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Lima (UPI) Feb 3, 2011 Peru is pushing for increased zinc production and export as part of a major government repositioning on a streamlined exploitation of the country's mineral resources. Plans for developing silver mines were announced earlier, part of an overall strategy to boost national revenue through an accelerated expansion of the mining sector. Peru's mining sector underperformed for many years amid political turmoil in the country. Peru is the second largest producer in the world of zinc and the largest producer of silver. Mining is one of the mainstays of Peru's economy. Major producer and exporter Volcan said it expects to boost its production of zinc over the next three years to 800,000 tons from 690,000 tons. "We expect to grow 5 percent per year," said Volcan General Manager Juan Jose Herrera during a presentation on the company's plans for the industry. Herrera said that Volcan's production of silver will increase from 23 million ounces to 30 million ounces. The company operates mining projects in the Pasco Andean region. Meanwhile, Solitario Exploration and Royalty Corp. announced "outstanding drilling results" on its high-grade Bongara zinc project in Peru. The company said it received positive results from several drilling operations in the country. Solitario Chief Executive Officer Chris Herald said the company was encouraged by highly mineralized results from its drilling operations so far. The company is working on plans to expand the infrastructure works related to expanded mining operations. Strong zinc prices have encouraged mining companies to pursue exploration of potential new deposits in Peru and elsewhere. The value of Peru's mining and hydrocarbons exports could rise 7.5 percent to $26.05 billion by the end of 2011, Maximixe consulting firm said in a report. Maximixe said Peruvian exports in the two sectors are expected to have reached $24.2 billion in 2010, with earnings from mineral resources amounting to more than $21 billion and those from crude oil and its derivatives reaching $3 billion. Between January and October 2010, mining and hydrocarbons exports totaled $19.69 billion, 38.1 percent higher than the same period in 2009. Mineral exports grew 34.7 percent, driven by increased sales of iron, zinc, copper, lead, tin and gold. The exports of petroleum and natural gas rose 76.7 percent to $2.4 billion, said the report. The Energy and Mines Ministry expects investment in the energy sector to reach $5 billion in 2011, representing a 10 percent increase. Deputy Energy Minister Daniel Camac said this year's overall planned investment in the power and hydrocarbons sectors will total $5 billion. The minister said a total of 26 renewable energy projects are planned to become operational before the end of 2012.
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