Peru’s moly production could increase by 38% in the next five years. In 2009, Peru produced about 25-million lb of moly. Speaking at the IMOA meeting in Cuzco last week, Hans Flury, president of Peru’s National Society of Mining Petroleum and Energy, pointed to the expansions at the Antamina and Cerro Verde copper/moly mines and also the new project Las Bambas. Xstrata earlier this month signed a deal with the Peruvian government to invest $4.2-million to develop Las Bambas. The mine is expected to produce 400,000 mtpy of copper, and start production by the second quarter of 2014.