Antofagasta expects 2024 copper output at low end of yearly forecast
Antofagasta produced 284,700 metric tons of copper in the first half, down 3.7% from the same period in 2023.
Peru’s gold production reached 6-month highs on gains by Newmont Mining, one of the country’s top miners, Bloomberg reports.
Gold production climbed 13% to 15,116 kilograms according to a statement by the Energy & Mines Ministry; the data on other mined commodities was mixed:
Copper output fell 4.8 percent to 97,765 metric tons, a nine- month low, on declines at mines operated by Freeport-McMoRan Copper & Gold Inc. (FCX) and Xstrata Plc. (XTA) Zinc, tin, iron and molybdenum production all fell, while silver and lead gained.
Colorado-based Newmont (NYSE:NEM) is majority owner of Minera Yanacocha, which operates South America’s largest gold mine and owns the Minas Conga project, Peru’s biggest mining development requiring an investment of up to $4.8 billion.
Peru’s Prime Minister said in January that Conga will be developed as the government could end up with a “huge” compensation payment if the $4.8 billion mine does not go ahead.
Newmont stopped construction of the copper-gold project in November after violent protests in the poor Cajamarca region of northern Peru.
