Peru's Mineral Production Sees Mixed Results in November

Strategic Insights -

Peru's Ministry of Energy and Mines reported mixed results in the country's mineral production for November, with gold output increasing by 54.8% compared to the same month a year before, while copper production declined by 3.7%. The rise in gold production is attributed to the recent startup of Barrick Gold Corp.'s Lagunas Norte mine in northern Peru. Meanwhile, silver production saw an increase of 8.8% in November, and zinc production grew by 4.7% compared to November 2004. However, copper production at some of the bigger copper miners, including Minera Antamina SRL and Southern Copper Corp., saw a decline.

Key Takeaways:

  • Gold production in Peru totaled 22,592 kilograms in November, up 54.8% from the same month a year before.
  • Gold production has risen strongly since the startup of Barrick Gold Corp.'s Lagunas Norte mine in mid-June last year.
  • Newmont Mining Corp. has a 51.35% stake in Minera Yanacocha, while Peru's Compania de Minas Buenaventura SAA holds a 43.65% share.
  • Silver production in November was 274,546 kgs, an increase of 8.8% from the same period a year before.
  • Copper production was 82,930 tons in November, down 3.7% from the same month a year earlier.
  • Zinc production grew 4.7% to 100,182 tons in November compared to November 2004.
  • Production of zinc rose 20.6% in Minera Antamina.
  • Molybdenum output fell 32.7% to 1,014 tons in November.
  • Lead production was 26,266 tons in November, an increase of 3.4% from the same month in the previous year.
  • Tin output was 3,567 tons in November, down 2.0% from the same month in the previous year.
  • Iron output totaled 376,883 tons in November, almost the same as the 376,799 tons produced in the same month in the previous year.

Statistics:

  • Gold production: 22,592 kilograms in November, up 54.8% from the same month a year before.
  • Silver production: 274,546 kgs in November, up 8.8% from the same period a year before.
  • Copper production: 82,930 tons in November, down 3.7% from the same month a year earlier.
  • Zinc production: 100,182 tons in November, up 4.7% from November 2004.
  • Molybdenum output: 1,014 tons in November, down 32.7% from the same month a year before.
  • Lead production: 26,266 tons in November, up 3.4% from the same month in the previous year.
  • Tin output: 3,567 tons in November, down 2.0% from the same month in the previous year.
  • Iron output: 376,883 tons in November, almost the same as the 376,799 tons produced in the same month in the previous year.

Sources:

  • Dow Jones Commodities News (January 17, 2006)
  • Dow Jones Newswires (January 17, 2006)