Peru's Milpo says it plans to restart suspended copper mines

LIMA, April 10 Thu Apr 10, 2014 11:29am EDT

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LIMA, April 10 (Reuters) - Peru's Milpo, which is controlled by Brazilian industrial group Votorantim, said it planned to restart two small copper mines in Peru and Chile in 2015 and 2016.

Milpo suspended its Chapi project in Peru and Ivan mine in Chile partly because of declining ore grades and rising operating costs.

The polymetallic miner aims to start production at Chapi in the first quarter of next year and at Ivan sometime in 2016, Chief Executive Officer Victor Gobitz told reporters late Wednesday.

Ivan, Milpo's only mine in Chile, produced about 4,500 tonnes of copper cathodes per year when operative.

Milpo produced 681,000 tonnes of copper, zinc and lead concentrates last year, mainly from its Cerro Lindo, El Porvenir and Atacocha mines.

Milpo is Peru's second-biggest lead producer and third-largest zinc producer. (Reporting by Patricia Velez; Editing by Lisa Von Ahn)

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