CHARTS: The coming critical minerals trade war is BRICS short of a load
"While a large number of countries around the world continue to talk about securing raw material supply, China is actually doing something about it."
Peru’s Mines and Energy Ministry (MEM) reported a drop in the 2011 production of the country’s major export metals, including silver, copper, gold, lead, tin and zinc. Silver production fell 6.22% in 2011, compared to 2010; followed by copper (0.96%) and gold (0.04%). In contrast, iron ore and molybdenum production increased
According to data provided by the MEM, Peru’s cumulative gold production for last year was 164,013,489 grams (5,273,156 ounces), down 0.04% from 2010’s total of 164,084,389 grams (5,275,435 ounces).
The world’s second largest silver producer reported a 6.22% decline in production last year from 3,640,465 kilograms (117,043,667 troy ounces) in 2010 to 3,414,010 kilograms (109,762,970 ounces) in 2011.
Silver production for December 2011 also declined 3.95% from 312,499 kg (10,047,076 ounces) in December 2010 to 300,141 kg (9,649,757 ounces). The production decrease was attributed to lower output from Minera Ares, Minera Suymarca and Volcan Compania Minera.
Peru’s 2011 copper production also declined slightly by 0.96% from 1,247,184 metric tons in 2010 to 1,235,195 metric tons.
However, copper production increased 6.49% for December 2011 from 115,171 metric tons in December 2010 to 122,642 metric tons. The increased output is attributed to higher production from Xstrata Tintaya, Minera Milpo, and Minera Antamina.
Molybdenum production was up 12.84% in 2011 from 16,963 metric tons in 2010 to 19,141 metric tons. December 2011 moly production rose 3.5% from 1,798 metric tons in December 2010 to 1,861 metric tons. Moly is mined by Minera Antamina and Sociedad Minera Cerro Verde.
Peruvian iron ore production increased 16.2% last year for 7,010,938 long tons in 2011, up from 6,042,644 long tons in 2010. For December 2011 iron ore produced soared by 24.54% from 591,721 long tons in December 2010 to 736,944 long tons.
Meanwhile, lead production fell 12.2% in 2011 from 261,990 metric tons in 2010 to 230,019 metric tons. However, monthly lead production increased 6.67% from 19,589 metric tons in December 2010 to 20,896 metric tons in December 2011. Increased production was reported at Minera Atacocha, Pan American Silver’s Quiruvilca and Catalina Huanca.
Zinc production last year plunged 14.59% from 1,470,450 metric tons in 2010 to 1,255,899 tons in 2011. For December 2011, zinc production declined 6.26% from 190,087 metric tons in December 2010 to 102,262 metric tons.
Cumulative tin production plunged 14.67% in 2011 from 33,848 metric tons in 2010 to 28,882 metric tons. Peru’s only tin producer is Minsur, which reported December 2011 tin production declined 6.42% from 2,413 metric tons in December 2010 to 2,258 metric tons.
