Mexican mining production nosedives in August 2016

Output in Mexico’s mining sector slumped by 8 percent in August 2016 compared to the same month in 2015 (Milenio, 12 October 2016). In addition, mining stumbled by 1.7 percent between July and August 2016, which was more than other industries such as construction (-1.0 percent) and energy production (-0.8 percent). As a result, overall industrial production suffered an annual fall of 0.8 percent in the eighth month of 2016 and a monthly drop of 0.4 percent. The fall in output came at a bad time for the Mexican mining industry following Goldcorp's decision to close its gold mine in Peñasquito, even though the site represented 31 percent of the Canadian company’s sales earnings in 2015 (El Financiero).