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Peru mining output falls 1.05pct in November

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Peru’s mining production fell 1.05% in November as copper, silver, tin and molybdenum output declined.

Copper production dropped 3.6%, while silver fell 4.4% and tin slid 2.4%, statistics agency Inei said in a statement. Iron ore and molybdenum fell 16.6% and 13.5%, respectively. Copper, molybdenum and silver output were curtailed by a three-week strike at Antamina.

Gold output rebounded 2.5%, while zinc and lead climbed 11.8% and 5.6%, respectively.

Manufacturing led by steel and precious metals refining, which is tracked a month earlier, dropped 3.1% in October.

Peru’s export earnings fell for the eighth month in 2014, dropping 10.1% to USD 3.15 billion in October, as commodities exports led by metals fell 16.8% to USD 2.16 billion. Imports fell 5.6% to USD 3.66 billion, while machinery imports, mainly by the mining industry, fell 6.5% to USD 1.15 billion.

Government spending on infrastructure climbed 2.4% to 1.85 billion soles in October, according to Inei. The government in December promulgated a fourth economic stimulus package aimed at spurring growth and speeding up investment project permits.

Peru’s economy is expected to expand 5% in 2015, compared with an estimated 2.8% in 2014 due to slumping metals prices and a decline in private investment, according to the country’s finance ministry.

According to the energy and mines ministry, the country’s mining industry, the world’s third-largest copper and zinc producer, has lined up a USD 62 billion mining investment portfolio over the next decade.

Source – BN Americas

Zhejiang Yaang Pipe Industry Co., Limited

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