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Highlights of 2002
Gold output rose from 3.84 million oz in 2001 to 4.36 million oz in 2002, exports rose 29% to US$1.5 billion in 2002
Copper output rose 16.7% to 872,783 tonnes
Zinc output rose 15.6% to 1.2 million tonnes
Silver output rose 3.3% to 76.4 million oz
Lead output rose 3.1% to 298,487 tonnes
Antimina commissioned and operated successfully
Alta Chicama becomes a significant gold discovery
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Peru : Operations, Investment, Discovery
Yanacocha (36Moz Au) – Newmont / BVN
Pierina (8Moz Au) – Barrick <$800M>
Alta Chicama (3.5Moz Au) – Barrick
Rescatada - AngloGold
Antamina (500Mt @ 1.2% Cu + Zn/Mo credit) US$2.3bn project completed under budget and ahead of schedule
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Industry Issues 2002
Tambogrande project, northern Peru
Strike action increased (SPCC and Volcan)
Barrick hit by a surprise US$141 million tax bill for fiscal years 1999 and 2000 relating to revaluation of the Pierna Gold Mine
Local protest over expansion of Newmont’s Yanacocha Gold Mine
Mining Royalty discussed (3% profits royalty)
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Progress at Rio Blanco July : An environmental baseline study was started and monitoring
continues
July : Geological mapping and surface work commenced
August – September : Monterrico mobilised 60 tonnes of drilling and camp equipment into Rio Blanco
September : Resource definition drilling commenced in September
December : 15 Drill holes completed latest results include 56 m @ 2.1% and 222 m @ 1.19% Cu
January : Pre-feasibility study commenced
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