Mexican miner Industrias Peñoles has indefinitely suspended operations of its zinc mine in the central state of Zacatecas and the Milpillas copper mine in the northern state of Sonora.
These facilities were shut down because of operating losses due to falling prices of copper and zinc, the miner said in a statement. However, while mineral extraction was suspended at Milpillas, copper cathode production will continue.
The miner also announced, in June, that its Bismark zinc mine in the northern state of Chihuahua, will be shut due to the end of its mineral productive life.
Second Quarter Mine Production
The company’s copper production reached 2,194mt in Q2 2020, up by 6.6pc from 2,058mt in the same period last year. Zinc production also increased by 4pc to 72,232mt, from 69,484mt and lead output rose 5pc to 20,880mt, from 19,895mt produced in the same compared periods.
Meanwhile, copper cathode production decreased by 40.9pc to 3,623mt in Q2 2020, from 6,130mt produced in Q2 2019.
The company’s net sales reached $930.3mn in Q2 2020, down 15pc from $1.09bn in the prior-year period.
Peñoles posted a net loss of $158.1mn in Q2, compared to a loss of $6.8mn in Q2 2019. EBITDA profits stood at $266.5mn, up by 44.7pc from $184.1mn in same period comparison.