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Mexico's gold miners delivered on their promise of a bumper year in 2015, with output forecast to fall this year.
The companies produced 3.87Moz last year, compared to guidance of 3.76Moz at the start of the year, based on midpoint forecasts by 19 companies collated by BNamericas.
Output is expected to decline this year to around 3.21Moz. However, the figure excludes Goldcorp's Los Filos mine and assumes flat output by Minera Frisco and a number of smaller producers which have not issued guidance.
Privately owned companies and miners which produce small quantities of by-product gold are not included.
The 10 biggest gold miners were responsible for the vast bulk of output, at 3.47Moz, with combined 2016 guidance of 2.81Moz.
Goldcorp was by far the biggest gold producer at 1.13Moz, thanks to a strong year at Peñasquito, Mexico's biggest gold mine.
The company expects Peñasquito to produce 550,000oz in 2016, down from 860,300oz. Guidance has not been issued for its Los Filos operation.
Second placed Fresnillo also had a strong 2015, with gold production at 761,712oz, compared to guidance of 677,500oz. The company, majority owned by Industrias Peñoles, expects a further increase to 782,500oz in 2016, probably enough to make it Mexico's top gold producer.
Minera Frisco, at number three, produced 411,858oz gold in 2015.
Agnico Eagle produced 352,039oz last year at its three Mexican mines, compared to guidance of 315,000oz. The company expects to produce 320,000oz gold in Mexico this year.
New Gold expects output to drop to 65,000oz in 2016 at its ageing Cerro San Pedro mine, with Pan American forecasting a rise to 109,800oz at its three Mexican mines.
Timmins Gold was the tenth biggest gold producer at 93,353oz, falling to 80,000oz this year.
Conversely, Fortuna Silver's San José mine produced 38,526oz, with guidance up at 42,000oz because of an expansion project.
Gold Resource expects gold output to fall to 26,000oz this year from 29,644oz in 2015, with First Majestic Silver forecasting 48,690oz, up from 25,467oz last year, due to output at the recently acquired Santa Elena mine.
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