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

Total mining production of Industrias Penoles increased by 25pc during H1 2021 thanks to the recovery of industrial activity and improvement in general economic conditions compared to last year, the company informed in its semi-annual report.


Between January and June 2021, Penoles extracted 15.2mn mt of ore against 12.1mn mt in the first half of 2020. In Q2 2021 its mining production increased by 70pc, to 8mn mt from 4.7mn mt of ore extracted in the same period last year.


The increase in mining productivity at Penoles was attributed to increases in the extraction of gold, silver, lead, and copper, although the production of zinc and copper cathodes decreased in H1, the company reported.


Lead production increased by 1.5pc in the first half of 2021, to 42,548mt from 41,904mt between January and June 2020. In the second quarter, it grew by 3.7pc to 21,656mt from 20,880mt in Q2 2020.


The Mexican miner’s copper production increased by 36.7pc in H1 2021 to 5,812mt from 4,253mt in the same period a year ago. In Q2 2021, it rose by 28.3pc, to 2,813mt from 2,194mt between April and June 2020.


Zinc output, by contrast, declined by 5.1pc in H1 2021, to 146,220mt from 138,808mt in January-June last year. In the second quarter of this year, the reduction was 4.3pc, to 69,121mt from 72,232mt in Q2 2020.


Copper cathode production was also affected in the first half of the year, with a 79.5pc drop, to 1,639mt from 8,011mt in H1 2020. In Q2 2021, the decrease was 79.4pc, to 745mt from 3,623 mt in the same year-ago quarter.


Industrias Penoles’ gross sales jumped by 61.2pc in H1 2021, to MXN3.1bn ($159.1mn) from MXN1.9bn in January-June 2020. The upward trend continued in the second quarter growing 72.3pc, to MXN1.6bn from MXN928mn in Q2 2020.


($1 = MXN19.92)

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