Ann: Apurimac Project - Colcabamba Drilling Comme, page-3

re: Ann: Apurimac Project - Colcabamba Drilli... How did I miss this. Old news from 6 Sept, but did anyone else spot it?

Bloomberg reported that Xstrata Plc and Australia?s Strike Resources Limited may build a railroad to transport copper and iron ore to a port from Peru?s southern Andes.

Mr Alan Garcia president of Peru said after signing USD 4.2 billion contracts with Xstrata?s copper chief Mr Charlie Sartain for the Las Bambas copper project that the railway could also transport ore from other mineral deposits in Peru?s Apurimac region. Perth based Strike is conducting studies for its USD 2.3 billion Apurimac Ferrum project in the same area.

Mr Garcia said at the ceremony in the Presidential Palace that this is the contract of the century. This will make Peru one of the world?s biggest copper producers.

Mr Mick Davis CEO of Xstrata is on schedule to meet a targeted 50% increase in production by 2014 estimated to cost USD 14 billion. Zug, Switzerland based Xstrata is betting on a revival in metal demand as the global economy recovers from last year?s recession.

(Sourced from Bloomberg)