More: http://www.goldmoney.com/gold-research/roman-baudzus/escalating-mining-crisis-in-peru.html
Bears watching I suppose...
Escalating mining crisis in Peru
- Thread starter pmbug
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More: http://www.goldmoney.com/gold-research/roman-baudzus/escalating-mining-crisis-in-peru.html
Bears watching I suppose...
DoChenRollingBearing
Yellow Jacket
YOW! A BIG mining problem in Peru! I will try to look into this, as Peru is my beat!
Maybe new Chavez-clone President Ollanta Humala has finally started doing his lefty c
If I get any more info, I will pass it along.
VERY ALERT, PMBug!
EDIT:
1) FOFOA has long said that the gold mining companies are at risk even if gold prices go very high, as the local .govs can do just what Peru looks like it wants to do. PHYSICAL GOLD in your own possession is clearly the best.
2) I just phoned Peru to talk with my in-laws. Not only there in Cajamarca province but there is/are something going on re mining in Huancavelica province too. In Cajamarca, the locals are complaining about pollution (seems Newmont and Buenaventura are sloppy...) problems. I do not know what is up in Huancavelica. César just told me that none of this is affecting our bearing business, but you can be SURE that mining companies are watching this closely.
Maybe new Chavez-clone President Ollanta Humala has finally started doing his lefty c
If I get any more info, I will pass it along.
VERY ALERT, PMBug!
EDIT:
1) FOFOA has long said that the gold mining companies are at risk even if gold prices go very high, as the local .govs can do just what Peru looks like it wants to do. PHYSICAL GOLD in your own possession is clearly the best.
2) I just phoned Peru to talk with my in-laws. Not only there in Cajamarca province but there is/are something going on re mining in Huancavelica province too. In Cajamarca, the locals are complaining about pollution (seems Newmont and Buenaventura are sloppy...) problems. I do not know what is up in Huancavelica. César just told me that none of this is affecting our bearing business, but you can be SURE that mining companies are watching this closely.
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swissaustrian
Yellow Jacket
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Mh NEMs recent rally could suffer some serious damage. They outperformed the other giants massively. Maybe the crowd will now shift towards ABX which is undervalued relative to NEM...
DoChenRollingBearing
Yellow Jacket
Just saw on the Peruvian news on TV last night that the Cajamarca protests continue.
They have shut down that provincial economy. Even the airport is closed (if I heard correctly). The local milk producers are dumping their milk production IN THE RIVER (the roads are closed too, and you cannot just ¨switch off¨a cow). The protests are costing that region some $$$ millions each day... No tourists, and it is one Peru´s prettiest places. Almost every business is getting hurt, many are fed up with the PROTESTERS (hello #OWS!).
:flail:
They have shut down that provincial economy. Even the airport is closed (if I heard correctly). The local milk producers are dumping their milk production IN THE RIVER (the roads are closed too, and you cannot just ¨switch off¨a cow). The protests are costing that region some $$$ millions each day... No tourists, and it is one Peru´s prettiest places. Almost every business is getting hurt, many are fed up with the PROTESTERS (hello #OWS!).
:flail:
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DoChenRollingBearing
Yellow Jacket
I was talking with my in-laws today and brought up the Conga project for their take.
What I did not know is that they would have to drain one or two VERY PRETTY lakes in the area. And that part of Peru (I have not been there, but many tell me so) is very pretty. Eco-tourism is big there. And apparently Newmont and Buenaventura have NOT been very responsible at disposal, etc. Mining IS dirty, but it looks like I would side with the locals who say no thanks to a risky new project.
And I am way capitalist! Which perhaps invites another solution:
Offer to pay any affected locals BIG $$$, they might just take that deal and move to the next valley... Locals who are badly affected by mines, etc. should be compensated.
What I did not know is that they would have to drain one or two VERY PRETTY lakes in the area. And that part of Peru (I have not been there, but many tell me so) is very pretty. Eco-tourism is big there. And apparently Newmont and Buenaventura have NOT been very responsible at disposal, etc. Mining IS dirty, but it looks like I would side with the locals who say no thanks to a risky new project.
And I am way capitalist! Which perhaps invites another solution:
Offer to pay any affected locals BIG $$$, they might just take that deal and move to the next valley... Locals who are badly affected by mines, etc. should be compensated.
KMS
Big Eyed Bug
I don't blame the Peruvians for putting the mines in their place. Good for them.
DoChenRollingBearing
Yellow Jacket
The president of Peru has declared that the Cajamarca region is now under a state of emergency, whatever that means. There seems to be no quick resolution to this Conga mine business.
And there are other problems in other mining areas of Peru as well, but I do not have details. I´ll see if I can pick up a paper today after I get my $4.00 haircut, LOL...
And there are other problems in other mining areas of Peru as well, but I do not have details. I´ll see if I can pick up a paper today after I get my $4.00 haircut, LOL...
swissaustrian
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Thanks for the updates DCRB 
KMS
Big Eyed Bug
Those people saw this coming. No wonder they were buying toilet paper by the hundreds.
ancona
Praying Mantis
That sound like a precursor to martial law or confiscation of the resources.
DoChenRollingBearing
Yellow Jacket
@ PMBug, KMS, ancona
All that TP I saw being bought yesterday was here in Lima, and there are NO SIGNS that there are SERIOUS problems here. People like to buy in bulk if it saves them some cash. Most of the people at ¨Makro¨ were middle class.
The TV news has not had much to say about Cajamarca so far today.
Doh! I forgot to buy the paper after getting my $4.00 (inc´d. generous tip) haircut, I´ll try to remember when I run out for a soda when I get sleepy (just ate BIG too...).
Peru: The land of $4.00 haircuts, good food and more!
All that TP I saw being bought yesterday was here in Lima, and there are NO SIGNS that there are SERIOUS problems here. People like to buy in bulk if it saves them some cash. Most of the people at ¨Makro¨ were middle class.
The TV news has not had much to say about Cajamarca so far today.
Doh! I forgot to buy the paper after getting my $4.00 (inc´d. generous tip) haircut, I´ll try to remember when I run out for a soda when I get sleepy (just ate BIG too...).
Peru: The land of $4.00 haircuts, good food and more!