Peru's January Gold, Iron Production Rises, Copper down

LIMA, Feb. 24 -- Peru's gold and iron production grew in January, while copper production fell, the Ministry of Mines and Energy said in a statement Tuesday.

Peru's gold production increased by 14% in January, to 15,803 kilograms, compared to the same month last year. A 57% increase in production at Barrick Gold Corp.'s (ABX, ABX.T) Misquichilca mine was the main driver, the ministry said.

Iron production was up 32% to almost 443,000 metric tons.

Copper production in Peru, the world's second largest producer, fell by 4.7% in January, to 101,826 metric tons. Lower production figures were recorded at several mines, but the ministry said production at Compania Minera Milpo SAA (MILPOC1.VL) grew 41%.

Zinc production was also down by almost 9% to 124,621 metric tons. The ministry also noted that despite decreases at several mines, production increased at Compania Minera Antamina by 11% and at Compania Minera Atacocha SA (ATACOAC1) by 10%.

Silver production in Peru, the world's biggest producer, dropped by 2.7%, to 295,968 kilograms. Lead production fell by 15% to 23,248 metric tons. At Compania de Minas Buenaventura (BVN) silver production was down 18%, while production at both Compania Minera S.A.A. (VOLCABC1) and Southern Copper Corp.(SCCO) fell by 15% each.

The ministry also said that tin production dropped 3.1% to 3,037 metric tons, while molybdenum fell 18% to 1,210 metric tons and tungsten was down almost 8% to 63 metric tons.