Peruvian miner Sociedad Minera Cerro Verde S.A.A. operates an open-pit copper, molybdenum and silver mining complex located some 30km southwest of Arequipa, Peru, equipped with a concentrator and SX/EW leaching facilities. In 2015, the company completed a large-scale expansion project, which included increasing the concentrator plant capacity to 360,000t/d of ore from 120,000t/d, making it the world's largest concentrating facility by the end of that year. The project -that came online in September- is expected to increase annual production to approximately 600Mlb of copper and 15Mlb of molybdenum. At the end of 2015, Cerro Verde produced 105.1Mlb of copper in cathodes and 439.4Mlb copper in concentrates, and 7.27Mlb of molybdenum. US-based Freeport-McMoRan Inc. has a 53.56% stake in Cerro Verde, while SMM Cerro Verde Netherlands N.V. (a subsidiary of Sumitomo Metal Mining Company Ltd.) owns 21% of the operation and the balance is held by Compañía de Minas Buenaventura S.A.A. (19.58%) and other shareholders.