UPDATE 1-Peru trims its view of copper output in 2014, 2015

Tue Nov 4, 2014 11:33am EST
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By Teresa Cespedes

LIMA Nov 4 (Reuters) - Peru will likely produce less copper this year and next than the government had forecast as big new projects face delays and output from the country's top producer has slid on lower ore grades.

Deputy Mines Minister Guillermo Shinno said on Tuesday that Peru's copper production in 2014 is now on track to rise just slightly from last year's 1.375 million tonnes.

"This year we'll reach 1.4 million tonnes of copper, almost the same as last year," Shinno told a news conference.

Next year the Andean country's copper output will rise to between 1.7 million and 1.8 million tonnes, Shinno said.

In September, Shinno said copper production in Peru would likely rise to 1.95 million tonnes in 2015 after coming in at about 1.5 million tonnes this year.

Shinno also said on Tuesday that Peru's gold production is set to fall by about 18 percent this year to around 4 million ounces, largely in line with his previous forecast.

So far this year, Peru's copper production has increased by 2.6 percent, while gold output has dropped 14.8 percent.   Continued...