Nuestro Perú Minero: Cartera Estimada De Inversión En Minería

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Nuestro Perú Minero: Cartera Estimada De Inversión En Minería Minería Junior en la Bolsa de Valores de Lima Equity Research Alberto Arispe – Jefe de Research Humberto León– Analista Noviembre 2013 Disclaimer Este documento ha sido preparado exclusivamente para ser acompañado de una presentación oral y no es portador de ningún derecho de publicación o conocimiento a ninguna otra tercera persona. Este documento, y ninguna de sus partes por separado, podrán ser usados para cualquier otro propósito sin el previo consentimiento escrito de KALLPA Securities Sociedad Agente de Bolsa S.A. Minería Junior en la Bolsa de Valores de Lima 2 Agenda Nuestro Detallando la importancia del Perú como Pág. 04 - 14 Perú Minero productor mundial de metales Introduciendo al Segmento de Capital de Segmento Pág. 15 - 24 Junior - BVL Riesgo- Bolsa de Valores de Lima Juniors Describiendo las empresas listadas en el Segmento de Capital de Riesgo- Bolsa de Pág. 25 - 50 Listadas Valores de Lima Minería Junior en la Bolsa de Valores de Lima 3 Nuestro Perú Minero: Perú en cifras • Nombre: República del Perú • Capital: Lima • Área: 1,285,216 km2 • Habitantes: 30.48 millones (cifras al junio 2013) • Regiones: 24 • Idioma Oficial: Español • Presidente: Ollanta Humala Tasso (periodo de gobierno 2011 – 2016) • Política Económica • Economía de libre mercado • Banco Central (BCRP) autónomo: Presidente Julio Velarde • Meta inflacionaria anual: rango 1% - 3% • Tipo de cambio: Flotante con intervenciones del BCRP • Calificación de deuda: Grado de inversión o S&P BBB+ o Moody’s Baa2 o Fitch BBB+ Fuente: Banco Mundial, Banco Central de Reserva del Perú Minería Junior en la Bolsa de Valores de Lima 4 Nuestro Perú Minero: Perú en cifras 12% Evolución Real del PBI (2000 - 2013) 10% 9.8% 8.9% 8.8% 8% 7.7% CAGR L10Y: 6.8% 7.0% 4.6% 6.3% 6% 5.7% 5.0% 5.0% 4.0% 4% 3.0% 2% 0.9% 0.2% 0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013e Fuente: Banco Central de Reserva del Perú, Kallpa Securities SAB Minería Junior en la Bolsa de Valores de Lima 5 Nuestro Perú Minero: Perú en cifras • PBI Nominal 2012: US$ 199.35 Miles de Millones (MM) • PBI per capita 2012: US$ 6,620 PBI por sector (2012) Manufactura PBI: Perú vs Sudamérica Comercio 1.84% Resto de Otros Servicios 1.90% 0.72% 4.17% Impuestos PBI Nominal PBI per capita País 4.67% (MM US$) (US$) Agropecuario 15.98% Brasil 2,476.65 12,583.90 Transporte y Venezuela 316.48 10,731.10 5.58% Comunicaciones Servicios Prestados a Argentina 448.17 11,006.20 Empresas Colombia 333.16 7,074.60 6.33% 14.57% Servicios Gubernamentales Chile 248.58 14,366.60 Construcción Perú 180.76 6,105.70 7.10% Ecuador 78.19 5,323.30 Minería e Hidrocarburos Uruguay 46.71 13,803.30 7.52% 12.29% Restaurantes y Hoteles Bolivia 23.95 2,360.10 7.60% Electricidad y Agua Paraguay 25.54 3,889.90 9.74% Cifras al 2011 Financiero y Seguros Pesca • Contribución de la minería al PBI: 4.7% (6.4% en el 2002) • Contribución de la minería a las exportaciones: 54% Fuente: Banco Central de Reserva del Perú , CEPAL, Kallpa Securities SAB Minería Junior en la Bolsa de Valores de Lima 6 Nuestro Perú Minero: ORO - Top productores 6° Top productores de oro (miles oz. finas) Ranking País 2007 2008 2009 2010 2011 2012 mundial China 8,841 9,163 10,288 11,092 11,639 11,896 Australia 7,941 6,912 7,202 8,391 8,295 8,038 EE.UU 7,652 7,491 7,170 7,427 7,523 7,395 Perú: Top productores de oro (2012) Rusia 5,047 5,531 6,200 6,174 6,430 6,591 Producción Puesto Compañía Sudáfrica 8,121 6,840 6,354 6,067 5,819 5,466 (miles oz.) Perú 5,473 5,783 5,916 5,275 5,343 5,187 1 Yanacocha 1,346 Indonesia 3,789 2,070 4,180 3,858 3,086 3,054 2 Barrick Misquichilca 865 Canadá 3,286 3,054 3,130 2,926 3,119 3,279 3 Buenaventura 274 Uzbekistán 2,733 2,733 2,894 2,894 2,926 2,894 4 Rio Alto 200 Ghana 2,322 2,346 2,568 2,636 2,572 2,861 5 Horizonte 184 México 1,265 1,619 1,652 2,334 2,701 2,797 P. N. Guinea 1,850 2,169 2,180 2,180 2,122 1,929 Otros 2,318 Brasil 1,595 1,758 1,802 1,865 1,993 1,800 Otros 15,363 15,595 17,370 19,167 22,023 22,184 Total 5,187 Total 75,279 73,065 78,906 82,286 85,591 85,371 Puesto 5 5 6 6 6 6 Perú/Prod. 7.27% 7.91% 7.50% 6.41% 6.24% 6.08% Mundial (%) Fuente: Ministerio de Energía y Minas Minería Junior en la Bolsa de Valores de Lima 7 Nuestro Perú Minero: PLATA - Top productores 3° Top productores de plata (miles oz.) Ranking País 2007 2008 2009 2010 2011 2012 mundial México 100,806 104,050 114,259 141,809 133,437 136,641 China 86,807 90,022 93,237 112,528 118,958 122,173 Perú: Top productores de plata (2012) Perú 112,574 118,505 126,118 117,043 109,919 111,854 Producción Australia 60,411 61,922 52,566 59,929 55,460 61,086 Puesto Compañía (miles oz.) Rusia 29,300 36,400 42,200 43,596 43,404 48,226 Bolivia 16,879 35,808 42,622 40,490 39,018 41,796 1 Buenaventura 14,665 Polonia 38,549 37,327 38,806 37,970 37,520 37,616 2 Antamina 13,291 Chile 62,259 45,172 41,829 41,368 41,515 36,330 3 Volcan 11,090 EE.UU 41,153 40,188 40,188 41,153 36,009 33,758 4 Minera Ares 6,327 Canadá 27,664 23,396 20,284 19,164 18,390 17,040 5 Emp. Adm. Chungar 5,443 Otros 91,434 93,605 104,433 109,587 115,630 125,388 Otros 61,038 Total 667,836 686,397 716,542 764,637 749,258 771,909 Puesto 1 1 1 1 2 3 Total 111,854 Perú/Prod. 16.86% 17.26% 17.60% 15.31% 14.67% 14.49% Mundial(%) Fuente: Ministerio de Energía y Minas Minería Junior en la Bolsa de Valores de Lima 8 Nuestro Perú Minero: COBRE - Top productores 3° Top productores de cobre (miles TMF) Ranking País 2007 2008 2009 2010 2011 2012 mundial Chile 5,557 5,328 5,394 5,419 5,260 5,370 China 946 1,090 1,070 1,200 1,310 1,500 Perú 1,190 1,268 1,276 1,247 1,235 1,299 EE.UU. 1,170 1,310 1,180 1,110 1,110 1,150 Perú: Top productores de cobre (2012) Australia 870 886 854 870 958 970 Producción Puesto Compañía Rusia 740 750 676 703 713 720 (miles TM) Zambia 509 555 697 690 668 675 1 Antamina 463 Congo 148 234 310 380 520 580 2 Southern Peru Copper 311 Canadá 596 607 495 525 566 530 3 Cerro Verde 279 México 336 269 228 270 443 500 4 Xstrata Tintaya 52 Indonesia 797 633 999 872 543 430 5 Gold Fields La Cima 38 Polonia 452 429 439 425 427 430 Kazakhstan 407 422 406 380 417 420 Otros 157 Otros 1,785 1,804 1,895 1,905 1970 2100 Total 1,299 Total 15,503 15,583 15,918 15,997 16,145 16,674 Puesto 3 3 2 2 2 3 Perú/ Prod. 7.68% 8.14% 8.02% 7.80% 7.65% 7.79% Mundial(%) Fuente: Ministerio de Energía y Minas Minería Junior en la Bolsa de Valores de Lima 9 Nuestro Perú Minero: ZINC - Top productores 3° Ranking mundial Top productores de zinc (miles TMF) País 2007 2008 2009 2010 2011 2012 China 3,040 3,340 3,330 3,700 4,310 4,600 Australia 1,514 1,519 1,290 1,479 1,515 1,490 Perú: Top productores de zinc (2012) Perú 1,444 1,603 1,513 1,470 1,256 1,281 Producción Puesto Compañía EE.UU. 803 778 736 748 769 748 (miles TMF) India 539 614 695 700 710 690 1 Antamina 270 México 427 397 384 518 632 630 3 Milpo 186 Canadá 630 751 699 649 612 640 2 Volcan 158 Kazakstán 445 446 442 459 495 420 4 Los Quenuales 113 Bolivia 214 384 431 411 427 430 5 Emp. Adm. Chungar 99 Irlanda 401 398 386 342 340 345 Otros 1,688 1,620 1,555 1,673 1,782 1,770 Otros 456 Total 11,146 11,848 11,461 12,150 12,848 13,044 Total 1,281 Puesto 3 2 2 2 3 3 Perú/Prod. 12.96% 13.53% 13.20% 12.10% 9.78% 9.82% Mundial (%) Fuente: Ministerio de Energía y Minas Minería Junior en la Bolsa de Valores de Lima 10 Nuestro Perú Minero: Concentración minera en índices bursátiles Portafolio IPSA - Chile Portafolio TSX - Canadá Bolsa principal: Bolsa de Comercio de Santiago (BCS) Bolsa principal: Bolsa de Valores de Toronto (TSX) Índice Representativo: Índice de Precio Selectivo de Índice Representativo: S&P/TSX Composite Index Acciones (IPSA). Otros Otros Servicios 12% Portafolio INCA - Perú 18% 18% Industrial Bolsa principal: Bolsa de Valores de Lima (BVL) 7% Financiero 37% Índice Representativo: Índice Nacional de Consumo Capitalización Bursátil (INCA).
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