Diapositiva 1 - Bolsa de Valores de Lima

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“An exceptional opportunity for Juniors to obtain
financing from Peruvian and International investors.”
FEDERICO OVIEDO
GENERAL MANAGER
2009
BOLSA DE VALORES DE LIMA
• Bolsa de Valores de Lima (BVL) is the only
stock exchange in Peru. Moreover, is the only
one in the region that has a mining Venture
Exchange.
• The BVL is regulated by the Comisión Nacional
Supervisora de Empresas y Valores – CONASEV
(Peruvian Securities Commission)
• The BVL is a public company and its shares are
traded in the Peruvian equity market.
•Trading is made by an electronic system, which
guarantees a transparent and efficient market.
• SEC recognizes BVL as designated offshore
securities market under “S” regulations.
Peru has a very friendly market environment for business
•Local and foreign investors do
not have to pay taxes on capital
gains obtained in the BVL up to
December 31, 2009.
• There are no taxes or
restrictions to short term or long
term capital flows in or out of the
country.
• The exchange rate is market
driven and there are no taxes or
restrictions to buying/selling
foreign currency in Peru.
Intitutional investment
(million US$)
To September 2008, investment
funds had US$ 298 fund.
Source: SBS, CONASEV
Peruvian Private Pension Fund´s
(AFP´s) appetite for mining
Mutual Funds
Share % in Stocks
Source: CONASEV
Investment made by the AFPs in the mining sector during 2008 reached US$
2,167 million on December 2008, 13.9% of the total portfolio (US$ 15,587
million).
Bond placement – Mining Companies
(Millions US$)
•Southern Perú Copper Corp. Suc. Perú
•Southern Copper Corp.
•Cía. Minera Atacocha
•Minera Barrick Misquichilca
•Soc. Minera Cerro Verde
•Minera Yanacocha
Capital increase through cash contribution
Mining Companies
(Thousands US$)
442,797
501,122
•Volcán Cía. Minera
•Cía. Minera Condestable
•Cía Minera San Ignacio de
Morococha
•Soc. Minera el Brocal
•Soc. Minera Cerro Verde
•Minera Andina de Exploraciones
• La Cima
Market Capitalization by Industry
20%
21%
22%
33%
49%
40%
58%
56.3%
53%
48%
17.2%
19.4%
8.3%
6.6%
12.8%
2000
2001
2002
Bank / Financial
2003
2004
Industrial
2005
Utilities
2006
2007
Others
2008
13.4%
6.6%
14.4%
Jan-09
Mining
Mining companies represent 50% of the BVL stock exchange capitalization.
IGBVL vs Industry Indexes
(Base 30.12.1991=100)
4500
4000
3500
3000
2500
2000
1500
1000
500
0
Agrarian
Bank / Financial
Miscellaneous
Industrial
Mining
Utilities
The IGBVL shows a high correlation with mining industry index
General index
Weight of mining companies in the
General Index of the BVL
100%
30% 28%
50% of the companies that conform
the IGBVL are in the mining
industry.
31%
80%
56%
52%
59%
51%
50%
54%
50%
46%
60%
40%
20%
Importance of mining in the equity traded in the
BVL
100%
25%
90% 20%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2002
2003
45%
31%
44%
46%
36%
2005
2006
Miscellaneus
2007
Mining
2008
2002
2003
2004
2005
Miscellaneus
2006
2007
2008
Mining
23%
77%
2004
0%
2001
Jan-09
In the last 6 years, more than 20%
of trading has corresponded to
mining shares.
Jan09
In 2008, the traded volume of mining shares accounted for 36% of total equity and mining
industry accounted for 47% the number of operations in the BVL.
%Equity Traded in the BVL (dic 2008)
Mining in % of equity operations in the BVL
100%
33%
80%
45%
34%
46%
59%
61%
49%
47%
51%
53%
60%
66%
40%
1%
55%
66%
54%
41%
20%
39%
0%
2003
Mining (without junior)
Source: BVL
Junior
Others
2004
2005
2006
Others
2007
Mining
2008
Jan-09
There are 257 listed companies in BVL, of which 13% belong to the mining industry.
Listed companies by Industry
(*) To december 2008
BVL, opening new
markets…
The only Venture Exchange segment in Latin America…
Venture
Exchange
Launched by the
BVL
in 2003
Funding opportunity
through capital markets.
 Only for mining companies in prospecting phase.
 Provides liquidity through stock sales.
 The Venture Exchange is a segment based in high international standards.
 Attractive investment option.
Our goal is to become a bound reference for mining projects in the region, considering
listed companies’ and investors’ interests.
“A valid alternative to collect
capital for foreign and local
emergent investors, as level of the
“Best Latin American
company in New Markets
class”
- Business News Americas,
Famous Hall, Ten Mining
TSX-V o AIM market”
- Courtney Chamberlain,
Chairman Minera IRL .
“Peru, the unknown Latin-
American jewel”
- Diario Cronista, Argentina
Favorable economic conditions and a rapidly growing globalization process are
together.
Nowadays, Peru is more attractive for mining investors.
“We have chosen the BVL for its high Latin American performance, because
more than 60% of their companies belongs to primary sector, and because
of its mining tradition and sophisticated investors who have a high degree
of industry knowledge.
Cesar López, President of Apoquindo Minerals.
“Hemos escogido a la BVL por ser la de mayor rendimiento de Latinoamérica, por que mas del 60 por ciento de las empresas que
cotizan en ella son empresas orientadas a los recursos naturales, y porque además Perú es un país con tradición minera y porque sus
inversionistas son sofisticados, poseen un alto grado de conocimiento de la industria”.
Cesar López, Presidente de Apoquindo Minerals.
Up to 2008 closing, 8 mining companies are listed in the BVL.
During 2008, juniors Minera IRL and International Consolidated Minerals were
incorporated in the Regular Exchange segment.
Today, more than 269 mining projects are being developed in Peru, which shows a great
opportunity of mining industry.
Mining companies' share of market capitalization accounts for US$ 30,307 million to December
2008. For the same period Junior mining companies' share of market capitalization accounts
for US$ 242 million.
There are 8 listed junior mining companies:
Vena Resource
 Candente Resource
 Nortsemont Mining
 Inca Pacific
Alturas Minerals Corp
Fortuna Silver Mines Inc.
Apoquindo Minerals Inc.
Traded Volume(thousands US$)
 Panoro Minerals
Number of companies and Junior´s Traded Volume
400,000
9
350,000
8
300,000
7
6
250,000
5
200,000
4
150,000
3
100,000
2
50,000
1
0
0
2006
Traded Volume
2007
Nº Companies
2008
The most important Junior mining projects of
listed companies…
We have 3 Junior mining projects
overseas…
Listing in the BVL represents for these companies additional benefits:
Lower costs than other X´s.
Listing paper work: Short and
simple.
Double listing help to increase the
companies liquidity in their main
market.
The high performance provides them
more funding at lower costs.
Contribute mining companies to be transparent, therefore, derives in a better
image for investors.
 Peru is clearly headed towards sustained economic growth, and has a great
mining potential.
 Peru is the first mining country in Latin America.
 The BVL is emerging as a natural market for junior mining companies
 There are more than 269 mining projects in Peru and we only have 8 junior
mining companies listed in the BVL.
 The Venture Exchange provides a major opportunity for junior mining
companies. Moreover, there is a huge appetite among investors for this kind of
companies.
 We are the only stock exchange in the Latin American region that has
accurately developed its Venture Exchange segment based on the experience
and standards of the most important international markets.
“An exceptional opportunity for Juniors to obtain
financing from Peruvian and International investors.”
Contacts:
Mariella Córdova Vargas: [email protected]
Phone Number: (511) 619 3333 Ext. 2414.
María del Pilar Falcón: [email protected]
Phone Number: (511) 619 3333 Ext. 2226
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