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Peru Seen Consolidating Number Two Position In Copper

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SANTIAGO, Apr 08, 2010 (Dow Jones Commodities News via Comtex) --&nbsp;Peru has a long way to go before catching world leader Chile in copper production, even as production is set to increase sharply in Peru in the next few years.
A number of major mining companies have projects underway and observers are confident that if the political situation remains under control, then Peru could consolidate its second place in global output.
&quot;I think that things are looking good. Peru has become the second biggest copper producer in the world and with the new mines this position will be consolidated,&quot; Southern Copper Corp. (SCCO) Chief Executive Oscar Gonzalez Rocha said on the sidelines of the CRU/Cesco copper conference.
Peru had output of about 1.3 million tons of copper last year, while Chile produced 5.4 million tons.
Southern Copper, which expects to produce about 350,000 tons of copper this year in Peru, has a project underway to add another 120,000 a year from the Tia Maria deposit. Expansions at the Toquepala and Cuajone mines could add significantly more tons, the company has said.
Colorado School of Mines economist John Tilton said Peru needs to ensure it has a stable investment environment in order to continue to attract investors.
General elections are set for next year and the top candidates in opinion polls could all be considered to be market and investment friendly.
&quot;The real long term issue is ensuring that there is a stable political situation and if they have that there will be a very bright future for mining in Peru,&quot; Tilton said in an interview.
Meanwhile, Freeport McMoRan Copper and Gold Inc. (FCX) is looking closely at expanding at its Sociedad Minera Cerro Verde SAA (CVERDEC1.Vl) copper mine, while the consortium that runs the Antamina polymetallic mine has committed to spending $1.3 billion to expand mine life there.
Among the largest greenfield projects underway are two being undertaken by Xstrata Copper. (XTA.LN) That company's chief of copper, Charlie Sartain, was highly optimistic at the CRU/Cesco copper conference this week.
He said the company's $4.2 billion Las Bambas project is expected to produce an average of 300,000 tons of copper per year for the life of the mine, with output of about 400,000 tons a year for the first nine years.
The company's $1.4 billion Antapaccay project could be commissioned by mid-2012 and is expected to produce an average of 160,000 tons a year of copper for at least 20 years.
Two other projects are also receiving a lot of attention.
Anglo American's (AAUK) Quellaveco project is expected to eventually produce about 220,000 tons of copper annually. Construction there is expected to start next year and could be in full production by 2015, company officials have said.
Owned by the Aluminum Corp. of China, (ACH, 2600.HK) or Chinalco, the $2.2 billion Toromocho project in the central Andes Mountain region is expected to produce some 250,000 tons of the red metal by 2012.
Veteran explorer David Lowell, who helped discover that deposit, said this week that Toromocho has the potential to become the largest copper mine in Peru.
Meanwhile, there are a large number of other projects on the drawing board, including Rio Tinto's (RIO.AU) La Granja deposit in northern Peru, which could eventually become a major producer. 
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Peru Seen Consolidating Number Two Position In Copper | SMM

Peru Seen Consolidating Number Two Position In Copper

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