from zinc and 7 % from various other products , including gold , sulfuric acid and other materials . copper : 2017 is starting with the copper market showing the first signs of a structural supply deficit created by the lack of investments in the last few years . for 2017 , we expect demand to grow between 2.0 % to 2.5 % , driven by china 's metal consumption recovery , and a strong economy in the united states and europe , where the auto industry demand is a driver of basic metal consumption . on the supply side , after five years of copper price reductions , we see supply underperforming the market needs . we expect a weak growth , in the range of 0.5 % to 1.0 % in 2017. this lack of growth results from the above noted decline in investments as well as technical problems , labor unrest , excess government taxation and other difficulties . all of these factors will contribute to the market deficit in 2017 , thereby giving good support to current copper prices . annual copper production in 2016 was 899,955 tons , a new company record . this increase of 21.1 % from the 742,993 tons produced in 2015 results from the higher production from our buenavista mine expansion . the additional copper units produced have lower cost per pound , improving the overall company cash cost and competitiveness . silver : we believe that silver prices will have support due to its industrial uses as well as being perceived as a value shelter in times of economic uncertainty . silver represented 5.5 % of our sales in 2016. molybdenum : this metal represented 5.0 % of company sales in 2016. during the fourth quarter of 2016 , the molybdenum price maintained its level when compared to the third quarter of 2016 due to production cuts from major producers . the molybdenum market is still affected by existing excess inventories and weak demand coming from steel special alloys and the oil drilling industry . molybdenum is mainly used for the production of special alloys of stainless steel that require significant hardness , corrosion and heat resistance . a new use for this metal is in lubricants and sulfur filtering of heavy oils and shale gas production . zinc : zinc has very good long term fundamentals due to its significant industrial consumption and the expected mine production shutdowns . in the last 12 months zinc inventories have consistently decreased , improving this market 's fundamentals . we are expecting an increasing price scenario for zinc during 2017. zinc represented 4.4 % of our sales in 2016. production : for 2017 , we expect to maintain our current production level of about 900,000 tons of copper . for 2018 , we will initiate production at the new toquepala concentrator and expect to be able to produce 972,300 tons of copper , continuing our aggressive organic growth program . we also expect to produce 16.6 million ounces of silver , about 2.5 % higher than the 2016 production of 16.2 million ounces due to higher buenavista and immsa production . for zinc production , in 2017 , we expect to produce 80,800 tons from our mines , up from 2016 's production , of 73,984 tons , mainly due to higher production from our charcas , santa barbara and santa eulalia mines , which will increase their milling amd forecast higher grades as well in 2017. additionally , we expect to produce 19,700 tons of molybdenum , lower by 9.4 % from last year 's production of 21,736 tons . 71 cost : our operating costs and expenses for the three-years ended december 2016 have increased in total in each of the years . our comparison of costs for the three year period is as follows : replace_table_token_33_th operating costs and expenses in 2016 increased $ 184.1 million , compared to 2015 , principally due to higher costs of sales at our mexican operations resulting from the 18.3 % increase in copper sales volume , higher depreciation , amortization and depletion on the new assets added to our operations at buenavista . this was partially offset by lower environmental remediation and exploration expenses . operating costs and expenses in 2015 increased $ 76.5 million , compared to 2014 , principally due to higher production , which led to higher costs of sales and due to higher depreciation , amortization and depletion at our operations ; partially offset by lower environmental remediation and exploration expense . capital investments : capital investments were $ 1,118.5 million for 2016. this is 2.7 % lower than in 2015 , and represented 144 % of net income . our growth program to develop the full production potential of our company is underway . in addition , the buenavista expansion program is largely completed . for 2017 , the board of directors approved a capital investment program of $ 1,105.2 million . the year 2017 will be the starting point of a new strategic plan : we will grow copper production capacity to exceed the one million ton milestone by mid-2018 , and by 2023 we expect to reach 1.5 million copper tons . key matters we discuss below several matters that we believe are important to understand our results of operations and financial condition . these matters include ( i ) earnings , ( ii ) production , ( iii ) `` operating cash costs `` as a measure of our performance , ( iv ) metal prices , ( v ) business segments , ( vi ) the effect of inflation and other local currency issues and ( vii ) our capital investment and exploration program . story_separator_special_tag the purpose is to streamline the concentrator flotation process and improve water recovery efficiency , increasing the tailings solids content from 54 % to 61 % , thereby reducing fresh water consumption and replacing it with recovered water . as of december 31 , 2016 , we have almost completed the engineering and procurement process and have started the excavation and civil works . we have invested $ 14.4 million in this project out of the approved capital budget of $ 30 million . the project has reached 62 % progress and we expect it to be completed by the second quarter of 2017. tailings disposal at quebrada hondamoquegua : this project increases the height of the existing quebrada honda dam to impound future tailings from the toquepala and cuajone mills and will extend the expected life of this tailings facility by 25 years . the first stage and construction of the drainage system for the lateral dam is finished . we finished the engineering and procurement is in progress . in order to improve and increase the dam 's embankment , we have assigned a construction contractor to install a new cyclone battery station that will allow us to place more slurry at the dams . the project has a total budgeted cost of $ 116.0 million . we have invested $ 71.7 million through december 31 , 2016 and expect the project to be completed by the second quarter of 2018. potential projects we have a number of other projects that we may develop in the future . we continuously evaluate new projects on the basis of our long-term corporate objectives , strategic and operating fit , expected return on investment , required investment , estimated production , estimated cash-flow profile , social and environmental considerations , among other factors . all capital spending plans will continue to be reviewed and adjusted to respond to changes in the economy or market conditions . the year 2017 will be the starting point of a new strategic plan : we will grow copper production capacity to exceed the one 78 million ton milestone by mid-2018 , and by 2023 we expect to reach 1.5 million copper tons . this strategic plan includes the following projects : buenavista- zinc project : this zinc open pit mine located in our buenavista complex in sonora , mexico will produce 87,800 tons of zinc and 27,500 tons of copper content in concentrates per year with a capital budget of $ 360 million . currently , we are reviewing the block model and the mine plan which are expected to be completed in march 2017. also , we are preparing the basic engineering and will request authorization to begin the detail engineering . as of december 31 , 2016 we have invested $ 14.6 million and expect the project to be completed in 2018. pilares : this brownfield project located in sonora , mexico will produce 35,000 tons of copper per year with an initial capital budget of $ 200 million which we believe is still subject to further optimization . pilares is an open-pit mine , located 6 kilometers away from our la caridad complex , thus , leveraging on la caridad infrastructure . we are working to define the mineral flow and on a trade-off analysis for a potential expansion of the la caridad concentrator . in addition , we are analyzing mineral blending alternatives between pilares and la caridad in order to improve the copper grade of concentrates . as of december 31 , 2016 we have invested $ 39.9 million and expect the project to be completed in 2018. tia maria : we have completed all engineering and have successfully obtained the approval of the environmental impact assessment for the project . we are currently working to obtain the construction license for this 120,000 tons of sx-ew copper per year project with a total capital investment of $ 1,400 million . in 2017 , we expect to continue with our social development programs with the neighboring communities . this greenfield project , located in arequipa peru , will use state of the art sx-ew technology with the highest international environmental standards . sx-ew facilities are the most environmentally friendly in the industry due to their technical process and consequently no emissions into the atmosphere are released . the project will use seawater , transporting it more than 25 kilometers and at 1,000 meters above sea level . the construction of the desalinization plant requires an investment of approximately $ 95 million . we expect the project to generate 3,500 jobs during the construction phase . when in operation , tia maria will directly employ 600 workers and indirectly another 2,000. through its expected twenty-year life , the project related services will create significant business opportunities in the arequipa region . tia maria has complied with all existing requirements and regulations and therefore the company trusts that it will soon receive from government authorities the construction licenses and permits required in order to begin construction of this project . el arco : this is a world class copper deposit located in the central part of the baja california peninsula , with ore reserves over 2.7 billion tons with an ore grade of 0.399 % and 0.11 grams of gold per ton . this project , includes an open-pit mine combining concentrator and sx-ew operations with an estimated production of 190,000 tons of copper and 105,000 ounces of gold annually . between july 2015 and february 2016 , we conducted a drilling program of 20,170 meters in order to further define the deposit at lower depths of between 300 and 600 meters . through december 31 , 2016 we have invested $ 77 million on studies , exploration and land acquisition for the project . further exploration work is still required to better define the geometry of the deposit towards its west end and at the depths worked . in 2017 , we

net cash provided by operating activities : the 2016 , 2015 and 2014 change in net cash from operating activities include ( in millions ) : replace_table_token_56_th significant items added to ( deducted from ) net income to arrive at operating cash flow include depreciation , amortization and depletion , deferred tax amounts and changes in operating assets and liabilities . 2016 : net income was $ 778.8 million , approximately 84 % of the net operating cash flow . an increase in operating assets and liabilities reduced operating cash flow by $ 393.8 million and included : $ ( 143.3 ) million increase in accounts receivable . $ ( 207.9 ) million increase in inventory which includes $ ( 122.3 ) million of higher leachable material inventory and $ ( 43.1 ) million of metals in process , $ ( 26.3 ) million of higher finished goods and $ ( 16.2 ) million of higher supplies inventory . $ ( 42.6 ) million of net changes in accounts payable , accrued liabilities and other operating assets . 2015 : net income was $ 741.1 million , approximately 84 % of the net operating cash flow . an increase in operating assets and liabilities reduced operating cash flow by $ 209.8 million and included : $ 91 . 6 million decrease in accounts receivable . $ ( 260.3 ) million increase in inventory which includes $ ( 239.6 ) million of higher long-term leachable material inventory , principally at our buenavista mine .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```net cash provided by operating activities : the 2016 , 2015 and 2014 change in net cash from operating activities include ( in millions ) : replace_table_token_56_th significant items added to ( deducted from ) net income to arrive at operating cash flow include depreciation , amortization and depletion , deferred tax amounts and changes in operating assets and liabilities . 2016 : net income was $ 778.8 million , approximately 84 % of the net operating cash flow . an increase in operating assets and liabilities reduced operating cash flow by $ 393.8 million and included : $ ( 143.3 ) million increase in accounts receivable . $ ( 207.9 ) million increase in inventory which includes $ ( 122.3 ) million of higher leachable material inventory and $ ( 43.1 ) million of metals in process , $ ( 26.3 ) million of higher finished goods and $ ( 16.2 ) million of higher supplies inventory . $ ( 42.6 ) million of net changes in accounts payable , accrued liabilities and other operating assets . 2015 : net income was $ 741.1 million , approximately 84 % of the net operating cash flow . an increase in operating assets and liabilities reduced operating cash flow by $ 209.8 million and included : $ 91 . 6 million decrease in accounts receivable . $ ( 260.3 ) million increase in inventory which includes $ ( 239.6 ) million of higher long-term leachable material inventory , principally at our buenavista mine .
```    
 Suspicious Activity Report : from zinc and 7 % from various other products , including gold , sulfuric acid and other materials . copper : 2017 is starting with the copper market showing the first signs of a structural supply deficit created by the lack of investments in the last few years . for 2017 , we expect demand to grow between 2.0 % to 2.5 % , driven by china 's metal consumption recovery , and a strong economy in the united states and europe , where the auto industry demand is a driver of basic metal consumption . on the supply side , after five years of copper price reductions , we see supply underperforming the market needs . we expect a weak growth , in the range of 0.5 % to 1.0 % in 2017. this lack of growth results from the above noted decline in investments as well as technical problems , labor unrest , excess government taxation and other difficulties . all of these factors will contribute to the market deficit in 2017 , thereby giving good support to current copper prices . annual copper production in 2016 was 899,955 tons , a new company record . this increase of 21.1 % from the 742,993 tons produced in 2015 results from the higher production from our buenavista mine expansion . the additional copper units produced have lower cost per pound , improving the overall company cash cost and competitiveness . silver : we believe that silver prices will have support due to its industrial uses as well as being perceived as a value shelter in times of economic uncertainty . silver represented 5.5 % of our sales in 2016. molybdenum : this metal represented 5.0 % of company sales in 2016. during the fourth quarter of 2016 , the molybdenum price maintained its level when compared to the third quarter of 2016 due to production cuts from major producers . the molybdenum market is still affected by existing excess inventories and weak demand coming from steel special alloys and the oil drilling industry . molybdenum is mainly used for the production of special alloys of stainless steel that require significant hardness , corrosion and heat resistance . a new use for this metal is in lubricants and sulfur filtering of heavy oils and shale gas production . zinc : zinc has very good long term fundamentals due to its significant industrial consumption and the expected mine production shutdowns . in the last 12 months zinc inventories have consistently decreased , improving this market 's fundamentals . we are expecting an increasing price scenario for zinc during 2017. zinc represented 4.4 % of our sales in 2016. production : for 2017 , we expect to maintain our current production level of about 900,000 tons of copper . for 2018 , we will initiate production at the new toquepala concentrator and expect to be able to produce 972,300 tons of copper , continuing our aggressive organic growth program . we also expect to produce 16.6 million ounces of silver , about 2.5 % higher than the 2016 production of 16.2 million ounces due to higher buenavista and immsa production . for zinc production , in 2017 , we expect to produce 80,800 tons from our mines , up from 2016 's production , of 73,984 tons , mainly due to higher production from our charcas , santa barbara and santa eulalia mines , which will increase their milling amd forecast higher grades as well in 2017. additionally , we expect to produce 19,700 tons of molybdenum , lower by 9.4 % from last year 's production of 21,736 tons . 71 cost : our operating costs and expenses for the three-years ended december 2016 have increased in total in each of the years . our comparison of costs for the three year period is as follows : replace_table_token_33_th operating costs and expenses in 2016 increased $ 184.1 million , compared to 2015 , principally due to higher costs of sales at our mexican operations resulting from the 18.3 % increase in copper sales volume , higher depreciation , amortization and depletion on the new assets added to our operations at buenavista . this was partially offset by lower environmental remediation and exploration expenses . operating costs and expenses in 2015 increased $ 76.5 million , compared to 2014 , principally due to higher production , which led to higher costs of sales and due to higher depreciation , amortization and depletion at our operations ; partially offset by lower environmental remediation and exploration expense . capital investments : capital investments were $ 1,118.5 million for 2016. this is 2.7 % lower than in 2015 , and represented 144 % of net income . our growth program to develop the full production potential of our company is underway . in addition , the buenavista expansion program is largely completed . for 2017 , the board of directors approved a capital investment program of $ 1,105.2 million . the year 2017 will be the starting point of a new strategic plan : we will grow copper production capacity to exceed the one million ton milestone by mid-2018 , and by 2023 we expect to reach 1.5 million copper tons . key matters we discuss below several matters that we believe are important to understand our results of operations and financial condition . these matters include ( i ) earnings , ( ii ) production , ( iii ) `` operating cash costs `` as a measure of our performance , ( iv ) metal prices , ( v ) business segments , ( vi ) the effect of inflation and other local currency issues and ( vii ) our capital investment and exploration program . story_separator_special_tag the purpose is to streamline the concentrator flotation process and improve water recovery efficiency , increasing the tailings solids content from 54 % to 61 % , thereby reducing fresh water consumption and replacing it with recovered water . as of december 31 , 2016 , we have almost completed the engineering and procurement process and have started the excavation and civil works . we have invested $ 14.4 million in this project out of the approved capital budget of $ 30 million . the project has reached 62 % progress and we expect it to be completed by the second quarter of 2017. tailings disposal at quebrada hondamoquegua : this project increases the height of the existing quebrada honda dam to impound future tailings from the toquepala and cuajone mills and will extend the expected life of this tailings facility by 25 years . the first stage and construction of the drainage system for the lateral dam is finished . we finished the engineering and procurement is in progress . in order to improve and increase the dam 's embankment , we have assigned a construction contractor to install a new cyclone battery station that will allow us to place more slurry at the dams . the project has a total budgeted cost of $ 116.0 million . we have invested $ 71.7 million through december 31 , 2016 and expect the project to be completed by the second quarter of 2018. potential projects we have a number of other projects that we may develop in the future . we continuously evaluate new projects on the basis of our long-term corporate objectives , strategic and operating fit , expected return on investment , required investment , estimated production , estimated cash-flow profile , social and environmental considerations , among other factors . all capital spending plans will continue to be reviewed and adjusted to respond to changes in the economy or market conditions . the year 2017 will be the starting point of a new strategic plan : we will grow copper production capacity to exceed the one 78 million ton milestone by mid-2018 , and by 2023 we expect to reach 1.5 million copper tons . this strategic plan includes the following projects : buenavista- zinc project : this zinc open pit mine located in our buenavista complex in sonora , mexico will produce 87,800 tons of zinc and 27,500 tons of copper content in concentrates per year with a capital budget of $ 360 million . currently , we are reviewing the block model and the mine plan which are expected to be completed in march 2017. also , we are preparing the basic engineering and will request authorization to begin the detail engineering . as of december 31 , 2016 we have invested $ 14.6 million and expect the project to be completed in 2018. pilares : this brownfield project located in sonora , mexico will produce 35,000 tons of copper per year with an initial capital budget of $ 200 million which we believe is still subject to further optimization . pilares is an open-pit mine , located 6 kilometers away from our la caridad complex , thus , leveraging on la caridad infrastructure . we are working to define the mineral flow and on a trade-off analysis for a potential expansion of the la caridad concentrator . in addition , we are analyzing mineral blending alternatives between pilares and la caridad in order to improve the copper grade of concentrates . as of december 31 , 2016 we have invested $ 39.9 million and expect the project to be completed in 2018. tia maria : we have completed all engineering and have successfully obtained the approval of the environmental impact assessment for the project . we are currently working to obtain the construction license for this 120,000 tons of sx-ew copper per year project with a total capital investment of $ 1,400 million . in 2017 , we expect to continue with our social development programs with the neighboring communities . this greenfield project , located in arequipa peru , will use state of the art sx-ew technology with the highest international environmental standards . sx-ew facilities are the most environmentally friendly in the industry due to their technical process and consequently no emissions into the atmosphere are released . the project will use seawater , transporting it more than 25 kilometers and at 1,000 meters above sea level . the construction of the desalinization plant requires an investment of approximately $ 95 million . we expect the project to generate 3,500 jobs during the construction phase . when in operation , tia maria will directly employ 600 workers and indirectly another 2,000. through its expected twenty-year life , the project related services will create significant business opportunities in the arequipa region . tia maria has complied with all existing requirements and regulations and therefore the company trusts that it will soon receive from government authorities the construction licenses and permits required in order to begin construction of this project . el arco : this is a world class copper deposit located in the central part of the baja california peninsula , with ore reserves over 2.7 billion tons with an ore grade of 0.399 % and 0.11 grams of gold per ton . this project , includes an open-pit mine combining concentrator and sx-ew operations with an estimated production of 190,000 tons of copper and 105,000 ounces of gold annually . between july 2015 and february 2016 , we conducted a drilling program of 20,170 meters in order to further define the deposit at lower depths of between 300 and 600 meters . through december 31 , 2016 we have invested $ 77 million on studies , exploration and land acquisition for the project . further exploration work is still required to better define the geometry of the deposit towards its west end and at the depths worked . in 2017 , we

