Hidden behind the record and near-record dollar revenues for main products copper and gold, Peru's production numbers for metals should be real cause for concern for the new Humala government. Gold isn't great but is getting propped up by the disgusting practices over in Madre de Dios...
...copper is regular (though also somewhat lacklustre recently) because nearly all of it comes from the mega-pit operations (Cuajone, Toquepala, Antamina, Cerro Verde etc)...
...but the other metals have classic warning signs of production fatigue that are clear to see.
NB: Please note that the Y-axes on these charts have been altered to show the changes more clearly. I'm not trying to fool anyone, just trying to make the changes as clear as possible.
Silver
Zinc
Lead
If I were Peru's flamante Mining Minister I'd be more than a little worried about this trend, cos it's not a friend.