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Mexican GDP Bolstered by Metal Mining

13 September, 2012

The Mexican GDP is on the rise,and
a big part of that is mining production. According to the official
Nasdaq blog
,Mexican mining production rose 13% in August from the previous
years. As a result of the increased mining output,the Mexico GDP expanded at a
rate of 3.22% over the second quarter of 2010.

The rise is part of a general trend
that shows Mexico is continuing to grow strong financially. In fact,stocks in
mining companies are a great buy in the Mexican stock exchange.

“Mining is hot right now,” said Gerardo Roman,
head of stock trading at the brokerage Actinver in Mexico City,in an interview
in Reuters.

Specifically,copper,silver and
gold mining are on the rise. According to the National Statistics Institute,
silver production rose from 1.3% to 291,040 kilograms. Gold production came in
at 26% higher at 5,704 kilograms. Copper mining rose 5.6% to 19.502 metric
tons.

Copper mining will continue to rise
as Grupo Mexico restarts its operations at Cananea,the country’s largest
copper mine. Cananea can produce up to 180,000 tons per year,and officials
expect it reach full capacity by February of 2011.

Silver producer Industrias Penoles,
which accounts for the largest percentage of Mexican silver,reported that their
third quarter showed marked improvements from the previous year and that
production will continue to grow through the fourth quarter and into next year.

The National Statistics Institute
also reported that coal production rose 5.8% to 802.542 tons and iron production
was up 14% to 674,652 tons.

 

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