Peru, the world’s third-largest copper and zinc producer, is set to boost its metals export revenue by 20 percent to $30 billion this year as new copper mines increase output, state news agency Andina reported.
New mines from Xstrata Plc and Chinalco Mining Corp. and an expansion at Cia. Minera Antamina SA will help lift annual copper output to 2.8 million metric tons by 2016 from 1.3 million tons last year, the agency said, citing Deputy Mining Minister Guillermo Shinno.
Companies are expected to invest $1 billion in exploration and $20 billion in mine construction in Peru this year, Shinno told Andina.
Shinno didn’t immediately return a telephone call seeking comment.