Gold output up 23%, silver down 6% in August

By
Wednesday, October 5, 2011

Peru's gold, molybdenum and copper production increased in August, while output from other key metals saw declines, the mines and energy ministry (MEM) reported in a release.

Gold production climbed 23% to 15.5Mg (499,632oz) from 12.6Mg in the year-ago month. The increase was due to higher output from Barrick Gold's (NYSE: ABX) Misquichilca, as well as from the Minera Laytaruma and Arasi operations.

In the first eight months of 2011, yellow metal output declined 2% to 109Mg from 111Mg in the same period last year.

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Silver production was down 6% in August to 299,310kg from 316,972kg on declines at Minera Ares, Volcan and Minera Antamina. Silver output fell 9% to 2.22Mkg in January-August.

In base metals, copper production rose 2% to 104,893t in August from 102,872t due to higher output from Antamina, El Brocal and Milpo. Production dropped 3% to 795,055t in the first eight months of 2011.

Lead output declined 7% in August to 21,112t from 22,743t due to lower production from Volcan, Minera Corona, Minera Santa Luisa and Minera Los Quenuales. Lead production in January-August decreased 18% to 149,216t.

Zinc production fell 21% for the month to 96,066t from 121,870t on decreases at Antamina, Volcan and Atacocha. Output from January-August was down 15% to 858,543t.

Iron ore output from the country's only producer, Shougang Hierro Perú, declined 14% to 420,460t in August, but has climbed 25% to 4.77Mt in the first eight months of the year.

Molybdenum production jumped 11% to 1,530t in August and 9% to 11,477t in January-August.

Tin production fell 8% to 2,680t in the eighth month and plummeted 20% to 19,350t in January-August.