Mexican gold and silver production inch up in November

Mexican gold and silver production rose 0.5% and 1.0%, respectively, in November compared to the same month 2021, while in the first 11 months of 2022 the increases were 0.9% and 0.5%, reported statistics agency Inegi.

Last week, Inegi said that in January-November last year metallic and non-metallic mining contracted 0.5%, which shows the stagnation of the sector due to the weakening of construction and the steel industry, according to economist José Luis de la Cruz.

Compared to October, gold production fell 1.9% to 7,046kg (227,000oz), while silver output in November dropped 2.2% to 334,327kg.

Sonora is the largest gold-producing state, while Zacatecas leads silver production.

COPPER

Meanwhile, copper production increased 7.0% in November compared to the same month 2021, and 2.0% compared to October to 42,299t, its highest monthly level of the year. In the 11 months, copper output rose 1.1%. Sonora is the top producer of the metal.

Inegi reported that in November total mining and metallurgical production increased 2.2% year-on-year, with increases in sulfur, copper, lead, silver and gold output. Production of coke, fluorspar, iron pellets, non-coking coal, zinc and gypsum fell.

In 2021, Mexico represented 3.3% of global gold production, 23% of silver and 1.8% of copper. During the year, the country produced 80,989kg (2.6Moz) of gold, 4,180t of silver and 472,767t of copper, according to the economy ministry.