The payment of royalties by companies operating in the hydrocarbon sector in Peru amounted to $228 million at the end of 2021's first quarter, 66.8% more than the first quarter of 2020, reported the National Society of Mining, Oil, and Energy (SNMPE). The guild said that the evolution of royalties has been supported by an increase in international hydrocarbon prices. It added that the amount of royalties for oil production is still below pre-pandemic levels.
Camposol Holding filed to raise up to $450 million in an initial public offering (IPO) with the SEC. The company plans to dual list on the Lima Stock Exchange. Camposol is a global provider of fresh produce with farming facilities in Peru, Colombia, Chile, and Uruguay. The location of Camposol's fields allow them to produce year-round, shipping to international markets when supply is low. Among its core products are blueberries, mangoes, avocados, tangerines, and grapes.
Peru is currently implementing 49 renewable energy projects with a combined capacity of 1,080 MW across the nation, the Peruvian ministry of energy and mines said. The projects are broken down as follows: 30 hydroelectric stations (373 MW), seven solar farms (280 MW), seven wind farms (394 MW) and five biomass-fired plants (33 MW). Peru is committed to reaching 15% renewables in the power mix by 2030.
Fitch Ratings has affirmed Pacifico Compañia de Seguros y Reaseguros S.A.'s Insurer Financial Strength (IFS) at 'BBB+'. The outlook is stable. The rating action considered the company's strong business profile, its favorable financial performance, and capitalization and leverage ratios aligned to Fitch guidelines for the current rating.
Fidelity Minerals Corp has reported positive sampling results from its wholly-owned Porphyritic copper project in Peru, despite a limited amount of work undertaken due to the coronavirus pandemic. Eleven rock samples were taken and highlight results showed anomalous copper concentrations reaching 1.94% of the red metal over 0.30 metres (m) in one canal sample and 1.56% copper over 0.60 m in another. The first sample was also characterized by an anomalous gold concentration of 0.82 grams per ton (g/t) gold, the company noted.