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Friday, 24th August 2007 (1925 views)

Metals company Monterrico has launched two $40 million (£20.15 million) trust funds designed to benefit two communities in Peru.

The site of the company's principal copper project, Rio Blanco, is to receive $80 million through Monterrico's ongoing social development programme, to be divided equally between the communities of Yanta and Secunda y Cajas.

Richard Ralph, non-executive chairman of Monterrico Metals, said: "I am delighted to announce the proposal of these Funds. This initiative is part of our pro-active Social Programme which is designed to achieve sustainable development of this very poor area of Peru and to generate amicable and mutually productive working relationships with the local communities."

Community schemes to be funded by the $80 million are to be determined by the local communities, Monterrico stated, explaining that the money is to be accumulated progressively.

As well as the Rio Blanco project, Monterrico operates a number of other Peruvian mining interests, including a gold property in Pico Machay.

 

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