Mexico issued US$348mn credit to small miners in H1 - report

Tuesday, September 3, 2013

Mexico's government issued finance totalling 4.67bn pesos (US$348mn) to small and medium miners in the first half of the year - up 27.5% on the year-ago period.

The first governance report, on the first nine months of President Enrique Peña Nieto's administration, said 619 small and medium mining companies and firms within the sector's supply chain received credit through the government's mining promotion fund, Fifomi, in H1.

Fifomi provides credit of up to US$3.5mn for infrastructure and working capital investments in the mining industry, according to information on the trust's website.

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During H1, Fifomi also helped 5,295 companies with technical and training, up 27.2% year-on-year, government news agency Notimex reported.

In addition, the government's program to promote the development and competitiveness of mining companies helped the sector secure further investment of 53bn pesos during the period, the report said.

The country's mining sector employed 338,143 people at the end of June, 3.1% higher than a year ago, it added.

Mexico produced 162.2Moz of silver in 2012, according to the Silver Institute, making it the world's largest producer. Gold output reached 2.8Moz last year, according to figures from the US Geological Survey, while Mexican copper production was an estimated 500,000t.

In H1, production was 1.49Moz gold, 72Moz silver, 218,500t copper and 4.11Mt iron pellets, according to data from national statistics agency Inegi.