Mexican gold, silver production dips in September

Gold and silver production in Mexico respectively dropped 3.9% and 2.6% year-on-year in September, according to figures from national statistics bureau Inegi.

Despite the decline in output compared with September 2021, gold production was up 10.5% versus August, reaching the second highest figure of the year at 7,078kg (228,000oz), just below the 7,194kg produced in January. 

In January-September, output of the yellow metal rose by 0.8% compared with the first nine months of 2021.

Silver production in September fell 1.9% compared with August, reaching 348,976kg. In January-September it was also down, slipping 0.1% compared with the same period of last year.

The drops in output of the two precious metals this year are mainly due to the high base of comparison last year, according to the Inegi data.

The volume of copper production, meanwhile, slid 5.1% year-on-year in September to 39,304t and was down 3.7% from August. However, in January-September, the figure grew by 0.2% year-on-year to 356,130t.

During September, Sonora was Mexico's top gold- and copper-producing state, while Zacatecas continues to rank as the country's biggest producer of silver, lead and zinc.

Inegi reported that total mining and metallurgical production fell 3.2% year-on-year in September, with drops in output of iron pellets, copper, fluorite, gold, silver and lead. However, production of sulfur, coke, non-coking coal, zinc and gypsum all grew in the period.

At the end of 2021, Mexico accounted for 3.3% of global gold production, 23% of silver output, and 1.8% of copper. Over the year, the country produced 80,989kg of gold, 4,180t of silver and 472,767t of copper, according to estimates by the ministry of economy.