PERU Peru's national securities regulator, CONASEV, has amended the regulations governing Lima's venture exchange for junior miners to ease the entry requirements. Producing companies with less than three years' reserves may also now apply to be listed on the exchange. The announcement was made by exchange general manager Federico Oviedo speaking on the sidelines on the 6th International Gold Symposium in Lima.
After researching mechanisms elsewhere in the world, Peru decided to base its reporting standards on Australia's JORC code, adapted to local realities. Both local and foreign junior miners can apply for a listing on Lima's venture exchange, and Oviedo said that a Bolivian brokerage firm had expressed interest in the market.
The junior mining venture exchange was launched in September 2003 with the expectation that a junior miner would list on the bourse at least by early this year. Following the rule change, an announcement of a listing on the new exchange could come within a couple of months, according to market watchers.
Juniors that are interested in a listing must have invested at least US$75,000 in exploration during the previous three years and must present a geological report prepared by a qualified person recommending future exploration and development work for at least US$150,000. Furthermore, the company must show it has access to financial resources, including a public offering, to complete this program and essentially maintain the project for at least 12 months. It must also have a stock brokerage firm to act as sponsor.
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