Showing posts with label Government/Regulations. Show all posts
Showing posts with label Government/Regulations. Show all posts

Friday, May 1, 2015

Minera IRL receives approval to build gold mine Ollachea


Minera IRL Limited is the TSX, AIM and BVL (TSX:IRL)(AIM:MIRL)(BVLAC:MIRL), Lima listed holding company of precious metals mining and exploration companies focused in Latin America. Minera IRL is led by an experienced senior management team with extensive industry experience, particularly in operating in South America. The Group operates the Corihuarmi Gold Mine and the emerging Ollachea Gold Project in Peru as well as the Don Nicolas Project in Argentina.

Peru approved the construction IRL gold gold mine Ollachea, giving the last authorization required for the start of the project in which it plans to invest about 180 million dollars, said Monday that focuses mining production in Latin America.

The mine, located in the southern region of Puno in Peru, the sixth largest producer of gold-, would produce between 100,000 and 115,000 ounces of gold annually in the first years of operation, the company said.

The building permit from the Peruvian Government will let you start the project, "which will be implemented after obtaining the necessary financing for the second quarter of 2015," IRL said in a statement.

According to the latest data from the company, the Ollachea mine has probable reserves of 9.2 million tonnes grading 3.4 grams of gold per tonne of material.
The mine is scheduled to produce 930,000 ounces during the first nine years of life, an average operating cost of about $ 507 per ounce of gold produced, the company said.

The right of use of the site is for 30 years.

The IRL mining, which is listed on the Lima, London and Toronto, operates the small Corihuarmi mine in southern Peru and takes the gold plan folder Don Nicolas in Argentina.



The mine, located in Puno, would produce between 100,000 and 115,000 ounces of gold annually in the first years of operation, the company said.


Thursday, February 23, 2012

Outlook for 2012 positive but caution still rules

Confidence among mining sector players in Latin America regarding investment conditions and industry activity in the coming year is weaker than it was going into 2011, as markets continue to present volatility and socio-political uncertainty persists.

The majority of respondents to 2012 Mining Survey, carried out during 4Q11, indicated a positive outlook for metals prices, exploration activity and access to financing in 2012, but the majority was significantly smaller compared to the overwhelmingly positive outlook expressed in the 2011 survey.
For example, when asked whether they believe the price of copper will reach a new record this year, 58% of respondents said yes compared to 88% one year earlier. As for gold prices, 81% of survey respondents agreed that the yellow metal is likely to register new highs in 2012 versus 93% in the 2011 survey. While gold prices would tend to be supported by continued economic turmoil, there is also a certain risk to further increases simply due to the metal's already spectacular rise. As for copper, prices suffered a nasty dive in the final months of 2011 along with stock markets that reconfirmed the continued state of volatility in the global economy. Red metal prices ended the year some 25% lower than they started it.

Despite new records during 2011 for indicators as important to mining activity as gold and copper prices, and exploration spending, the consolidation of global economic recovery that many were expecting did not come.

Markets ended the year worse than they started, validating the lack of confidence. The same paradox that made decisions difficult for mining companies in 2010 persisted throughout 2011 and continues to make its mark: most minerals are trading at historically high price levels and underlying demand fundamentals appear to remain strong, but the global macroeconomic situation continues to provide no guarantees against further recession.

The ever-popular cautious optimism of the recovery years appears to be leaning somewhat more toward caution than optimism. However, companies in Latin America are by no means giving up. The majority of miners surveyed aim to raise capital and increase spending levels this year.

The 2012 Mining Survey also revealed a heightened sense of risk among mining companies versus other types of entities involved in the sector (such as equipment providers, consultants, engineering firms and government agencies), particularly for the biggest perceived risk of all: sociopolitical uncertainty.

Looking at the overall perception of political and social risk in 2012 in Latin America, 70% of survey respondents who identified themselves as employed directly by a mining company agreed that political and legal uncertainty will deter mining investment this year, while just 37% of respondents working for peripheral organizations agreed.

The gap is similar regarding community relations, with 74% of miners agreeing that social challenges will deter mining investment this year in the region versus 45% in the non-mining group.

Broken down by country, mining companies were quicker than non-mining companies to choose Chile as having the best investment climate in Latin America in a show of favor for traditionally "safer" jurisdictions. Mining company respondents by far chose Chile (56% of responses) over runner-up Peru (16%). The attractiveness of Peru has likely been affected by the legal changes and the outbreak of intense social opposition to a number of important projects that have occurred since President Ollanta Humala took office last July.

Peru itself, a favorite of mining companies in recent years, elicited a highly contradictory set of responses. While the largest chunk of miners chose Peru as the jurisdiction most likely to improve its investment climate in 2012, the Andean nation also tied for first place with Venezuela as the country most likely to see its mining investment climate deteriorate.

While optimism among those active in Latin America's mining sector is not as strong going into 2012 as it was a year ago, the overall perception is that mining will continue to grow in the region in spite of the world's economic woes.

Greater faith in metals prices would help to increase access to financing and the urgency of exploration and development, as well as companies' willingness to invest in the jurisdictions perceived as riskier. But until there is more confidence in the firmness of recovery and the future of prices, the industry is unlikely to return to pre-crisis activity levels.