Furthermore, while silver production fell the most at its Fresnillo Mine, the company also experienced declines at its Saucito and San Julian Mines. Total silver production at Fresnillo PLC dropped by 15% in the first quarter compared to the same quarter in 2018.
So, as we can see, silver production fell across the board at all of the company’s mines. Surprisingly, another primary silver producer also reported a substantial decline in production. Endeavour Silver saw its production fall a stunning 21% in the first quarter:
Bradford Cooke, Endeavour CEO, commented, “All four mines typically start slowly each year as we commence our annual capital investments, then production improves as the mines work toward achieving their annual mine plans.
Regardless, it’s quite amazing how quickly production can decline at two primary silver miners. While Fresnillo PLC plans to increase silver production over the next several years, it will be interesting to see how Mexico becoming a net importer of oil, for the first time in 50 years, will impact the country’s mining industry for the foreseeable future.