Peru copper output this year forecast below expectations, deputy minister says
Adds quote from deputy mining minister
LIMA, Sept 11 (Reuters) -Copper production in Peru, the world's No. 3 producer of the key industrial metal, will likely fall short of a government goal of 3 million metric tons this year, a top mining official said on Wednesday.
Output is currently on track to reach about 2.8 million tons this year, said deputy mining minister Henry Luna.
However, he noted that some miners may increase their production estimates under a new government norm allowing copper processing plants to increase their capacity by 10%.
"At the end of the year (production) goes up, but what's projected for the year is 2.8 million tons in Peru," Luna told reporters at a mining industry conference.
According to official data, copper production this year through Julyfell 2.3% compared to the same period a year before.
Output in the period was 1.51 millionmetric tons, due to declines of 5.7% at Cerro Verde, 11.3% at Las Bambas and 17.1% at Toromocho, according to a government report.
In July alone, Peru produced 222,389 tons of copper, a 3.2% drop from the year before. During the month, production dropped nearly 25% at Quellaveco, owned by Anglo American.
After years as the world's second-largestcopper miner after Chile, Peru last year lost its position to the Democratic Republic of the Congo.
The government's production goal for this year was initially 3 million tons, which would mark a 9% increase over last year. The SNMPE mining, oil and energy association last month said it expected copper miners to fall short of that target.
Reporting by Marco Aquino; Writing by Daina Beth Solomon; Editing by Kylie Madry
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.