Peru Mining

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Copper: Peruvian mine production edges higher in H1 2019

https://roskill.com/news/copper-peruvian-mine-production-edges-higher-in-h1-2019/

Posted 19th September 2019 in General News.

The most recent data from the Peruvian Ministry of Mines confirms that copper mine production has continued to improve during the first half of 2019. Total output of ore and concentrate, measured in copper content terms, rose 1.6% to 1,192kt from 1,174kt in the first half of 2018. Production in the month of June 2019, however, was a little disappointing, dropping 4.0% year-on-year to 199kt.

As usual, there were some significant variations in mine by mine production performance for a number of factors. The highest production levels were achieved by Southern Peru Copper Corporation which reported a 27.2% surge in its total copper mine production to 193kt from 152kt in the prior year period. The main factor behind this sharp improvement was the successful ramp up of a new concentrator at Toquepala, in the Tacna region. This US$1.3Bn project was completed in the fourth quarter of 2018 and reached its design capacity during the second quarter of 2019. The company aims to raise total copper concentrate production at the Toquepala operation to 258kt this year.

Amongst the other major operations there was a much more stable pattern of production. Freeport McMoRan reported a modest 1.3% decline in output to 236kt at Cerro Verde while production at Antamina rose 2.2% to 227kt. China’s MMG Las Bambas mine saw output drop 0.4% year-on-year to 186kt following a protest from villagers earlier in 2019 which blocked road access. Shipments from the Antapaccay mine in the Cusco region dipped 1.6% to 101kt while production from Minera Chinalco Peru’s Toromocho mine dropped 15% to 87kt. Lastly, Hudbay Peru’s Constancia mine witnessed a 4% reduction in its output to 56kt.

Over 90% of Peruvian copper concentrate production is exported with the major destinations so far in 2019 being China (70%), Japan (10%), Germany (4%) and South Korea (4%).

Roskill released the first edition of its NEW report, Copper Demand to 2035, in August 2019. Click here to download the brochure or sample pages or access further information.


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