Mining investments registered between January and November 2021 totaled US$4.453 billion, an amount that represented an increase of 22% over the same period in 2020, the National Society of Mining, Oil and Energy (SNMPE) reported on Saturday.
This increase is mainly explained by higher investment in infrastructure (+US$469 million), as well as in development and preparation (an additional US$181 million).
At the company level, investment in the Quellaveco project accounted for 25% of the total registered, followed by Antamina (9%), Southern (7%), in addition to Chinalco, Las Bambas, and Antapaccay (5% each).
Only in November 2021, investments in the mining sector amounted to US$475 million, which meant a rise of 2% compared to the amount invested the previous month.
This increase was mainly due to greater investments by companies Antamina, Quellaveco, and Shouxin, among others.
Production
According to the SNMPE, mining production figures registered last November showed positive records, in half of the considered metals, compared to the same month last year.
In the January-November 2021 period, a growth in the production of all metals was reported, reflecting the sector's recovery compared to what was observed in 2020, after the first months of the COVID-19 pandemic.
Thus, gold production in November amounted to 9 fine metric tons (FMT), 3% higher than one year ago and 3% more than a month ago.
"This month, the recovery of gold production remains in place following the increase in volumes reported by Yanacocha (37% compared to November 2020) and Gold Fields La Cima (60%), among other companies," the SNMPE indicated.
However, some companies registered lower production levels, such as Coimolache (-47%) and Consorcio Minero Horizonte (-17%). The average price reached US$1,820 per ounce last November.
According to the Central Reserve Bank (BCR), the price increase, compared to October, is related to a decrease in the yields of the United States Treasury Bonds in an environment of fears due to high global inflation.
Silver
For its part, silver production registered last November totaled 272 FMT, 1% higher than a year ago.
Silver production increased due to higher volumes reported by companies El Brocal (71% higher than in November 2020), Ares (31%), and Volcan (41%).
Copper
Lastly, copper production totaled 195,000 FMT in November 2021, 6% lower than the previous year and 9% lower if compared to one month ago.
The reduction in copper production that month is explained by lower production of companies such as Antamina (-22% compared to the amount produced in November 2020), Las Bambas (-20%), and Southern (-17%), among others.
Nonetheless, this reduction was offset by higher production of Cerro Verde (+13%) and the contribution of Marcobre.
Between January and November 2021, the companies that accumulated the highest production levels were Antamina, Cerro Verde, and Southern.
The average price reached US$4.43 per pound, that is 0.2% lower compared to October. This is mainly due to the appreciation of the U.S. dollar, the slowdown in China's real estate sector, and expectations that the Federal Reserve might accelerate the withdrawal of monetary stimulus, the BCR said.
(END) VLA/MVB
Publicado: 8/1/2022