Output of LatAm's top silver miners edges lower

By
Monday, November 28, 2016

The top silver miners in Latin America produced 37.9Moz of the metal in Q3, down from 40.8Moz in the same period last year.

Output was impacted by a sharp reduction at Canada's Goldcorp, reflecting lower grades at its Peñasquito mine in Mexico.

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The five produce silver in Mexico, Peru, Argentina, Guatemala, Bolivia and the Dominican Republic. Production was up from 36.8Moz in Q2.

TOP 5

1. Industrias Peñoles: 13.8Moz

The Mexican miner increased production from 13.0Moz in 3Q15. The rise largely reflects higher output by precious metals subsidiary Fresnillo, boosted by the new San Julián mine and higher throughput at the Saucito mine.

Fresnillo produced 10.6Moz silver, up from 10.1Moz.

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2. Goldcorp: 7.70Moz

Silver production by the region's top gold miner fell from 11.3Moz, with Peñasquito contributing 5.24Moz, down from 7.47Moz as grades fell to 25.4g/t from 32.7g/t, compounded by less ore milled.

Cerro Negro in Argentina produced 805,000oz, down from 1.50Moz, with Marlin in Guatemala producing 1.30Moz, down from 1.84Moz.

3. Pan American Silver6.36Moz

Output fell from 6.61Moz, due to slight falls at Dolores and Alamo Dorado in Mexico and Manantial Espejo in Argentina.

This was partly offset by increases at La Colorada in Mexico, Huarón and Morococha in Peru and San Vicente in Bolivia. Vancouver-based Pan American raised 2016 silver production guidance to 25-25.7Moz from 24-25Moz.

4. Hochschild Mining5.0Moz

The Peruvian company increased output from 4.14Moz, with production up at the Inmaculada, Arcata and Pallancata mines in Peru and San José in Argentina.

5. Tahoe Resources: 5.00Moz

Vancouver's Tahoe dropped to fifth place after output fell from 5.80Moz at its Escobal silver-lead-zinc operation in Guatemala, as grades dipped to 444g/t from 508g/t.