Top Mexico miners boost gold output

By
Wednesday, August 16, 2017

Output by Mexico's top 10 gold miners increased in the second quarter of this year, helped by improvements at the country's two biggest producers.

Industrias Peñoles and Goldcorp recorded higher production compared to the same quarter of last year, with four of the 10 seeing output slip.

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The 10 companies produced 782,424oz gold, up from 760,995oz in 2Q16. However, the figure was down from 831,736oz seen in 1Q17.

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TOP 10

1. Industrias Peñoles, 231,287oz

The Mexican miner's gold output rose from 226,561oz in the year-ago quarter, reflecting higher production at precious metals subsidiary Fresnillo, at 223,479oz, up from 217,645oz.

2. Goldcorp, 123,000oz

Latin America's biggest gold producer achieved an increase in Mexican output despite the sale of its Los Filos mine to Leagold Mining in April.

The Peñasquito mine, Goldcorp's sole Mexican producer, saw output rise to 123,000oz from 36,000oz due to higher grades and throughput.

3. Minera Frisco, 89,202oz

The Mexican miner, controlled by billionaire Carlos Slim, hung on to third spot in the production ranking despite gold output falling from 98,376oz in 2Q16 and 104,322oz in 2Q15. Frisco's nine mines are all in Mexico.

4. Agnico Eagle, 84,481oz

Output at the Canada-based miners Pinos Altos, Creston Mascota and La India mines in Mexico dipped from 89,294oz, following a decline from 92,056oz in 2Q15.

5. Torex Gold74,487oz

Output at Torex's El Limón-Guajes mine slipped from 83,256oz in 2Q16 thanks to lower grades and recoveries, partly offset by higher throughput as the Guerrero state asset continues to ramp up to full production.

6. Alamos Gold, 58,600oz

Output at Alamos' two Mexican assets increased from 49,820oz in the same three months of last year, with Mulatos delivering 41,000oz, up 24% year-on-year, lifted by higher production from both the mill and heap leach operations.

7. Leagold Mining, 43,980oz

A new entry in the top 10, Leagold produced 43,980oz gold in Q2 at the Los Filos mine, acquired from Goldcorp in April.

8. Argonaut Gold, 29,025oz

Gold production rose from 28,370oz due to higher output at the El Castillo mine, due to higher throughput and recoveries, with the La Colorada operation seeing a slight fall.

Argonaut expects to boost El Castillo production through development of the San Agustín project, which is nearing completion.

9. Coeur Mining, 24,292oz

Coeur achieved a sharp rise in output at its Palmarejo mine in Mexico as underground operations at the Guadalupe and Independencia veins ramped up.

Gold production at the Chihuahua state mine was up from 18,731oz in 2Q16.

10. Pan American Silver, 24,070oz

Just behind Coeur, Pan American's Mexican gold output was down from 28,370oz, mainly due to lower production at the Dolores and ageing Alamos Dorado assets.