Escalating mining crisis in Peru

pmbug

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Protests against Peru’s Conga mining project are gaining momentum. Now politicians in the Cajamarca region are demanding that the mining giant Newmont Mining and its partner Buenaventura give up their stake in the $4.8 billion project. Talks with the Peruvian government have failed to resolve the dispute. Back in October, ongoing protests forced Newmont Mining to shut down its Yanacocha mine – South America's largest mine. Market observers worry that Peru – one of the largest mining countries in South America – is becoming a more and more hostile environment for mining companies.
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More: http://www.goldmoney.com/gold-research/roman-baudzus/escalating-mining-crisis-in-peru.html

Bears watching I suppose...
 

DoChenRollingBearing

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YOW! A BIG mining problem in Peru! I will try to look into this, as Peru is my beat!

Maybe new Chavez-clone President Ollanta Humala has finally started doing his lefty c
If I get any more info, I will pass it along.

VERY ALERT, PMBug!

EDIT:

1) FOFOA has long said that the gold mining companies are at risk even if gold prices go very high, as the local .govs can do just what Peru looks like it wants to do. PHYSICAL GOLD in your own possession is clearly the best.

2) I just phoned Peru to talk with my in-laws. Not only there in Cajamarca province but there is/are something going on re mining in Huancavelica province too. In Cajamarca, the locals are complaining about pollution (seems Newmont and Buenaventura are sloppy...) problems. I do not know what is up in Huancavelica. César just told me that none of this is affecting our bearing business, but you can be SURE that mining companies are watching this closely.
 
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pmbug

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The inhabitants of the northern Peruvian city of Cajamarca are intensifying their protests against the construction of the new Conga mine by mining giant Newmont Mining. On Thursday more than 10,000 people took to the streets for a protest against the proposed mine. Conservationists have long been criticising the construction of the new $4.8 million gold mine; local residents are afraid that the new mining operations will have a bad effect on the region's water quality.

During the protest, buses stopped running and schools remained closed. Protests not only took place in the city of Cajamarca, but spread throughout the whole region. The American company Newmont Mining already runs the Yanacocha mine 43 miles (70 km) north of Cajamarca – South America's largest gold mine. According to Newmont, construction of the Conga mine is necessary since gold depostis at Yanacocha – which started production in 1993 – are steadily declining.
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More: http://www.goldmoney.com/gold-resea...ests-in-peru-against-new-mine-escalating.html
 

pmbug

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Yesterday protests against the construction of the Conga mine in Peru turned violent. More than 10 people were seriously injured during street fights and arson attacks. Protesters occupied the Cajamarca local airport and managed to completely halt all airport operations. As a result, the American mining giant Newmont Mining has decided to suspend construction of its new Conga mine. Peru's new president Ollanta Humala had initially supported construction of the Conga Mine. But in the face of these vehement protests Omala can't continue ignoring his people's wishes.
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More: http://www.goldmoney.com/gold-resea...ruction-of-new-conga-mine-in-peru-halted.html
 

DoChenRollingBearing

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Just saw on the Peruvian news on TV last night that the Cajamarca protests continue.

They have shut down that provincial economy. Even the airport is closed (if I heard correctly). The local milk producers are dumping their milk production IN THE RIVER (the roads are closed too, and you cannot just ¨switch off¨a cow). The protests are costing that region some $$$ millions each day... No tourists, and it is one Peru´s prettiest places. Almost every business is getting hurt, many are fed up with the PROTESTERS (hello #OWS!).

:flail:

:flushed:
 
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DoChenRollingBearing

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I was talking with my in-laws today and brought up the Conga project for their take.

What I did not know is that they would have to drain one or two VERY PRETTY lakes in the area. And that part of Peru (I have not been there, but many tell me so) is very pretty. Eco-tourism is big there. And apparently Newmont and Buenaventura have NOT been very responsible at disposal, etc. Mining IS dirty, but it looks like I would side with the locals who say no thanks to a risky new project.

And I am way capitalist! Which perhaps invites another solution:

Offer to pay any affected locals BIG $$$, they might just take that deal and move to the next valley... Locals who are badly affected by mines, etc. should be compensated.
 

DoChenRollingBearing

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The president of Peru has declared that the Cajamarca region is now under a state of emergency, whatever that means. There seems to be no quick resolution to this Conga mine business.

And there are other problems in other mining areas of Peru as well, but I do not have details. I´ll see if I can pick up a paper today after I get my $4.00 haircut, LOL...
 

pmbug

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State of emergency usually means martial law to one degree or another.

 

DoChenRollingBearing

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@ PMBug, KMS, ancona

All that TP I saw being bought yesterday was here in Lima, and there are NO SIGNS that there are SERIOUS problems here. People like to buy in bulk if it saves them some cash. Most of the people at ¨Makro¨ were middle class.

The TV news has not had much to say about Cajamarca so far today.

Doh! I forgot to buy the paper after getting my $4.00 (inc´d. generous tip) haircut, I´ll try to remember when I run out for a soda when I get sleepy (just ate BIG too...).

Peru: The land of $4.00 haircuts, good food and more!
 
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