Peruvian gold exports to UAE top US$233m in H1 2016

DUBAI, 22nd August 2016 (WAM) --- The value of Peruvian gold exports to the UAE reached $233 million in the first half of 2016, a 155-fold increase compared to the same period in 2015. Total gold shipments jumped from 42 kilogrammes in 2015 to reach more than 7 metric tons in 2016, making the UAE the fourth largest destination for Peru’s gold exports, after Switzerland, Canada and USA, according to figures from the Trade and Investment Office of Peru in the UAE. Peru ranks as the world’s sixth biggest producer of gold and is the largest producer of the commodity in Latin America. Gold is the second most exported product for Peru after copper ore. The country is a global leader in the mining industry, ranking among the world’s top producers of silver, tin, zinc and molybdenum as well as gold and copper. In a press release, Director of the Trade and Investment Office of Peru in the UAE, Alvaro Silva-Santisteban F., attributed the rise in gold exports to the UAE to recent commercial activities undertaken by Peruvian office. He said: "Gold counts as one of the major re-exports for the UAE so demand for the commodity has always been high. "The work of our office in generating the correct links and supporting commercial missions, and the appropriated international procedures Peruvian exporters follow, has likely influenced recent trade results." He added: "Peru’s mining capabilities are top class. Although we are world leaders in the production of base and precious metals, only 13 percent of our territory has been explored and only half of that has been mined. – Emirates News Agency, WAM - http://www.wam.ae/en/news/economics/1395299036374.html