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

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.