Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Mexico’s mining output fell by 1.5pc in September on an annual basis due to lower production of iron ore, lead, and copper, according to the National Statistics Agency (Inegi).


The country’s iron ore production fell by 14.3pc to 487,165mt in September, from 568,292mt in the same month last year, Inegi indicated in a statement on Monday.


Lead output declined by 2.8pc to 12,849mt in September, from 13,215mt produced in September 2019, while copper production decreased by 1.1pc to 37,514mt, from 37,931mt in the same period under comparison. 


Zinc production, on the other hand, climbed by 19.8pc to 34,770mt in September from 29,031mt produced in the same month last year.


Mexico’s mining output could fall by 17pc in 2020 since the industry suspended operations for about two months earlier this year to contain the spread of the COVID-19 pandemic, according to the Mexican Mining Chamber (Camimex). The country’s mining industry also lost $4.8bn in revenue due to the pandemic-related shutdowns, according to Camimex.


Moreover, the mining industry will reduce its investment in exploration by 25pc to $399mn, from $536mn invested in 2019, due to effects generated by the pandemic, Camimex said.


Leave a Reply

Your email address will not be published.