Peru
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Higher Production to Counter Lower Metal Prices

Bnamericas Published: Tuesday, February 16, 1999
A report by Peru's Banco de Credito bank predicts that the value of the country's mining exports will increase by 7.91% this year to US$2.705bn - in spite of lower commodity prices - thanks to higher production volumes. The figure would be almost equal to 1997's total. The bank expects gold production to increase by 25.2% this year, driven by Barrick Gold's (NYSE, TSE, ME: ABX) Pierina gold mine entering into its first full year of production and expansions at Yanacocha. Tin output should increase by 34% following completed expansion at Minsur's San Rafael operations, while copper output is expected to rise by 12.3% on the back of expansions at Southern Peru Copper's Cuajone mine and plant. The El Nino phenomenon also affected Peru's mining industry in 1998 with interruptions to transport and open-pit operations.

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