Guatemala's precious metals exports rise in June

Guatemala's precious and semi-precious metals and stone exports increased to US$28.0mn in June from US$26.6mn in the same month last year.

The country's lead exports declined to US$16.2mn from US$26.5mn, with those of zinc down to US$2.08mn from US$2.65mn, according to central bank figures.

Aluminum exports rose to US$7.46mn from US$6.46mn, with those of nickel down to US$8.30mn from US$9.22mn.

Iron and steel exports increased to US$28.0mn from US$10.5mn.

ANALYSIS

The higher precious and semi-precious metals and stone exports come despite lower silver and gold production by the country's main mining companies.

Goldcorp's Marlin mine produced 40,600oz gold in Q2, down from 43,500oz in the prior year quarter, while silver increased to 1.89Moz from 1.58Moz.

Tahoe Resources' Escobal mine saw silver production decline to 4.49Moz from 5.79Moz, with gold output down to 2,069oz from 2,928oz.

Silver and gold prices also fell in the period.

Lead exports were impacted by lower output at Escobal of 1,958t, down from 3,451t, with prices of the metal also declining, while zinc production at the mine fell to 2,954t from 3,782t.

The higher steel exports come despite falling prices and pressure from cheap Chinese imports. Steelmakers in Guatemala include Ternium International Guatemala, a subsidiary of Luxembourg-based Ternium.