Peru Mining Report

 Published On: Sep, 2016 |    No of Pages: 68 |  Published By: BMI Mining | Format: PDF
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BMI View: Peru's mining industry will be a regional growth outperformer, supported by a strong copper project pipeline, low operating costs and a favourable business environment over the coming years.

Latest Updates & Structural Trends
-Peru's extractive industry will experience significant growth over our forecast period to 2020. We expect the sector's value to climb from USD22.3bn in 2016 to USD31.3bn by 2020, averaging 8.4% annual growth. In particular, we expect copper to outperform in terms of production growth due to a strong project pipeline and continued investment. Silver and gold will also benefit from a number of key projects and improving precious metals prices, while tin and zinc output posts slower growth. The country will remain a top global producer of each of these minerals.
-Peru's copper production continues to outpace expectations, prompting another increase to our growth forecast. We now expect the country's copper production to increase by 38.0% to 2.2 million tonnes (mnt) in 2016, from the previous forecast of 18.0% growth. Projects including MMG's Las Bambas, Freeport McMoRan's Cerro Verde expansion, and Hudbay Minerals' ramp up at the Constancia mine will continue to drive growth over the next few quarters, helping Peru overtake China as the world's second largest copper producer by the end of the year.

BMI Industry View ... 7
Table: Peru Mining Industry Value Forecast (2014-2020) . . . . 7
Latest Updates & Structural Trends . 7
SWOT ...... 8
Industry Forecast .. 10
Copper: On Track To Be Second Largest Global Producer ...... 10
Table: Copper Production Forecast (Peru 2014-2020) . 10
Table: Peru - Key Copper Projects . . 10
Structural Trends ..... 11
Gold: Improving Prices To Support Growth ........ 15
Table: Gold Production Forecast (Peru 2014-2020) . . . . 15
Table: Peru - Key Gold Projects 16
Structural Trends ..... 16
Hochschild and Buenaventura To Dominate Sector ..... 17
Protests To Continue Against The Sector . 19
Lead: Output To Edge Higher ........ 20
Table: Lead Production Forecast (Peru 2014-2020) . . . . 20
Table: Peru - Key Lead Projects 20
Structural Trends ..... 21
Silver: High Ore Grades Boost Production 23
Table: Silver Production Forecast (Peru 2014-2020) . . . 23
Structural Trends ..... 23
Table: Peru - Key Silver Projects . . . . 25
Tin: Production To Stagnate . 26
Table: Tin Production Forecast (Peru 2014-2020) 26
Minsur To Scale Back Investment . 27
Zinc: Improving Prices To Pose Upside Risk ....... 29
Latest Developments . 29
Table: Zinc Production Forecast (Peru 2014-2020) . . . . 29
Table: Peru - Key Zinc Projects 30
Structural Trends ..... 30
Industry Risk Reward Ratings 33
Peru Risk/Reward Index ....... 33
Rewards ........ 33
Industry Rewards ..... 33
Country Rewards ..... 33
Risks .... 33
Industry Risks . 33
Country Risks . 34
Americas: Risk/Reward Index ........ 35
Key Takeaways ........ 35
Latest Revisions ....... 36
Table: Americas - Mining Risk/Reward Index . 36
Regulatory Development ........ 38
Trade & Investment Risk Analysis . 38
Commodities Forecast .. 42
Commodities Outlook . 42
Table: BMI Commodities Price Forecasts . . . . 42
Competitive Landscape . 44
Table: Peru - Largest Listed Mining Firms Financial Data, 2015 45
Company Profile .... 46
Buenaventura - Q4 2016 ...... 46
Latest Results . 48
Table: Cia de Minas Buenaventura - Key Financial Data . . . 48
First Quantum - Q4 2016 ..... 48
Latest Results . 51
Table: First Quantum - Key Financial Data . . . 51
Global Company Strategy - Grupo México - Q4 2016 .... 53
Table: Select Commodities - Price Forecasts . 54
Company Background ........ 54
Company Strategy .... 57
Table: Grupo México - Key Financial Data . . . 58
Table: Copper - Operational Highlights, 2015 59
Regional Overview 60
Methodology . 65
Industry Forecast Methodology .... 65
Sources 66
Risk/Reward Index Methodology ... 67
Table: Weighting Of Indicators . 68
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