Peru Business News

Number of restaurants increases 47% since 2005

2009-11-01T21:56:00.000-05:00

According to a market research survey carried out by Arellano Marketing, the number of restaurants in Peru has increased 47% over the last four years. By the end of 2009 it is expected that there will be 66,000 restaurants on a national level, of which 41,450 will be in Lima. The survey also revealed that 9% of Peruvians currently like to go out to eat between two or three times per month. Of

Ibermatica's Tecnet wins four contracts in Peru and Argentina

2009-10-28T00:26:00.000-05:00

Tecnet, the subsidiary of the Basque company Ibermatica in America, will implement technological solutions to control a number of activities performed by the Chinese mining company Shougang and the agribusiness company, Chimu, in Peru. The contract signed with the Chinese mining company, Shougang, in Peru consists in developing a new automation and communication system to enhance iron extraction

Minera Koritambo estimates investment of USD 14.5mn up until May 2013

2009-10-28T00:23:00.000-05:00

Peruvian mining firm Minera Koritambo, a subsidiary of Canadian mining company Apoquindo Minerals, has estimated that it will invest USD 14.50mn (EUR 9.66mn) between the end of 2009 and May 2013. The money will be invested in acquisitions and exploration at the Huarman (Ancash), Pachagon (La Libertad) and Zafranal (Arequipa) mining prospects.Publication: Esmerk - News monitoring Provider: Esmerk

Minmetals to begin constructing Galeno mine in 2010

2009-10-24T14:51:00.001-05:00

Chinese mining firm Minmetals has reported that it will begin constructing its Galeno mine in Peru in 2010. The mine will produce copper, gold, silver and molybdenum from 2014. The project to develop the mine will require an investment of USD 1bn (EUR 666mn). A feasibility study has shown that the mine will be capable of producing some 144,000 tonnes of copper concentrate per year during its 20-

Wood exports amount to USD 90.5mn between January and August 2009

2009-10-14T13:49:00.002-05:00

In the first seven months of 2009, China was Peru's largest buyer of wood, importing a total of USD 37.50mn (EUR 25.37mn). The Asian country was followed by Mexico, which imported USD 19.5mn worth of Peruvian wood, according to information provided by Peru's exporters association Adex. Peru's forestry industry's exports totalled USD 90.5mn between January and August 2009, a 41% fall compared to

Sissa and its dummies to invade South America

2009-10-08T18:45:00.001-05:00

The advertising services supplier Sissa, pertaining to the De Azambuja family, started out developing advertising dummies (plastic made), willing to keep growth rate of 8% - 10% per year. It already plans to be opening offices in Chile, Ecuador and Argentina. Jaime de Azambuja, general manager Sissa, states that in the next months the supermarkets, commercial centers, bodegas and cinemas will be

Construction of Huachipa water treatment plant is 5% ahead of schedule

2009-10-08T18:29:00.002-05:00

It has been reported that construction of the Huachipa water treatment plant in Lima is now 32% complete, which is 5% ahead of schedule. Consorcio Huachipa, the company in charge of the project, has invested USD 105mn (EUR 71.33mn) to date, of a total of USD 304mn. It has been reported that the plant will be officially opened in December 2010 and that water treatment will start three months

BCP to buy additional US$5.19mn stake in microlender Edyficar

2009-10-06T21:35:00.001-05:00

Peru's largest bank Banco de Crédito (BCP) has reached an agreement with IFC to buy the latter's 5.4% stake in Peruvian finance company Financiera Edyficar for US$5.19mn, BCP said in a filing with local securities regulator Conasev. Early September BCP announced the acquisition of a 77.2% stake in Edyficar from NGO CARE, and last week the bank announced the purchase of an additional 8.5% stake in

Camposol promotes red globe grapes in Asian market

2009-10-05T22:45:00.001-05:00

Camposol, a leading agroindustrial company in Peru, has participated in the Asia Fruit Logistica to promote their new product: the table grape variety Red Globe. The Red Globe grapes they are currently promoting, are cultivated in the region of Piura (Peru) and the production window fits perfectly with the needs of Asian demand.However, they have already had good experiences with the promotion of

Fourteen Peruvian companies on commercial research in Holland, France

2009-09-29T13:57:00.001-05:00

Peru's Tourism and Export Promotion Board (PromPeru) and 14 small companies from the textile apparel sector will conduct a commercial and technological research in Amsterdam (Holland) and Paris (France). The visit of the Peruvian delegation, which will take place from October 14 to 20, will be focused on the demands and trends of the European market, according to a Supreme Decree published on

Foreign experts to participate in International Tourism Meeting in Lima

2009-09-27T23:28:00.001-05:00

Leading international exhibitors and important professionals of domestic tourism will develop the First International Tourism Meeting in order to discuss issues like the recognition of national tourism diversity, the need to innovate and the promotion of a business culture. The event called "Construyendo Destinos = Innovacion + Diversidad" (Building Destinations = Innovation + Diversity), is

Supermercados Peruanos opens its 39th Plaza Vea supermarket

2009-09-25T09:31:00.003-05:00

Supermercados Peruanos (SPSA) on Thursday opened its new Plaza Vea Alameda Sur supermarket located in the district of Chorrillos with an investment of US$2.8 million, becoming its 39th store in the country. The company explained that Plaza Vea Alameda Sur has an area of 3,200 square meters, which is part of a shopping center that has 110 parking spaces exclusively for clients. The supermarket

Investments in biofuel sector likely to reach US$400 million in 3 years

2009-09-20T15:57:00.001-05:00

Investments in Peru's biofuel sector may reach US$400 million in 3 years, the President of the Special Committee on Biofuels of the National Society of Industries (SNI), Ari Loebl said."Nowadays, investments in biofuel sector total US$200 million, and there are some other 200 million to be executed within two to three years," he told Andina News Agency.He highlighted some important investments

Camposol: Asparagus demand drop opens door for avocados

2009-09-12T22:44:00.002-05:00

As demand for Peruvian asparagus faltered in the first half of 2009, the country's leading agriculture industry group, Camposol, has been investing in avocado plantations. "The drop in requests for asparagus, particularly from America, has been an opportunity to take a bet on avocados," said Camposol chief executive officer Juan José Gal'Lino.He said the company is investing US$13.2 million to

Kuntur inks legal stability deal, regulator okays pipeline manual

2009-09-09T23:04:00.002-05:00

Kuntur Transportadora de Gas has signed a legal stability agreement with Peru's state agency for promoting private investment ProInversión for its US$1.3bn Gasoducto Andino del Sur gas pipeline project. Under the deal, the state guarantees the stability of the current tax and labor code, state news agency Andina reported. In related news, energy and mining investment regulator Osinergmin issued a

Gold Fields sells 7.5% stake in Eldorado for US$293mn

2009-09-08T23:29:00.003-05:00

South African miner Gold Fields (NYSE, Nasdaq: GFI) has sold its stake of 27.8mn shares in Vancouver-based Eldorado Gold for US$293mn, the former said in a statement. The amount is 7.49% of the 371mn shares Eldorado had issued as of June 30. The company said it would use the proceeds of the sale to pay off debt. Gold Fields said the transaction will not have any impact on a previous arrangement

BCP to acquire 77% stake in Financiera Edyficar

2009-09-08T23:23:00.002-05:00

Peru's largest bank BCP, part of financial services group Credicorp (NYSE: BAP), has reached an agreement to acquire a 77.2% stake in local finance company Financiera Edyficar from NGO CARE. The transaction is subject to regulatory approval and would require BCP to make a public offer to buy the rest of Edyficar's shares held by other shareholders, BCP said in a filing with securities regulator

Minera IRL forms JV with Collingwood to explore Veca gold property

2009-09-08T23:17:00.002-05:00

Lima-based gold producer Minera IRL (Lima, AIM: MIRL) has signed a letter of intent with Collingwood Peru to form a JV to explore the Veca property some 30km southeast of Huamachuco district in La Libertad region, the former said in a statement. Under the agreement, Minera IRL will pay Collingwood US$100,000 for 60% of the project and Collingwood will keep the remainder. The deal is expected to

Movistar to invest PEN 600mn in 2009

2009-09-03T23:21:00.000-05:00

Mobile telecommunications firm Telefonica Moviles (Movistar) has reported that it closed the first half of 2009 with 14.3mn clients. It has an 81% participation in the market, with 22.8mn mobile telephone lines. The firm's client base is growing most significantly in the provinces, which now represent 60% of its total clients.Movistar also reported that mobile phone tariffs in Peru are falling at

Termochilca presents plan for USD 500mn gas powered thermoelectric plant

2009-09-03T23:19:00.000-05:00

Peruvian power generation firm Termochilca has presented its investment project for the construction of a 600 megawatt (MW) gas powered thermoelectric plant to President Alan Garcia. The firm plans to invest USD 500mn (EUR 351.63mn) in constructing the plant over three stages. Construction is due to begin at the end of 2009, proving a contract is signed to guarantee natural gas supply. The first

Rio Cristal Resources signs option deal to buy Peruvian property

2009-09-02T22:34:00.001-05:00

Rio Cristal Resources Corp. announced today that it has signed a binding Letter of Intent (LOI) to enter into an Option Agreement to acquire the 2,400 hectare Condor early stage gold project in southern Peru. The LOI was entered into with a group of five individuals who hold the rights to the Condor concessions. The Condor project consists of concessions totaling approximately 2,400 hectares

Simsa to seek strategic partners

2009-09-01T23:15:00.002-05:00

Peruvian zinc miner San Ignacio de Morococha (Simsa) reported that its board has authorized the company to seek potential strategic partners. The board unanimously agreed to invite six companies which could be interested in forming strategic partnerships to sign identical confidentiality agreements, and hire an investment bank to oversee the process, Simsa said in a statement. Once the agreements

Backus & Johnston aims to exports Cusquena beer to Australia in 2010

2009-09-01T23:08:00.002-05:00

Peruvian brewery Backus & Johnston has announced that it plans to begin exporting its Cusquena brand of beer to Australia in 2010. The firm currently exports to Chile, the US, the UK, Spain and Japan. Backus's exports increased 22% between January and August 2009 and the firm hopes to sell 5mn litres by the end of 2009. In Chile alone, Backus's sales increased 25% in the first eight months of

Belcorp expands toiletries presence in Chile

2009-08-31T23:13:00.001-05:00

Peruvian cosmetics & personal hygiene products are tapping opportunities in Chile, as Belcorp that boasts an unit in Santiago has been increasing business gradually in that country and now accounts 16% of the market, says Silvia Seperack, Peruvian commercial advisor in Santiago. According to her, the food segment also has great potential to boost up business in Chile, specially with olives,

Calidda to reach 70% penetration in Lima and El Callao in six, not four,years

2009-08-31T23:06:00.000-05:00

In the next six years, 70% penetration of the residential market in Lima and El Callao will be achieved by natural-gas connections, says the firm in charge of such activity, Calidda Gas Natural de Peru. The firm's general director, Ernesto Cordova explains that, at present, penetration is at 17%, adding that in four years time 50% penetration should have been reached. However, the Ministerio de