Lower prices weigh on Mexico's gold exports

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Wednesday, September 13, 2017

Mexico's gold exports declined in July as prices of the yellow metal fell.

Shipments were worth US$2.528bn, down from US$2.85bn in the same month last year, but up from US$1.99bn in July 2015, according to economy ministry data.

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Gold averaged US$1,236/oz in London in July, down US$101 from the same month last year, but up from US$1,130/oz in July 2015.

The fall in exports also reflects declining gold production in Mexico. Output in June was down 5.6% from the same month last year to 10,005kg (321,661oz), according to statistics agency Inegi (July figures have not yet been released).

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Mexico's main gold miners have forecast a dip in production in 2017 to 3.77Moz from 3.88Moz last year, according to guidance and BNamericas estimates for 23 companies.

SILVER

Mexico's silver exports increased in July despite a sharp drop in prices.

Shipments were worth US$1.175bn, up from US$1.05bn in the same month last year, and US$1.1bn in July 2015.

Silver averaged US$16.14/oz, compared to US$19.93/oz in July 2016 and US$15.07/oz in the same month of 2015.

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Silver production in the country declined 0.8% in June to 350,645kg (11.3Moz), with July data not yet available.

Mexico's top 10 silver miners have forecast rising output this year, to 153Moz from 142Moz, according to figures compiled by BNamericas.

Mexico is the world's biggest silver producer and a top 10 miner of gold, lead, zinc, copper and molybdenum.