Peru's copper output expected to rise this year
Source: Hoovers
metalsplace.com
Copper production in Peru could rise some 9.7% this year to 1,150,000 tons from the 1,048,897 tons produced last year, the private sector National Society for Energy, Mining and Petroleum said Wednesday.
Industry officials have said that production will rise mainly due to a planned increase in operations at Sociedad Minera Cerro Verde SAA (CVERDEC1.VL) where an expansion plan is underway.
The private sector group said that Compania Minera Antamina SA produced 37.3% of Peru's copper output last year. It said another 34.5% was produced by Southern Copper Corp., (PCU) while Xstrata PLC's Tintaya operation made up another 11%.
Cerro Verde produced 9.2% of Peru's copper output last year, it added, while other smaller companies made up the difference.
Peru is the world's third largest copper producer, and officials say there are a number of new mining projects on the horizon, including the Las Bambas, Toromocho, La Granja and Michiquillay.
The owners of Antamina are BHP Billiton, with a 33.75% stake; Xstrata PLC. (XTA.LN) with another 33.75%; Teck Cominco Corp.(TEK.B.T) with 22.5% and Mitsubishi Corp. (MIB.TO) with 10%. |
