SOURCE: The Bedford Report

The Bedford Report

November 07, 2011 08:16 ET

Low Costs Benefit Portage Resources and Newmont Mining's Peruvian Operations

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

NEW YORK, NY--(Marketwire - Nov 7, 2011) - Political conflicts and tax hikes in Peru have caused some of the wind to come out of the mining industry's sails. Pedro Martinez, president of Peru's National Society of Mining, Petroleum & Energy, is quick to scoff criticisms of the country's policy, arguing that lower costs more than offset higher taxes. 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 -- the world's third-largest copper producer and a leading producer of precious metals -- seeks to double output by 2016, will be able to offset a higher tax rate than Chile with cheaper labor and electricity costs, Pedro Martinez said.

Peru, where companies such as Newmont Mining and Portage Resources plan new mines, will remain as competitive as neighboring Chile even as President Ollanta Humala boosts taxes, the Andean country's mining group said.

The Bedford Report releases investment research on the Precious Metals Market so investors can stay ahead of the crowd and make the best investment decisions to maximize their returns. Take a few minutes to register with us free at and get exclusive access to our numerous analyst reports and industry newsletters.

Last week Peru's government tried to broker a truce with angry protesters who are opposed to Newmont Mining's $4.8 billion Conga project, the biggest mining investment in the country's history. The new gold mine would generate hundreds of millions of dollars in taxes and royalties for the government, but Mines and Energy Minister Carlos Herrera said to be built it must win the approval of the local community.

Portage Resources Inc. is focused on the exploration and production of precious and base metals in Peru. Portage is benefitting from strong commodity prices. According to its latest update, its Wukakuy project alone has a reserve estimate of 58,000,000 oz of Ag valued at over $2,300,000,000.

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