on exploration decreased 9% to about $229 million, while expenditures on production also were down at $251 million, the ministry said. Spending on preparation activities decreased 28% to $201 million, according to the government. The remaining investments, worth about $637 million, are categorized as "other."
Gold-mining company Minera Yanacocha had investments of $328 million in the first four months of this year, while investments at Xstrata PLC's (XTA.LN) Las Bambas project totaled $284 million, the ministry said.
Peru is the world's second-biggest producer of copper and silver and a major producer of gold, lead and zinc.
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