Gold, silver dip weighs on Mexico mining output

Mexico’s mining production declined in July, as output dipped across the country’s five main metals.

Overall production was down 2.4%, compared to the same month last year, according to new data from statistics agency Inegi.

Output of gold slipped 4.6% to 6,235kg (200,455oz), with silver dropping 4.4% to 348,357kg.

Copper production was down 1.4% at 39,093t, with lead 1.1% lower at 16,006t and zinc down 0.1% at 35,339t.

July’s 2.4% drop was the first decline recorded in 2022.

Output was up 0.1% in June and 0.6% in May, with rises ranging from 0.7-4.7% in the first four months of the year.

Mexico is the world’s biggest silver miner and a top 10 producer of copper, lead and zinc.

Gold mining companies forecast at the beginning of the year a 7.5% drop in combined Mexican output for 2022, in part due to falling grades.

Guidance from 10 of Latin America’s main silver-focused miners – which include many of Mexico’s top producers – showed output declining 4.4% to 140Moz.

SULFUR RISE

Production of sulfur surged 55.2% in July to 26,428t, with coke registering a 16.2% increase to 43,390t.

Gypsum production was up 4.0% at 534,311t, with iron pellets 1.4% higher at 564,598t, non-coking coal up 1.2% to 384,980t and fluorspar rising 1.1% to 78,775t.

In the first seven months of 2022, overall mining output was up 1.3% from the same period last year, with sulfur seeing the biggest rise (78.4%) and coke the biggest drop (down 3.3%).