Coeur Mining Rides High on Palmarejo Mine's Performance in 1Q24

Coeur Mining's Palamarejo complex in Chihuahua achieved its highest quarterly gold production in several years in 1Q24. Alongside its Wharf mine, the Mexican operation helped the company start 2024 strong. In other news, senators from the left-wing Labor Party (PT) urged federal and local authorities to collaborate in addressing illegal mining activities. They emphasized that tackling this issue is crucial to prevent potential harm to the environment and local communities.

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Palmarejo and Wharf Mines Drive Coeur Mining's Strong Performance in 1Q24

Coeur Mining's strong 1Q24 was propelled by robust performances at its Palmarejo complex in Chihuahua, Mexico and the Wharf mine in South Dakota, the United States. The company reported a total production of 80,744oz of gold and 2.6Moz of silver, up from 69,039oz of gold and 2.5Moz of silver in the same period in 2023.

AHMSA to Challenge Minera del Norte Bankruptcy Declaration

Altos Hornos de México (AHMSA) faces a setback as its subsidiary, Minera del Norte (Minosa), is declared bankrupt by a judge amid AHMSA's financial challenges. AHMSA intends to appeal the decision to resume Minosa's operations in Monclova, Coahuila. This development comes after AHMSA sought creditor support for a Restructural Agreement, aiming to restructure Minosa's debts with a 94% interest reduction. 

Sierra Metals' Updated Mineral Resource Estimate Sets Stage for Growth Initiatives

Sierra Metals announced updated mineral resource and reserve estimates for its Yauricocha mine in Peru and Bolivar mine in Mexico. At Bolivar, the measured and indicated mineral resource totals 18.4Mt grading 0.76% copper, 15.29g/t silver, and 0.25g/t gold, with an inferred resource of 12.1Mt grading 0.72% copper, 12.21g/t silver, and 0.19 g/t gold. The company considers these updates as confirmation of the long production history of its assets and believes they provide a clear path forward for growth initiatives.

Expertise Helps Ensure Success for Canadian Companies in Mexico 

Jorge Rave, Regional Vice President of Latin America and the Caribbean, Export Development Canada (EDC) highlights the importance of understanding local culture and political dynamics for Canadian mining companies operating in Mexico. He emphasizes the need for personal communication, respect for local customs, and strong relationships with local partners. Rave also stresses the significance of transparency, compliance with ESG standards, and open dialogue with stakeholders to address corruption issues effectively.

Senators From PT Urge Authorities to Combat Illegal Mining 

Senators from PT called on Mexico's Ministry of Economy (SE) to coordinate with the Ministry of Defense (SEDENA), the Mexican Geological Survey (SGM), and the governments of all 32 states to implement measures for locating and shutting down sites dedicated to illegal mining. This follows numerous reports of clandestine operations in various parts of the country, potentially damaging the environment and local communities.