Peru copper, gold, zinc exports rise on mines, expansions

Thursday, October 13, 2016

Peru's copper, gold, zinc, tin and molybdenum export revenues gained in August from a year ago, while exports of silver, lead and iron ore fell, the government said.

Total monthly metals export revenue rose 8.4% to US$1.86bn, helping boost total exports by 4.7% to US$3.18bn, the central bank said in a statement. Peru posted a US$25mn trade surplus compared with a US$127mn deficit a year earlier as imports slid 0.3% to US$3.15bn.

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Copper sales, the country's biggest export earner, climbed 3.5% to US$838mn as shipments gained 23.8% to 215,000t of copper, offsetting a 16.3% drop in prices to US$1.77/lb from US$2.11/lb a year earlier offset, the bank said. Both Chinalco and Hudbay Minerals ramped up output at their Peruvian copper mines, while Freeport-McMoRan and China Minmetals brought online projects.

Gold exports gained 19.8% to US$606mn as prices rebounded 19.8% to US$1,340/oz from US$1,118/oz a year earlier, while shipments were little changed at 452,200oz, the bank said. Hochschild Mining ramped up output at its US$420mn Inmaculada gold-silver mine.

Zinc rose 20.3% to US$171mn on a 4.9% increase in shipments to 122,500t and a 14.7% rebound in prices, according to the bank. Molybdenum exports jumped 32.1% to US$29mn as a 7.4% rise in prices combined with a 23% rise in shipments to 2,500t.

Tin rebounded 10.7% to US$30mn as prices were up 10.6% and shipments from Minsur's San Rafael mine were little changed at 1,700t, the bank said.

Lead exports fell 5.3% to US$147mn as shipments dropped 17.7% to 81,600t, the bank said. Silver exports declined 60.0% to US$5mn as shipments plunged 69.9% to 200,000oz. Iron ore fell 16.6% to US$29mn as shipments from Shougang's Hierro Perú mine dropped 19.4% to 900,000t, according to the bank.

Phosphate exports, led by output from Vale's Bayóvar mine, were little changed at US$27mn, while steel and refined metals dropped 11.5% to US$95mn, the bank said.