Mexican gold and silver production fell 3.9% and 2.6%, respectively, in September from the same month a year earlier, statistics agency Inegi reported.

Despite the lower volume compared to September 2021, gold production increased by 10.5% compared to August and posted its second best month of the year at 7,078 kg, just down from the 7 194 kg of January.

On the cumulative January-September, the precious metal posted a slight rebound of 0.8%.

Silver production, meanwhile, fell 1.9% from the previous month to 348,976kg. In the first nine months, it also suffered a slight decline of 0.1% compared to the same period in 2021.

The declines in production of the two precious metals this year are mainly due to the high basis of comparison last year, according to data from Inegi.

Copper volume, meanwhile, posted a 5.1% year-on-year contraction in September, to 39,304 t. Compared to August, the decline was 3.7%. Since the beginning of the year, however, the red metal has slightly increased by 0.2% to 356,130 t.

In September, Sonora was the top gold and copper producing state; while Zacatecas continues to be the leading producer of silver, lead and zinc.

Inegi reported that in the ninth month, total mining and metallurgical production fell 3.2% year-on-year, with declines in the production of iron pellets, copper, fluorite, gold , silver and lead. On the contrary, the volume of sulphur, coke, non-coking coal, zinc and gypsum increased.

At the end of 2021, Mexico accounted for 3.3% of global gold production, 23% silver and 1.8% copper. During the last year, the Latin American country produced 80,989 kg of gold, 4,180 t of silver and 472,767 t of copper, according to estimates by the Ministry of Economy.