RE: PDP-NOW 13.60 UP .85.CLL OWNS 31% OF THAT.Yes CLL owns 31% of the shares of PDP-Petrolifera. PDP has a core business of producing oil wells in Argentina, but it also has some HUGE exploration rights in PERU. Peru has now voted in a free market president - just passed a free-trade agreement with USA - and generally things are looking great there - which bodes well for the PDP exploration rights in PERU
IF PDP goes UP then the underlying asset value of CLL GOES UP TOO
check out the following:
Peru's Economy Expanded 6.47 Percent in May on Gold (Update3)
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July 14 (Bloomberg) -- Peru's economic expansion quickened in May as gold output rose at the fastest rate since December.
Gross domestic product accelerated 6.47 percent in May after growing 3.6 percent in April and 10.7 percent in March, the National Statistics Institute said. It was the second- fastest growth rate this year. Peru's 12-month growth rate was unchanged at 6.5 percent through May.
The country's exports, especially in mining, oil and gas, may expand by a third this year from 2005 and help fuel a 5.5 percent economic expansion, according to the Foreign Trade Ministry, after growth of 6.7 percent in 2005, the fastest pace in eight-years.
``Gold is driving the mining sector right now,'' Jorge Luis Rodriguez, an analyst at Peru's third-largest brokerage, SAB Centura, said in a phone interview.
Gold output in Peru, the world's No. 5 producer of the metal, jumped a quarter on a 10 percent increase at Denver-based Newmont Mining Corp.'s Yanacocha mine and the mid-2005 start-up of Toronto-based Barrick Gold Corp.'s Alto Chicama mine. Silver rose by one-fifth on gains at Volcan Cia. Minera SA, up 36 percent, and Cia. Minera Antamina SA, which jumped by one-half.
Construction, led by road-building and a state housing program, jumped by one-fifth, spurring a 14 percent increase in cement output.
``Government spending on goods and services is also helping to keep the economy growing,'' said Rodriguez.
Metals, Power
Copper output fell 4.1 percent on a 17.2 percent decline in production at Antamina, which offset a 5.1 percent gain at Southern Copper Corp.
Natural gas fell 4.4 percent on a 38 percent drop in output at Dallas-based Maple Resources Corp's Aguaytia fields, while crude oil and liquid gas rose 3.8 percent.
Electricity rose 4.1 percent on gains at Madrid-based Endesa SA's Edegel generator, up 10.5 percent, and Paris-based Suez SA's Enersur, up 41.3 percent.
Fishing fell by one-quarter as anchovy catches, used to make fishmeal, dropped 37.1 percent on a seasonal fishing ban. Agriculture rose 1 percent on a 12.6 percent increase in cotton, while sugarcane climbed one-third and coffee rose 15.4 percent. Manufacturing rose 2.6 percent.
The Peruvian sol gained 0.1 percent to 3.2395 per dollar at 1:25 p.m. New York time, near the seven-year high of 3.2350 per dollar reached July 7. The central bank has bought $247.5 million on the exchange market this week in a bid to prevent the dollar from falling.
To contact the reporter on this story:
Alex Emery in Lima at aemery1@bloomberg.net