SOURCE: The Bedford Report

The Bedford Report

July 13, 2011 08:16 ET

Explorers Continue to Mine Peru's Wealth Despite Political Concerns

The Bedford Report Provides Equity Research on Portage Resources and Newmont Mining

NEW YORK, NY--(Marketwire - Jul 13, 2011) - Precious metals explorers have been actively expanding operations in Peru for many years. Peru is the world's largest producer of silver, third largest of copper and fifth largest of gold, with gold accounting for roughly one third of Peru's export revenue. The Bedford Report examines the outlook for the Precious Metals Market and provides equity research on Portage Resources (PINKSHEETS: POTG) and Newmont Mining Corporation (NYSE: NEM). Access to the full company reports can be found at:

Peru's Ministry of Energy and Mines recently announced that from January of this year to May, investment in the mining industry has increased 68 percent, with $2.43 billion invested this year alone. Despite the country's vast resources, several mining stocks with operations in Peru have struggled of late on concerns that the leftist President-elect Ollanta Humala's presidential victory will lead to a wave of nationalizations and higher taxes on foreign companies. Humala argues that mining companies whose profits have skyrocketed on high global commodities prices should fund social programs in a country where a third of people are poor despite a decade-long economic boom.

According to Reuters, several foreign companies have scoffed at the proposal, believing that it would encourage them to build mines elsewhere and jeopardize $40 billion in mining projects the government of departing President Alan Garcia has lined up for the next decade.

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Despite political concerns, several miners continue to expand in Peru. Portage Resources has signed a number of agreements in the past few weeks to acquire mining properties in Peru, including a mining concession near the Antamina Mine located in the Ancash Region. Portage argues that "Antamina has had the highest investment in the history of Peruvian mining, with an initial investment of approximately US$2.2 billion."

Newmont Mines' Peruvian Yanacocha production has exceeded 26 million ounces since the mine opened in 1993. Meanwhile, Newmont's Conga project is currently in the exploration phase and comprises two main copper and gold deposits called Perol and Chailhuagón 2.

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