The week was dominated by a flurry of 1Q17 reports from miners operating in Mexico. Here are the highlights:
Fresnillo announced strong 1Q17 results, with silver production rising over 10 percent during the first quarter, while gold miner Agnico Eagle managed to triple profit during the same period. Vancouver-based New Gold also enjoyed a positive start to the year, slashing its AISC/oz by 21 percent.
The quarter was less positive for Goldcorp, which confirmed weaker operational performance and a 19 percent drop in bullion production year-on-year. Meanwhile, junior miner Americas Silver Corp suffered a 22 percent decrease in silver production.
Telson Resources agreed to purchase the Campo Morado mine in Guerrero from Nystar Mining in a deal worth US$20 million. Production at the polymetallic mine has been suspended since January 2015.
Following the news that Timmins Gold plans to change its name to Alio Gold, the Canadian-producer confirmed management changes that include Arturo Bonillas stepping down from his role as President.
Mexico Mining Review held its inaugural Networking Cocktail, in partnership with the Canadian Chamber of Commerce in Mexico (CANCHAM). The invite-only event was attended by over 60 VIP guests, including Jose Antonio Berlanga, Director General of Reyna Mining, Jesús Rodríguez Socorro, Oaxaca’s Minister of Economy and Armando Ortega, VP Latin America at New Gold.
The following day, Ortega was appointed as the new President of CANCHAM.