LIMA, May 03, 2010 (Dow Jones Commodities News via Comtex) -- Southern Copper Corp. said Monday it hasn't made any change to earlier forecasts that it will produce about 500,000 metric tons of copper this year.
The forecast doesn't include any production from the Cananea mine in Mexico, which has been closed due to a labor dispute.
The company also said during a conference call with analysts that it expects molybdenum production of about 19,000 tons this year.
In addition, it said it is seeing improved demand for copper, led by China, and that this is expected to support copper prices for the rest of 2010.
The company is also seeing a significant increase in demand for molybdenum, which makes up about 16% of company sales, an official said.
Southern Copper, which has operations in Peru and Mexico, is 80% owned by Grupo Mexico SAB.