Peruvian miner Sociedad Minera Cerro Verde S.A.A. operates an open-pit copper and molybdenum mining complex located some 20 miles southwest of Arequipa, Peru. It is one of the country's top copper producers. Its facilities include a concentrator and SX/EW leaching plants. US-based Freeport-McMoRan Copper & Gold Inc. has a 53.6% stake in Cerro Verde, through its subsidiary Cyprus Climax Metals Co., while SMM Cerro Verde Netherlands N.V. (a subsidiary of Sumitomo Metal Mining Company Ltd.) owns 21% of the operation and the remainder is held by Compañia de Minas Buenaventura S.A.A. (18.5%) and other shareholders. The company is developing a project to expand the mine's processing, extraction and output rates to 360,000t/d of ore from 120,000t/d, and provide additional annual production of approximately 600Mlb (272,155t) of copper and 15Mlb of molybdenum, starting in 2016.