Peru: Mining investments totaled 4.453 billion US dollars in January-November 2021 | News | ANDEAN


Mining investments recorded between January and November 2021 totaled 4.453 billion dollars, an amount which represents an increase of 22% compared to the same period in 2020, the National Society of Mines, Petroleum and Energy reported on Saturday. (SNMPE).

This increase is mainly explained by the increase in investments in infrastructure (+ US $ 469 million), as well as in development and preparation (additional US $ 181 million).

At the company level, investments in the Quellaveco project represented 25% of the total recorded, followed by Antamina (9%), Southern (7%), in addition to Chinalco, Las Bambas and Antapaccay (5% each).

It was not until November 2021 that investments in the mining sector amounted to US $ 475 million, an increase of 2% from the amount invested in October 2021.

This increase is mainly due to the greater investments of the companies Antamina, Quellaveco and Shouxin, among others.

Production

According to the SNMPE, the mining production figures recorded last November showed positive records, in half of the metals considered, compared to the same month last year.

Over the period January-November 2021, growth in the production of all metals was reported, reflecting the recovery of the sector from what was observed in 2020, after the first months of the COVID-19 pandemic.

Thus, gold production in November amounted to 9 fine metric tons (FMT), 3% more than a year ago and 3% more than a month ago.

“This month, the recovery in gold production remains in place following the increase in volumes reported by Yanacocha (37% compared to November 2020) and Gold Fields La Cima (60%), among other companies” , SNMPE reported.

However, some companies recorded lower production levels, such as Coimolache (-47%) and Consorcio Minero Horizonte (-17%). The average price reached US $ 1,820 per ounce last November.

According to the Central Reserve Bank (BCR), the rise in prices, compared to October, is linked to lower yields on US Treasuries in an environment of fears due to high global inflation.

Silver

For its part, the silver production recorded last November totaled 272 FMT, or 1% more than a year ago.

Silver production increased due to higher volumes reported by the companies El Brocal (71% more than in November 2020), Ares (31%) and Volcan (41%).

The copper

Finally, copper production amounted to 195,000 MTF in November 2021, 6% less than the previous year and 9% less than a month ago.

The reduction in copper production this month is explained by the drop in production from companies such as Antamina (-22% compared to the quantity produced in November 2020), Las Bambas (-20%), and Southern (-17%), among others.

However, this decrease was offset by a higher production of Cerro Verde (+ 13%) and the contribution of Marcobre.

Between January and November 2021, the companies that accumulated the highest production levels were Antamina, Cerro Verde and Southern.

The average price reached US $ 4.43 per pound, 0.2% lower than in October. This is mainly due to the appreciation of the US dollar, the slowdown in the Chinese real estate sector and expectations that the Federal Reserve may accelerate the withdrawal of monetary stimulus, the BCR said.

(END) VLA / MVB

Posted: 1/8/2022


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