Commercialization of Gold

The mining bank, in agreement with their promoting role and development of the national mining and specifically starting from the dation of the Ordinance Law 18882, of June of 1971, is the state entity in charge of buying, selling, holding, exporting and importing the semi manufactured precious metals as well as the fine pearls and precious stones.

In the past, the general law of effective mining, the legislative ordinance 109, of June 12 1981 pointed out again that it corresponded to the state, through the Mining Bank of Peru, commercialization of natural or semi manufactured gold, having therefore to reflect in each transaction the international price of the gold.

Evolution of Commercialization of Gold by the Mining Bank

Purchases
Gold comes from three different sources here, which include alluvial, mines, and refinery sub products. The reception of gold of alluvial origin incremented 136.1 Kg. fine Au in 1972 until it reached the record of 2,859.1 fine Au in 1984, and 2,851.0 fine Kg Au in 1988; that which represents an increase of 2,100 percent and 2,094.8 percent, respectively.

As for the recovery of gold of filoneana origin incremented significantly starting from 1983, reaching their greatest level of 1,988.2 Kg. fine Au in 1985 and having recorded a decline to 1,782.5 and 1,711.2 Kg. fine Au in the years of 1987 and 1988, respectively understandable because part of the production of gold of alluvial origin; was bought by the Central Bank as a consequence of the expedition of the Supreme Ordinance No. 078-87 EF and their direct participation in the Internal Commercialization of gold.

Concerning the obtained gold as refinery sub products, and after having had a preponderant incidence of 69 percent with regards to the global training in 1972 it descended to the global reception registered in 1988.

Gold that comes from alluvial origin that actually in large part is obtained by handmade methods or of incipient mechanization it is the but sensitive to the pricing policies, incentives, and promotional actions.

In the year 1988, the reception of alluvial gold represented a 5.3 percent regarding the global reception of the Mining Bank, as long as the gold filoneano and that of sub refinery products meant 32.0% and 14.7% respectively.