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Tuesday, 7th July 2009 (817 views)

Peru's energy and mining ministry has revealed that the country's total gold production increased in May compared with the same month last year.

According to Reuters, an announcement made by the ministry yesterday (July 6th) said that gold production totalled 15.6 million fine grams in May 2009.

This represented a 5.77 per cent increase compared with last year and the highest rise in production when laid side-by-side with figures for other metals produced by Peru in May.

Peru is currently the sixth-largest producer of gold in the world.

According to a report published by precious metals consultancy GFMS earlier this year, Russia and Peru were among the countries to see significant increases in their gold production in 2008.

Russia produced 11 per cent more gold year-on-year, while Peru's gold production increased by six per cent between 2007 and 2008.

Peru's higher output can be largely attributed to the upgrade of the Yanacocha plant, GFMS said.

 

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