Mexico's silver, zinc, lead production sharply lower in October
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Despite much higher metals prices, Mexico's production of silver, zinc, and lead dropped sharply from a year earlier because of lower grades being mined. I was surprised to see how low Mexico's silver production is, at under $700 million worth annualized at the current silver price, as this is less than the annual revenue MMG's zinc mine is projected to have at the current zinc price. That's for an entire country known for their silver mines.
It would be nice to see MMG get the same market cap as all the Mexican silver miners combined :).
25 December 2006
Source: Hoovers
Mexican mining production fell 8.9% in October form the year-ago month, affected by a sharp drop in silver output, the National Statistics Institute, or Inegi, said Friday.
Inegi said silver production fell 41.5% from October 2005 to 128,081 kilograms (4.5 million ounces), because of lower metals content in concentrates processed by the country's biggest silver producer Industrias Penoles (PE&OLES.MX).
Copper production fell 11% to 28,522 metric tons, zinc production fell 24.6% to 30,892 metric tons, and lead output fell 26% to 8,668 metric tons, Inegi said.
Gold production edged up 1.1% from October 2005 to 2,692 kilograms (94,758 ounces).
Inegi said iron production was unchanged at 611,793 metric tons, while coal output rose 5.3% to 680,092 metric tons. |
