PRODUCER NEWS - Grupo Mexico copper production up 21 pct on Buenavista expansion

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Tom Jennemanntom.jennemann@fastmarkets.comSenior North American Correspondent973-204-3383

Center Valley, Pennsylvania 25/07/2016 - Grupo México SAB de CV produced 528,096 tonnes of copper in the first half, an increase of 21 percent due to the start of operations of the new projects at the Buenavista mine in Mexico, which boosted this mine’s production by 73 percent.

"Despite a decrease of 21 percent in copper prices, 23 percent in molybdenum, and 16 percent in zinc, consolidated sales in the half reached $4.01 billion, only 6 percent less than in the first half of 2015 due to the increase in volumes thanks to the Buenavista expansion," said the company, which added that copper cash-cost per pound, net of byproducts, fell to $1.04, a 20 percent year-on-year decline.

After a $3.5 billion expansion project, Buenavista is expected to produce 460,000 tonnes of copper in 2016 and 500,000 tonnes in 2017, Grupo Mexico said.

In other metals, zinc production increased 30 percent year-on-year to 38,023 tonnes due to start of operations of the Santa Eulalia mine in Mexico following the problems caused by the flood that affected production in 2015.

Gold production increased 73 percent to 32,663 ounces due to Buenavista, while silver output rose 27 percent to 9,065 ounces on greater production in Buenavista and the Mission in the US.

Molybdenum production in the half decreased 7 percent to 10,875 tons compared to the same period last year, given a lower production at Toquepala, due to lower ore grades.

Grupo Mexico's Mining Division is represented by its subsidiary Americas Mining Corporation AMC,, whose main subsidiaries are Southern Copper Corporation in Mexico and Peru and Asarco in the the US.

 



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