Peru’s gold production will exceed 5.75 million oz. (180 tonnes) in 2005, and is expected to reach 6.39 million oz. (200 tonnes) in the near future, according to Vronica Marsano, president of the gold committee of Peru’s National Society of Mining, Oil and Energy.
Marsano says these forecasts are based on greater output by Minera Yanacocha and Barrick Misquichilca, in addition to medium-scale mining companies such as Buenaventura, Ares, Marsa, Horizonte, Aruntani, and Inminsur, among others; as well as the startup of Barrick Gold’s Alto Chicama project.
With the increase in output, Peru will soon move to fifth from sixth place in the world ranking of gold-producing countries.
Peru produced 5.52 million oz. (173 tonnes) gold in 2004 up from 5.01 million oz. (157 tonnes) in 2002. During this time, gold output at Minera Yanacocha increased by 64%. With an average monthly output of 247,588 oz. gold from January through September 2005, Yanacocha accounts for about 50% of Peru’s gold output. The mine is operated by Newmont Mining in a partnership with Companhia de Minas Buenaventura of Peru.
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