Earlier this week, mining company Fortuna Silver announced
that it would invest roughly $3 million in exploration in its Caylloma mine,
located in the Peruvian department of Arequipa. Fortuna also provided updates on
the expected reserves contained within the Caylloma mine. This is welcome news,
as it shows that oil companies in Peru are still willing to invest in growing
their operations despite the fall in international mineral prices.
In news related to illegal mining in Peru, the Global
Initiative Against Transnational Organized Crime released
a report declaring that the sex trafficking occurs at a vast scale in the parts
of Latin America afflicted with illegal gold mining, particularly in Colombia
and Peru. The report explains that the reason why human trafficking and illegal
mining often go hand in hand is that the mines are often located in remote
jungle areas, where the police are totally absent.
In macro-economic news, Reuters reported that Peruvian
President Ollanta Humala decided
to raise the Peruvian minimum wage by 13 percent, after the leading
presidential candidates all promised to raise pay for the country’s workers.
Humala publicly signed the executive order in the Puno region, which Reuters
noted is one of the poorest in Peru. He announced, “You all will be the judge
of who can do better than this government. When candidates come here looking
for votes ... don't settle for just anything.”
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