Eco Exploration to stagger investment in rapidly expanding Peruvian economy, increasing the company's Peruvian investment portfolio by additional 20% by mid-2013.
Aug. 22, 2012 - Eco Exploration, a pioneering mineral exploration company headquartered in Santiago, Chile, announced today that its investment portfolio in Peru's mining industry is to increase by more than 20% over the next 12 months as Peru's economy recovers from the detrimental effects of the global crisis. This press release comes only weeks after the company's board of directors agreed the investment of one billion dollars in Peru over the next five years, and the execution of an $800 million dollar project in the region, due to commence in early September 2012.
With assets already established in Peru, Eco Exploration is well situated to reap the benefits of current local prosperity. Peru's economy saw 6.9% growth in 2011, due primarily to its position as the world’s second largest producer of copper and silver, and also from its income as 4th largest global gold producer.
"Peru's growth is, outstripping rates in most of the region and in developed economies world-wide. Even as the global economy slows, the International Monetary Fund expects Peru to grow 5.5% this year and 6% in 2013." (MARKETWATCH)
Under the guidance of the company's latest addition to the board of directors, Dr Frank Hughes; Eco Exploration are expected to begin production at an $800 million dollar project site in the Eastern Cordillera region of Northern Peru over the coming weeks, and with this new capital agreement, are now exploring new sites of interest for acquisition. The main Cordillera mine in Peru, holds proven reserves of 7 million ounces of Gold, and is now finally generating a profit for the company.
Any newly acquired assets in the region will undergo pre-feasibility studies in 2013, and therefore production at said sites is unlikely begin until early 2014. Eco Exploration C.E.O. Mr. Andrew Davis said "Of course as a company, we are are thrilled to finally see returns for our shareholders on the capital invested in Peru, and we are confident that this proposed move to further invest in the country will be supported by our shareholders" .
About Eco Exploration
Eco Exploration works hard to maintain a reputation as a socially responsible minerals exploration company, both within the mining industry and within the local communities in which we work. The company implements mutually beneficial policies within local communities, to ensure that people within the localities we work in can benefit from our presence; and to ensure the company is operated in a sustainable manner.