Mining Profits...Investing In Industrial Metals

Peru's output of copper rose in July, while zinc and gold production fell, the Energy and Mines Ministry said Wednesday.

Mineral production has become a motor of the Andean nation's economic growth, with a number of new mines opening in recent years.

The government said that copper production rose 6.0% to 87,494 metric tons in July compared with the same month a year earlier.
Copper output rose 20% at Compania Minera Antamina SA, the government said.

The government said that gold output totaled 16,809 kilograms in July, down 2.0% compared with July 2005.

The ministry pointed to lower production at several mines, including Barrick Gold Corp.'s (ABX) Minera Barrick Misquichilca.
It said, however, that output rose 2.46% at Minera Yanacocha SRL, which runs one of the world's largest gold mines.

Zinc production was 101,306 tons in July, down 2.7% from a year earlier.
Output fell at Compania Minera Antamina and at Compania Minera Volcan SAA (VOLCABC1.VL), the ministry said.

Silver production in July was 296,019 kilograms, an increase of 14.7% from the same period a year before.

Among some of the other minerals, the government said that molybdenum output fell 19.8% to 1,339 tons in July.

Lead production was 26,016 tons in July, a slide of 1.6% from the same month in the previous year.

Tin output was 3,416 tons in July, down 4.9% on year.

Iron output totaled 419,818 tons in July, a 13.2% increase, the government said.

Newmont Mining Corp. (NEM) has a 51.35% stake in Minera Yanacocha, while Peru's Compania de Minas Buenaventura SAA (BVN) holds a 43.65% share.
The owners of Antamina are: BHP Billiton (BHP), with a 33.75% stake; Falconbridge Ltd (FAL.T) with 33.75%; Teck Cominco Corp.(TEK.B.T) with 22.5% and Mitsubishi Corp. (8058.TO) with 10%.