18 May 2020

Projects – Weekly snapshot

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From Tuesday, May 12 to Monday, May 18, 2020

 

SPOTLIGHT

 

Jinzhao Mining postpones Pampa del Pongo project to 2021

 

The Chinese company Jinzhao Mining will postpone the construction of the Pampa del Pongo iron ore project (Arequipa) for the beginning of 2021, due to the financing difficulties of the parent holding company and the mining conglomerate’s focus on reactivating its operations in Asia.

 

This year the company was able to start some preliminary work, before the environmental impact study, which was due to expire in January of this year. Prior to this deadline, the company was able to install camps, platforms, roads and other early works. However, they indicated, with the Covid-19 outbreak, a probable construction of Pampa del Pongo would generate significant cost overruns, as is happening in developing operations, such as Marcobre (Ica) or Quellaveco (Moquegua).

 

MONDAY 18
  • The Chinese company Jinzhao Mining will postpone the construction of the Pampa del Pongo iron ore project (Arequipa) for the beginning of 2021, due to the financing difficulties of the parent holding company and the mining conglomerate’s focus on reactivating its operations in Asia.
  • The Brazilian Nexa Resources, with operations in Peru and Brazil, will reduce its capital investment (Capex) in 2020 from US$ 410 million to US$ 300 million, in the context of the Covid-19, with a focus on preserving the cash flow during the health emergency period.
  • Civitano, the gastronomic holding that groups the brands Pescados Capitales, Juicy Lucy and La Nacional, closed an agreement with Rappi, which will be used as a Marketplace that will take the orders made by the different restaurants, but which will be distributed from Civitano.
  • Austral Group obtained a US$30 million guaranteed loan from Banco de Credito del Peru in an operation that concluded at the end of April.
FRIDAY 15
  • Manufactura de Metales y Aluminios Record announced the purchase of 6,200 investment shares at a unit price of S/. 0.90 per share. After the purchase, the company has 5,911,038 investment shares in treasury, representing 61.55% of the total investment shares.
  • Fossal S.A., a 70% shareholder in Fosfatos del Pacífico, said that its subsidiary Fosfatos, located in the north of the country, is in the feasibility study stage.
  • The oil subsidiary of Grupo Alfa, Newpek, will abandon its international operations in the United States and Peru to concentrate on Mexico, due to the need to make efficient investments. 
THURSDAY 14
  • The natural gas distribution company Naturgy Peru, which has a concession in the southwestern region of the country, agreed to initiate bankruptcy proceedings.
  • In the first quarter, Alicorp achieved double-digit growth, with sales up 10% over the same period last year, reaching S/. 2.4 billion.

 

WEDNESDAY 13
  • Junior explorer Eloro Resources announced funding of around US$ 500.00 in a non-binding private placement for the development of exploratory studies in Peru and Bolivia.

 

TUESDAY 12
  • In order to increase its investment in the Macusani uranium project and the Falchani lithium project, both in Puno, the Canadian Plateau Energy Metals announced a private placement of approximately US$ 621,000.
  • Fight to Frame is the crypto currency of Chinese origin that is reaching new markets in the region like Peru. In this first entry, 37.5 million crypto-currencies would have been sold in our country.
  • Standard & Poor’s (S&P) maintained its long-term international foreign and local currency Issuer Default Rating (IDR) for Lindley Corporation at BBB with a stable outlook.

 


To access our INFRASTRUCTURE PROJECTS NEWSLETTER, click here

If you need more information, please contact Milagros Maraví (mmaravi@rubio.pe) or

Carlos Arata (carata@rubio.pe)

 

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