8 Jun 2020

Projects – Weekly snapshot

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From Monday, June 8 to Monday, June 15, 2020

 

SPOTLIGHT

 

PetroTal increases capital and will restart operations after agreement with Petroperu

 

PetroTal and Petroperu reached an agreement to restructure the liabilities generated by the fall in the price of crude oil and coordinate the reopening of the North Peruvian Pipeline to transport the production of lot 95.

 

The agreement allows PetroTal’s contingent debt to be rescheduled to three years and makes it possible to resume production activities at the Bretaña oil field, located in Block 95, whose oil is sent to the Norperuano Pipeline and the Iquitos refinery, both owned by Petroperú.

 

The decision will contribute to the reactivation of the economy of the Loreto Region, which will not only benefit from increased employment and production, but will also receive the flow of oil royalties.

 

MONDAY 15
  • Cofide is considering participating in a second investment fund for infrastructure projects, considering that in recent years Cofide’s largest participation in this sector has been indirect, assuming a significant proportion of the final risk of the operation.
  • Seeking to reinvent itself in the face of the situation, La Vaca Loca, part of the MAK Group, opened the La Vaca Loca Gourmet Market store, whose plan is to offer an experience in which customers can find meat cuts, frozen products.
  • Lucha Partners, which operates the gastronomic brands La Lucha, Siete Sopas, República and Hermanas Ambulantes, reactivated its operations and implemented a new line of business to serve its public.
  • PetroTal and Petroperu reached an agreement to restructure the liabilities generated by the fall in the price of crude oil and coordinate the reopening of the North Peruvian Pipeline to transport the production of lot 95.

 

THURSDAY 11
  • After Perupetro approved the modification of the license contract for hydrocarbon exploitation on line 31-C last September, MINEM did the same. Thus, the green light was given for the extension of the contract for an additional period of 10 years. The addendum to said modification will be signed by Perupetro and Aguaytía Energy del Perú.
  • Credicorp placed corporate bonds last Wednesday for five years in the international markets for US$ 500 million at a rate of 2.750%.
  • After presenting its protocols to the Ministry of Health, the Canadian company Tinka Resources announced that it has been authorized to restart works in its zinc mine Ayawilca (Pasco).

 

TUESDAY 09
  • Pan American Silver obtained authorization from the Ministry of Energy and Mines and the Ministry of Health (Minsa) to reactivate its mining units in La Arena (La Libertad) and Sahuindo (Cajamarca).
  • Nexa Resources announced that its subsidiary, Nexa Resources Atacocha, will resume operations at the San Gerardo open pit mine in mid-June. The more expensive underground Atacocha mine will remain suspended.

 

MONDAY 08
  • Southern Copper expects to complete the environmental impact assessment (EIA) for the Los Chancas project in Apurimac this year, while continuing to study the feasibility of an expansion at Cuajone.
  • In its latest update of exploration programs and project status, Canadian-based Hannan Metals Limited said 42 new mining concessions covering 320 square kilometers have been granted to the San Martin copper-silver project.
  • With the activation of phase 2 of Peru’s economic recovery plan, including mining and related activities, Canada’s Sierra Metals announced that it will begin to progressively intensify its operations.
  • Trapani Cultivares Peru got the green light for the early recovery of the IGV in order to develop a citrus project that will mean investments of US$ 68.54 million, not including IGV.
  • IDB Invest approved a $40 million credit to Los Portales at a 10-year term to finance the purchase of new land.
  • After more than 11 weeks with the production of beer paralyzed, Backus resumed its regular production activity, within phase 2 of the economic recovery.

 


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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