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Mexico’s gold exports on track to beat 2020

July 20, 2021

Mexico’s gold exports totaled US$1.88bn in January-April, putting them on course to exceed the US$5.06bn for full-year 2020, according to finance ministry data.Figures for January-April 2020 were not released.Separate production data from statistics agency Inegi for January-April showed a 24.5% increase, with output in April up 48.9% year-on-year.Most Mexican mines were suspended in April-May 2020 in a government-imposed lockdown. Operations restarted last June after mining was deemed an essential activity.Gold’s monthly average prices ranged from US$1,722-1,870/oz in London in January-April, up from US$1,561-1,680/oz in the same months last year.Gold and silver prices rose sharply in 2H20 following massive economic stimulus by governments globally in response to the COVID-19 pandemic.


Silver exports were worth US$979mn in the first four months, compared with all 2020’s US$3.21bn.Output in the four months was up 16.7%, Inegi said previously, with April production up 70.4% over the same month of 2020.Silver’s monthly price averaged US$25.61-27.35/oz in January-April, up from US$15.03-17.96/oz in the same months 2020.Mexico is the world’s biggest silver producer and a top 10 miner of gold, copper, lead and zinc.