Gold Exports to Exceed 2020 LevelsBy Paloma Duran | Thu, 07/22/2021 - 17:57
Gold exports are expected to exceed 2020 levels as mining companies are now returning to pre-pandemic levels. Vizsla Silver announced that it has accelerated the acquisition of the Panuco-Copala Silver District through a new agreement and exercise notice. In addition, Orla has closed a new financing of US$35 million, which will be used to further develop its main assets.
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From January to April, Mexico's gold exports totaled US $1.88 million and if the figures are maintained they will exceed last year's value of US$5.06 million. According to INEGI, from January to April mining companies increased their production by 24.5 percent and for April they reported a year-on-year increase of 48.9 percent. Unlike last year, mining companies have learned to work despite the pandemic. In addition, health measures have reduced the risk of suspension of activities, for which export and production are expected to continue increasing in 2021.
Vizsla Silver announced that it has signed a binding agreement with Minera Rio Panuco and has executed an exercise notice with Silverstone Resources, which will accelerate the acquisition of the entire Panuco-Copala silver-gold district. Under the binding agreement, Vizsla will acquire 100 percent of the Panuco property, which includes 43 mining concessions, an area of 3,839ha and the Coco Mill, while with Copala's exercise notice, Vizsla will acquire full ownership of the Copala Property, which includes 64 mining concessions and an area of 5,547ha.
Orla Mining announced it will obtain a new financing of US$35 million that will be used for development and exploration activities at Camino Rojo in Zacatecas, Mexico and Cerro Quema in Los Santos, Panama. If everything falls according to plan, Camino Rojo will start production in the first months of 2022.
Grupo México reported profits totaling MX$49.2 million (US$2.45 million) due to the increase in copper prices. In 2021, Grupo México shares have risen 12.71 percent. On Thursday, Grupo México’s shares had a cost of MX$94.81 (US$4.72), which represents a gain of 7.14 percent compared to the MX$88.49 (US$4.41) on Wednesday. The increase in profits is due to copper prices that rose after the publication of China´s indicators.
CFE announced that it will invest more than US$17.16 million in construction, access ramps and the excavation of tunnels to rescue the bodies of the 65 miners who were trapped in the Pastas de Conchos mine in 2006. CFE's strategy is based on the study carried out in 2007 by the Mexican Geological Service (SGM), which was requested by the International Panel of Security Experts linked to the Scientific and Technological Consultative Forum of the CA. Experts agreed that the only alternative to access the Pasta de Conchos mine is the construction of a ramp system with galleries parallel to the mining works, where the explosion occurred.
Mining is an industrial activity that has been linked to the development of the country for centuries. However, it has also been linked to irresponsible practices and negative impacts on the environment and communities. Mining data and records show a different reality, in which mining has been and will continue to be a fundamental industry for the sustainable development of the country.