Lower silver output in Peru, Mexico to drag down global production

The Springpole gold project in Ontario is one of Canada’s largest open-pit deposits, set to produce more than 300,000 ounces a year.

Ecuador has abundant mineral reserves but has lagged behind regional neighbors such as Peru and Chile in large-scale mining development.

Both deals — if completed — would rank among the top 10 biggest takeovers of metals producers.

World’s top 50 mining companies build on gains in the first quarter of 2023, but remain well below valuations this time last year as M&A fever grips the sector.

The investment allows Rio to maintain its approximate 7.84% interest.

The deal still remains subject to other conditions, including approval by OZ Minerals' shareholders, and by an Australian court.

Newmont has raised its buyout offer by 16% to A$32 billion.

Gold surpassed $2,000 last week as weak US services sector and job openings data made a rate hike next month less likely.

Results were driven mainly by a 27% output increase at the Guanacevi mine and to a 1% jump at the Bolañitos mine, also in Mexico.