Mexico’s mining output decreased by 3.7pc in August compared to the same month last year, due to lower production of iron ore, according to the National Statistics Agency (Inegi).
Iron ore production fell by 17.4pc to 517,440mt in August, from 626,234mt in the corresponding month last year, Inegi said in a statement on Friday.
Copper production, however, increased by 0.9pc to 40,340mt in August from 39,970mt in the prior-year period, zinc output climbed by 28.2pc to 26,818mt from 20,922mt, and lead production rose by 15.8pc to 13,979mt from 12,075mt during the same comparative period.
Mexico’s mining industry production could fall by 17pc this year after the industry suspended operations for about two months to contain the spread of the COVID-19 pandemic, according to the Mexican Mining Chamber (Camimex). The country’s mining industry lost $4.8bn in revenue during that time.
This year, the mining industry will reduce its investment in exploration by 25pc to $399mn, from $536mn invested in 2019, due to the pandemic, Camimex indicated.