Mexico cements position as global silver mining leader

Mexico retained its position as the world's biggest silver producer in 2017 and a top-10 miner of gold, copper, lead, zinc and molybdenum, according to the US Geological Survey (USGS).

With global rankings broadly flat for most metals, the country advanced three places to a joint seventh for copper, according to preliminary estimates in the USGS Mineral Commodity Summary 2018 report.

SILVER

Mexico cemented its position as the world's top silver miner with a rise in output in 2017.

The country produced 5,600t (180Moz) last year, according to preliminary data, up from 5,360t the previous year (2016 data were revised down from a preliminary figure of 5,600t in the 2017 report).

Peru ranked second globally with 4,500t produced last year.

In Mexico, further production growth is expected this year, with the country's top 10 silver miners expected to produce 159Moz, up from 150Moz last year, according to midpoint guidance and BNamericas estimates.

But Mexico lags behind others in reserves, which were placed seventh on the global ranking at 37,000t, unchanged from the previous year. Peru holds the biggest silver reserves at 93,000t.

GOLD

Mexico retained its position as the eighth biggest gold miner in 2017, with output falling to 110t (3.54Moz) from 111t the previous year.

The 2016 figure was revised down sharply from 125t reported in last year's USGS report.

Mexico was second in Latin America behind Peru (155t) in 2017. Reserves were flat at 1,400t, placing the country in 11^th place globally.

Production in Mexico is expected to decline this year, with midpoint guidance and BNamericas estimates for 23 companies forecasting 3.49Moz, down from 3.64Moz last year.

COPPER         

Mexico climbed three places in the global copper production ranking.

The country produced 755,000t of the red metal in 2017, according to initial estimates, placing it joint seventh alongside Zambia.

Last year's USGS report placed Mexico 10^th, with 2016 output estimated at 620,000t. The 2016 figure was then revised to 752,000t in the latest report.

Copper production in 2017 was dominated by Chile (5.55Mt) and Peru (2.35Mt).

Mexico's copper reserves were unchanged at 46Mt, fourth highest globally, with worldwide reserves totaling 790Mt.

Southern Copper, which dominates Mexico's copper sector, expects output to rise to 931,000t this year at its Mexican and Peruvian operations, up from 913,066t last year.

ZINC

Mexico produced 680,000t zinc in 2017, a 10,000t rise from the previous year, when output was revised down to 670,000t from the 710,000t reported in last year's report.

The country was the sixth biggest zinc miner in 2017 and second in Latin America after Peru (1.4Mt).

Mexico's zinc reserves grew to 20Mt from 17Mt, placing it fourth globally and second in the region behind Peru's 28Mt.

The country's biggest zinc producers are Industrias Peñoles, Goldcorp, Minera Frisco and Southern.

LEAD

Mexico was the sixth biggest lead miner, unchanged from 2016, with output of 230,000t, down 2,000t.

Output for 2016 was revised down from 250,000t in last year's report, which ranked Mexico fifth.

In Latin America, Mexico was the second biggest lead producer after Peru (250,000t in 2017).

Reserves were unchanged at 5.6Mt, placing the country fifth globally, but far behind Australia's 35Mt.

Mexico's main lead miners are Goldcorp and Peñoles.

MOLYBDENUM

Mexico produced 12,000t of molybdenum, up 100t from 2016, and retained its fifth spot globally.

The 2016 figures were revised down from 12,300t.

China, Chile, the US and Peru are the top molybdenum producers. Mexico's reserves were ninth biggest globally in 2017 at 130,000t.

Southern is the dominant player in Mexico's molybdenum output, with production from its La Caridad and Buenavista del Cobre mines.

The company is targeting 21,700t of production in 2018 at its mines in Peru and Mexico, up from 21,328t molybdenum last year.