Top 5 Mexico silver miners increase Q1 output
Monday, May 12, 2014 at 11:18PM
Silver Prices

Mexico's top five silver producers saw output increase 18.7% to 27.8Moz in the first quarter, compared to the same period last year.

The bulk of the increase was from Goldcorp's Peñasquito mine, which produced 7.05Moz silver, up from 3.53Moz in 1Q13, as the company began steps towards tackling a lack of water which has held back throughput.

Vancouver-based Goldcorp (TSX: G, NYSE: GG) was the second biggest silver producer in the period behind Mexico's Industrias Peñoles (BMV: PE&OLES), which increased output 3.7% to 12.7Moz as a result of higher grades at the Saucito, Sabinas and Tizapa mines and new production at the Velardeña mine, which more than offset lower grades at the Ciénega and Fresnillo mines.

Pan American Silver (TSX: PAA) produced 3.12Moz in the quarter at its Dolores, Alamo Dorado and La Colorada mines, down from 3.20Moz, while production growth at fourth placed First Majestic (TSX: FR, Amex: AG) continued, with output at 2.90Moz, up from 2.44Moz.

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The miners have started 2014 very well indeed on the back of rising gold prices, so the question is; is this the real deal or another head fake? Is the bottom really in? Could there be a final capitulation just ahead of us? Will the summer doldrums take the PMs lower?

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