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Southern Copper Q2 copper output down 2.7%-2018 China(Guangzhou)Int¡¯l Non-Ferrous Metal£¨Copper£©Exhibition
8/3/2017 Copper exhibition -non-ferrous metals expo |
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Platts reported that Southern Copper posted a 2.7% decline in second-quarter copper production due to declining ore grades at its Peruvian mines. Copper output fell to 221,384 tonne in the quarter from 227,495 tonne a year ago, the Phoenix-based company said Thursday in a statement. Molybdenum production climbed 1.8% to 5,403 tonne, while silver fell 2.6% to 3.99 million oz and zinc was down 11% to 17,815 tonne.
Southern said it sold copper at USD 2.58/lb on the Comex, up 21% from a year earlier, while zinc jumped 35.6% to USD 1.18/lb, silver rose 2.1% to USD 17.19/oz and molybdenum rose 16% to USD 8/lb.
The company cut cash costs net of byproducts to 93 cents/lb in the quarter from 95 cents/lb the previous year, while capital expenditures totaled USD 252 million, with the bulk of spending on the USD 1.2 billion Toquepala expansion in Peru.
Southern, which last year completed a USD 3.5 billion expansion at its Buenavista mine in Mexico, said it is working on detailed engineering at a USD 413 million, 80,000 mt/year zinc concentrator plant at Buenavista which is slated to start operating in 2020. The USD 159 million, high-grade Pilares project near its La Caridad mine is also expected to add 34,500 mt/year of copper in 2019.
-2018 China(Guangzhou)Int¡¯l
Non-Ferrous
Metal£¨Copper£©Exhibition
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