Silver production to gain by 5% this year in Peru
Peruvian Ministry of Energy and Mines indicated that national gold production dropped by 25.12 percent through January.
World's second largest silver producer, Peru’s production is estimated to increase by 5 percent this year, driven by new mining projects.
According to a recent report by Scotiabank, the growth would represent a considerable increase from the 1.74 percent increase in silver mining last year.
Scotiabank said that the Milpo and El Brocal mining firms were currently in the midst of expanding their plants, which would lead to an increase in sliver production.
The bank said the increased investments would lead to growth of 9 percent per year, between 2014 and 2016.
Last year the Buenaventura mining company saw 16 percent growth in their silver output, the daily said. According to Scotiabank, the increase is also due to new mines such as Xstrata’s Las Bambas, Chinalco’s Toromocho, and Hudbay’s Constancia project.
"Volcan and Hochschild have new projects that are focused on increasing production," the bank added.
Meanwhile, Peruvian Ministry of Energy and Mines indicated that national gold production dropped by 25.12 percent through January.
At the same time, silver and copper production saw declines of 7.27 and 4.41 percent respectively.
January’s gold production was 378,162 troy ounces, down from 503,036 troy ounces in Janu
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