Gold production falls 11.6% in November

Tuesday, December 28, 2010

Peru's gold production fell 11.6% in November to 13.6Mg (436,074oz) from 15.3Mg in the year-ago month, the mines and energy ministry (MEM) said in a release.

The result was due to declines at Minera San Simon, Minera Yanacocha, Minera Arasi and Barrick Misquichilca, a subsidiary of Toronto-based Barrick Gold (NYSE: ABX).

In the January-November period, yellow metal output was 150Mg, down 11.2% from the same period last year.

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Silver production fell 12.5% last month to 285,425kg from 326,283kg on declines at Minera Antamina, Minera Argentum, Minera Ares and Volcan.

In the 11-month period, silver production totaled 3.30Mkg, down 6.49% year-on-year.

In base metals, November's lead production fell 23.9% to 19,397t from 25,497t on decreases at Argentum, Volcan, San Valentin and Milpo.

In January-November, lead output totaled 240,012t, down 13.5% from 277,366t.

Zinc production declined 20.7% to 109,839t from 138,487t on decreases at Antamina, Argentum, Volcan and Chungar.

In the first 11 months, zinc production was down slightly to 1.36Mt from 1.38Mt.

Copper output fell 4.39% to 104,407t in November from 109,207t on drops posted by Swiss-based Xstrata (LSE: XTA), Antamina and South Africa's Gold Fields (NYSE: GFI).

Red metal production declined in the first 11 months by 2.67% year-on-year to 1.13Mt from 1.16Mt

Iron ore output from the country's only producer, Shougang Hierro Peru, rose 7.43% to 440,661t from 410,204t.

Molybdenum production jumped 89.0% and tungsten climbed 37.7%, while tin output fell 15.6% in November.