Strong start to 2017 by LatAm's top silver miners

Latin America's top silver miners lifted output in Q1.

The five biggest producers generated 38.5Moz silver from mines in the region, according to data compiled by BNamericas.

This compares to 37.7Moz produced by the same companies in 1Q16, and 38.1Moz by the top five that quarter, which featured Southern Copper ahead of Hochschild Mining in the fifth spot.

If output remains stable, the top five are on track to produce 154Moz in 2017, up from 150Moz last year, and ahead of the 152Moz forecast (based on midpoint guidance and BNamericas estimates).

The five are precious and base metals-focused miners based in Canada, Mexico and the UK. Glencore is not included as it did not give a full breakdown for silver production at its zinc mines.

TOP FIVE

1. Industrias Peñoles: Q1 production: 15.4Moz

The Mexican miner remained firmly in the top spot, with silver output increasing from 14.2Moz. The rise reflects higher output at precious metals subsidiary Fresnillo, at 13.5Moz, up from 12.2Moz, partly due to production from the new San Julián operation.

Fresnillo expects to produce 58-61Moz silver at its Mexican mines in 2017.

2. Goldcorp: 7.10Moz

The region's top gold miner saw silver output slip from 7.70Moz, largely due to reduced production at Cerro Negro in Argentina, at 706,000oz, down from 1.16Moz.

This was partly offset by a slight increase at Peñasquito in Mexico to 4.84Moz. Production fell at Marlin in Guatemala, where operations are winding down, to 1.14Moz from 1.54Moz.

Goldcorp also produces small amounts of silver at Pueblo Viejo in the Dominican Republic (a 40:60 JV with Barrick Gold), and its 37.5% interest in Alumbrera, Argentina.

3. Pan American Silver: 6.20Moz

Output slipped from 6.42Moz, due to lower production at Alamo Dorado and Dolores in Mexico, Huarón and Morococha in Peru and San Vicente in Bolivia, partly offset by rises at La Colorada in Mexico and Manantial Espejo in Argentina.

Pan American is advancing expansions at Dolores and La Colorada. The company is on track to hit 2017 guidance of 24.5-26.0Moz.

4. Tahoe Resources: 5.70Moz

Silver production was unchanged at the company's Escobal silver-lead-zinc mine in Guatemala. Guidance for 2017 is 18-21Moz.

5. Hochschild Mining: 4.10Moz

Silver production increased from 3.66Moz, with rises at the Inmaculada operation in Peru, which started up in 2015, and Pallancata (Peru) and San José (Argentina).

Output was just ahead of Southern Copper's 3.99Moz. Hochschild expects to produce 18.0Moz silver in 2017 (midpoint guidance).