Mexico’s Silver Production to Increase in 2021By Paloma Duran | Thu, 06/17/2021 - 14:54
In 2020, Mexico once again became was the world's leading silver producer with 5,541 tons. The Silver Institute (SI) projects 2021 to become a better year for silver production as demand for industrial use is expected to increase. Pedro Castillo won the Peru’s elections and as a result, nd with this news Grupo México had a significant market value losses.loss of market value. In addition, the Mexican government said it is working to reopen Americas Gold and Silver's San Rafael mine.
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Mexico continues to be the world´s top silver producer, despite challenges caused by COVID-19. Industry stakeholders are optimistic that 2021 will be a better year for silver production, especially as its industrial demand continues to grow in the coming years. In 2020, Mexico had a total silver production of 5,541 tons, followed by China with 3,443 tons, Peru with 2,991 tons, Bolivia with 1,589 tons and Chile with 1,474 tons. Global production totaled 25,516 tons, representing a 3.7 percent decrease compared to a 2019 production of 26,500 tons.
Grupo México shares have fallen 6.36 percent due to Peru´s election results, which give victory to Pedro Castillo, who has announced his intentions to introduce important changes to within the industry, such as tax increases and redistribution of wealth. Last week, Grupo México went from having went from MX$776.086 billion (US$38.86 billion) to MX$726.729 billion (US$36.36 billion), representing which is a loss of MX$49.356 billion (US$2.47 billion) in market value. Meanwhile, its shares went from MX$99.69 (US$4.99) to MX$92.17 (US$4.62) on the BMV. Sofía Rivera, Analyst at Signum Research, said "in the event that Pedro Castillo becomes president and has done what is necessary to implement taxes on mining production, the profit of Grupo México and Southern Copper will be highly affected."
Torex Gold achieved excellent performance in its environmental, social and governance areas last year, according to its recently released 2020 Responsible Gold Mining Report, which also outlined the company's new goals and ambitious targets for 2021 that will see Torex become even greener. In the report, Torex also announced its goals and objectives for 2021, which includes a lost-time injury frequency of less than 1.0, 100 percent compliance with commitments associated with its CODECOPs, zero reported spills, continuing to improve its energy and climate change management strategy and implementing safety and leadership plans that include modules of its SafeStart®, Supervisor Excellence Program and Leadership, and Enhancement Program.
The Mexican government has announced that after more than a year of blockade, Americas Gold and Silver Corp's San Rafael mine in Sinaloa is expected to reopen and resume operations. The resolution comes after several efforts made by the company and the federal government, whose members have sought to address the conflict with key decision makers, including President López Obrador, while establishing an effective framework to return and maintain operations in the long term.
Zacatecas Silver Corp announced it has received positive preliminary metallurgical test results for their Panuco project, from SGS Minerals at Lakefield (“SGS”). The metallurgical test work supports both bulk flotation flow-path and sequential flotation flow-path, with the bulk floatation flow-path producing a single gold, silver, lead and zinc rougher concentrate (15 minutes of floatation and 23 percent mass pull) with 697 g/t silver, 0.97 g/t gold, 1.67 percent zinc and 0.58 percent lead and recovering 96.2 percent of the silver, 93.6 percent of the gold, 96.5 percent of the zinc and 92.1 percent of the lead.
The midterm elections are having a huge impact on the mining industry. President López Obrador´s MORENA party lost has been left without a majority in Congress, which means that the government will not be able to fast-track initiatives in the sector. A change in policy direction is being observed and with it, greater stability and more investment is expected, MBN experts say. Senator Miguel Ángel Lucero Olivas told MBN that with the 1Q21 FDI records and a positive outlook, investment is expected to maintain its upward trend in the mining sector. "If we add to the equation the economic recovery of the post-pandemic world, we can affirm that Mexico will have a very good year of mining activity and investment."
The new Reggiana Riduttori-Transtecno partnership has allowed Transtecno to expand its solutions and capabilities. Riduttori´s planetary gearmotors can reach up to 10 million Nm and can be used in mining, heavy industry, marine and offshore, aerial platforms, the sugar industry, agriculture, forestry and material handling. Among Reggiana Riduttori’s advantages is that it offers products that are produced in Europe and controlled by several tests and certifications to guarantee high quality. As a result, the products are compact, durable, impact proof and low maintenance.