摘要

In  newly-released Peru Mining Report 2007, we expect the nation's mining industry to grow in size over the next five years as Peru cements its position as one of the most important mining countries in Latin America. We believe that the value of output of the countries key metals will grow strongly in 2006 (thanks predominantly to higher commodity prices) to around US$9bn. Going forwards, though, the effects of lower yielding ore at some key gold mines combines with softness in mineral prices could hold growth down.

Nevertheless, investment continues strongly and the development of new projects, particularly in the gold and silver segments will offset this, Peru is now the world's largest producer of silver – having overtaken Mexico in the past year – and is a significant player in copper and zinc (the world's third-largest producer) and gold (the world's fifth-largest).

There are around 10 local companies in Peru's mining and minerals sector, but almost all of the large projects are controlled by the local subsidiaries of multinationals, sometimes in alliances with local firms. The competitive landscape is changing rapidly as local companies, traditionally family-run, seek closer ties with international firms. The sector is still relatively young, having only begun to grow in the 1990s as a product of legal and structural reforms.

Peru's mining/minerals sector is consequently becoming increasingly important relative to exports and GDP although not yet in terms of employment. While the sector receives strong support from the national government, there are signs of growing hostility from local interest groups to some projects on environmental concerns, and the past year has seen some increase in labour unrest at several mines. However, overall, though, it would be fair to say that the business environment in Peru is less challenging than it is for many developing countries, where major mining companies are active.

目录及图表

Executive Summary

Chapter 1 - Industry Trends And Developments
Market Overview

Regulatory Structure

Chapter 2 - Project And Property Updates
Metals

Table: Operations In Argentina

Chapter 3 - SWOT Analysis
Argentina Political SWOT

Argentina Economic SWOT

Argentina Business Environment SWOT

Chapter 4 - Business Environment
Introduction

Regional Overview

Peru

Table: Business Environment

Legal Framework

Overview

Effectiveness Of The System

Property Rights

Intellectual Property Rights

Labour Force

Size

Structure

Regulation

Table: Demographic Indicators (2005)

Foreign Investment Policy

Table: Latin America Annual FDI Inflows

Table: Peru Annual FDI Inflows

Table: Peru Value Of Exports By Category

Political Environment

Out With The Old, And In With The New

Chapter 5 - Industry Forecast Scenario
Correction To Continue

Lower Metal Prices, But Still Historically High

Risks To Outlook

Global Overview

Regional Analysis

Peru Mining Industry Forecast

Table: Peru Mining Industry Forecast

Chapter 6 - Competitive Landscape
Table: Peru Mining - Key Players

Chapter 7 - Company Monitor
Compañía de Minas BUENAVENTURA S.A.A

Barrick Gold Corporation

Compañía Minera ANTAMINA

Appendix A: Mining Ratings: Methodology

Introduction

Breakdown of Ratings

Breakdown of Components

Appendix B: The World Economy

Outlook and Risks

Table: Global Assumptions

United States

Soft Landing Ahead

Risks To Outlook

Europe

Moderating, But Solid Economic Growth

Medium-Term Growth Outlook

Japan

Japan In 2007 & 2008

Japan's Medium-Term Prospects

China

China In 2007 & 2008

China's Medium-Term Prospects

Oil

Appendix C: Regional Demographic Data

Wages (ave. per annum), US$

Population

Household Spending Per Capita, US$

Private Consumption Per Capita, US$ PPP

Market Size, GDP, US$bn