Mexican Assets Positively Influence Operators’ Performance

Mining companies such as MAG Silver, Torex Gold, and Coeur Mining have reported positive results from their operations in Mexico. They have seen significant increases in construction and positive cash flows from producing projects. However, the future of operations in Mexico will be crucial for companies like Fortuna Silver, as the performance of its Mexican assets will determine their continued operation in the country.

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Juanicipio Fuels MAG Silver’s Financial Performance in 1Q24

MAG Silver reported its unaudited consolidated financial results for 1Q24, highlighting a net income of US$14.8 million. The company noted that the strong performance during 1Q24 is highly attributable to its flagship project Juanicipio mine in Zacatecas, which generated over US$19.2 million. Furthermore, the company reported that adjusted EBITDA stood at US$32.2 million, showcasing its strong financial position.

AHMSA Closure Triggers Supplier Shutdown in Coahuila

The steel industry in Coahuila is currently grappling with an economic downturn and significant job losses following the recent closure of Minera Carboeléctrica Río Escondido (MICARE), a key supplier to Altos Hornos de México (AHMSA). The situation has further intensified AHMSA's current crisis in Coahuila, which has already resulted in the loss of 6,500 direct jobs in the region, of which only 3,000 have been reinstated. 

Steel Ball Market Rises Above Challenges
Carlos Dávila, CEO, Proesmma, underscores the steel ball market's resilience amid supply challenges arising from trade disputes involving the US, China, and Mexico. He acknowledges the difficulties tariffs pose on the industry and emphasizes its need for resilience. Dávila stresses the importance for companies to fortify themselves against the impacts of tariffs and trade disruptions

Palmarejo, Wharf Mines Propel Coeur Mining's Strong 1Q24

Coeur Mining's strong 1Q24 was propelled by robust performance at its Palmarejo complex in Chihuahua, Mexico and the Wharf mine in South Dakota, United States. The company reported 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.

Lubricating Efficiency, Productivity: Alchisa 

Ana Pumarejo, Director General, Grupo HEMA, said the new Mining Law has significantly impacted Alchisa. The strict regulations and the hesitation to open new mines due to the lack of concessions have led to a decrease in demand. Alchisa has observed a 20%-30% reduction in demand for its mining-specific product line as a result. However, the company's strategic diversification has helped mitigate the effects of this slowdown, she noted.

Xóchitl Gálvez Shows Support for Responsible Mining

Presidential candidate for the Fuerza y Corazón por México coalition, Xóchitl Gálvez, criticized President López Obrador's approach to the mining sector. She argued that his confrontational stance has widened the divide between the private sector and the government. Furthermore, she emphasized the importance of supporting responsible mining practices through transparent permitting processes.

Yessi Vein to Determine Fortuna Silver’s Operation Continuity

Canada-based Fortuna Silver Mines announced that the future of its San Jose mine in Oaxaca hinges on the production potential of its Yesssi vein. This decision follows the company's previous announcement in March 2024 of an anticipated mine closure.

Torex Gold's Media Luna Project Nears Completion at 70%

Canada-based gold miner Torex Gold reported its financial and operational results for 1Q24, highlighting a strong start to the year. The company is on track to meet its full-year production and cost guidance, with the Media Luna project reporting over 70% completion by the end of the quarter.