Latin Resources Plans New Drill Project In Peru
News: Australian mineral exploration company Latin Resources has announced plans to start a new drill project at its Ilo Norte copper-gold site in Peru following the resul ts of its Induced Polarisation S urvey, Energy Business Review Reports. The survey identified a potential new target for copper-gold mineralisation , an area of more than 2 , 000 x 800 metres . The company has stated that it has the drill permits required and will now start work almost immediately.
BMI View: We maintain our view that Peru's mining sector will grow steadily over our forecast period, driven primarily by investment into copper and gold mining projects. We forecast Peru's mining sector will grow by 5.1% in 2013, reaching a value of US$19.7bn. With a large number of projects in early development and construction phases, the sector presents promising growth opportunities for miners of a wide array of minerals. Peru is a globally significant producer of several base and precious metals and we expect this mineral diversification to benefit miners exploring for and developing new deposits. Investment from mining companies between 2012 and 2020 is estimated at US$53bn, although continued protests may reduce this figure.