Ecuador mineral exports could fall by some 20% this year, says official
Mining exports were worth $3.3 billion for Ecuador in 2023.
First Majestic Silver’s (NYSE:AG,TSX:FR) La Encantada silver mine in Mexico should be back into the ore within weeks after a labour disruption halted production in May.
The Mexico-focused producer said on Friday it reached an agreement with the National Union of Miners, Metallurgists, Steelworkers and Similar Workers of Mexico (National Union) to restart the mine which has been idle since May 20. On that date First Majestic says a group of workers staged an illegal blockade after some did not agree with the bonus that the company and the National Union had previously agreed to offer the miners in lieu of profit sharing.
“I am very pleased by the responsiveness and cooperation we have received from the National Union in working with us towards finding a solution that satisfies all parties,” said Keith Neumeyer, President & CEO, adding: “La Encantada is one of the largest employers in the area and is crucial to the overall health of the local economy.”
The mine is expected to restart by mid-June before ramping up to full production by the end of June.
La Encantada, located in the northern Mexican state of Coahuila, is Silver Majestic’s largest mine and the one where the firm is currently investing the most.
