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"Peru mining output falls in Nov on copper, silver, tin declines
Cihan News Agency (Turkey)
Saturday January 03, 2015 7:00 AM
Peru's mining production fell 1.05% in November as copper, silver, tin and molybdenum output declined, the government said in a preliminary report.
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, according to the agency.
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 US$3.15bn in October, as commodities exports led by metals fell 16.8% to US$2.16bn , the agency said. Imports fell 5.6% to US$3.66bn , while machinery imports, mainly by the mining industry, fell 6.5% to US$1.15bn .
Government spending on infrastructure climbed 2.4% to 1.85bn soles ( US$639mn ) 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.
The country's mining industry, the world's third-largest copper and zinc producer, has lined up a US$62bn mining investment portfolio over the next decade, according to the energy and mines ministry (MEM)."