ANALYSIS-Copper price boost? Peru s socialist swerve worries miners Reuters 1 hr ago
By Marco Aquino
LIMA, April 20 (Reuters) - Peru s presidential front-runner has proposed nationalizing mining and redrafting the Andean country s Constitution, raising risks to mining investment in the world s no. 2 copper producer that could put upward pressure on prices of the red metal.
Mining industry insiders and analysts have expressed alarm about Pedro Castillo, the surprise socialist favorite for the June run-off who often sports a cowboy-style hat and who has gained support in Peru s rural hinterlands.
Castillo has a strong lead over conservative Keiko Fujimori in pre-election polls after surging from relative obscurity to win the first round this month, when he rode on a horse to vote and pledged to be a champion for the country s poor.
Analysis: Copper price boost? Peru s socialist swerve worries miners
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This article is reprinted from the Indexology blog of S&P Dow Jones Indices.
The first quarter was a tough one for equity markets in the region, as a stronger U.S. dollar and the ongoing impact of the COVID-19 pandemic weighed on performance. Despite a 3.1% gain in March, the S&P Latin America BMI lost 5.8% in USD in Q1 2021, while the S&P 500® gained 6.2%. At the country level, the story was mixed. Mexico and Chile finished the quarter in positive territory, while Brazil, Argentina, and Colombia all declined. Peru was nearly flat.
The currency exchange rate plays an important role in the performance of regional indices. Given the strength of the U.S. dollar, returns measured in local currency were much better. In Q1, the S&P Brazil BMI lost 10.2% in USD but only 3.1% in BRL. Similarly, the S&P Colombia BMI lost 15.7% in USD but only 9.5% in COP. Peru had mixed results, with the S&P/BVL Peru General Index generating a nearly flat return in PEN (-0.7%), but a positive one i
Global Energy Services breaks ground on 131MWp of Spanish solar
Image: GES.
Renewables firm Global Energy Services (GES) has started construction work on three solar projects in Spain with a combined capacity of 131MWp.
Located in the country’s western Extremadura region, the plants – called Cáceres 2020, Cáceres 2021 and Cáceres 2023 – will have a total of 240,800 panels and will generate 243,600MWh per year. They will be connected to a 30/220kV step-up substation located at one of the plants.
GES will provide equipment and material supplies and carry out design, engineering and construction of the projects, which are expected to be operational by end of 2021.
Could it be that there will finally be political stability in Peru?
This is the question that many Peruvians and international experts ask themselves before a new presidential election in the Inca country, after last year President Martín Vizcarra (who came to power after the resignation of President Pedro Pablo Kuczynski) was vetoed by Congress and after a brief mandate from Manuel Merino, Francisco Sagasti held power and left a slight feeling of stability while the elections were being held.
There is currently a huge diversity of parties and candidates to assume the most important position in the South American country.
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