Bloomberg News

Peru's June Gold Output Falls to 5-Year Low on Yanacocha Mine

August 06, 2007

Peru's gold production fell to a five-year low in June as output declined at Newmont Mining Corp. (NEM:US)'s Yanacocha mine.

The country's production plunged 37 percent to 11,546 kilograms (25,450 pounds), the lowest output for the month since 2002, on a 69 percent drop at Yanacocha, the world's largest gold mine, the Energy and Mines Ministry said in a statement on its Web site.

Copper production rose for a fifth month, gaining 14 percent to 94,738 metric tons as Freeport-McMoRan Copper & Gold Inc. (FCX:US) tripled output at its Peruvian unit. Phoenix-based Freeport, the world's second-biggest copper producer, brought on line an $850 million expansion earlier this year at Cerro Verde, Peru's third-largest copper mine.

Zinc rose by 38 percent to a record 138,680 metric tons, lead gained 6.5 percent and iron production increased 29 percent. Silver output fell 5 percent, tin dropped 5.7 percent and molybdenum fell 4 percent.

Peru is the world's third-largest producer of copper, zinc and tin, No. 1 in silver and fifth in gold. The Andean nation's first-half mining exports rose 18 percent to $7.5 billion on surging copper, gold and zinc prices, according to the ministry.

To contact the reporter on this story: Alex Emery in Lima at aemery1@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net


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Companies Mentioned

  • NEM
    (Newmont Mining Corp)
    • $19.12 USD
    • -0.27
    • -1.41%
  • FCX
    (Freeport-McMoRan Inc)
    • $23.4 USD
    • 0.58
    • 2.48%
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