Mexico’s mining industry lost revenue worth $4bn in April-May, due to suspended mining activities to safeguard its miners from the COVID-19 pandemic.
However, the mining industry has started improving after production resumed on June 1, Francisco Quiroga, undersecretary of Mining at the Ministry of Economy, said in a recent media report.
The increase in the value of some minerals since June 1 has helped the industry to enhance its revenue and operations, he said, adding that the value of copper rose by 41pc, gold by 28pc, and silver by 58pc.
Mexico’s copper production dropped by 2.9pc to 37,979mt in May, down from 39,097mt produced in May 2019, according to the latest figures from the National Statistics Agency (Inegi).
Grupo México, one of Latin America’s largest copper producers, saw a 1pc reduction in its copper output to 285,759mt in Q2 2020, from 288,561mt in Q2 2019, due to the effects of the pandemic.
Overall, Mexico’s mine production declined by 17.8pc on an annual basis in May because of a fall in the output of all minerals, according to Inegi.
The Mexican Mining Chamber (Camimex) has predicted that the country‘s mined volumes could fall by 17pc this year.