VIDEO: Coeur Mining to grow silver production with $1.7bn acquisition of Silvercrest
Adding Las Chipas makes Coeur a top silver producer in North America, with 21 million ounces of silver and 432,000 ounces of gold annually.
Mexican mining companies Grupo Mexico, Industrias Penoles and Fresnillo can withstand the impact of a shutdown of up to three months because they have sufficient “financial flexibility,” S&P Global Ratings said on Thursday.
The Mexican government declared a health emergency at the end of March and ordered the suspension of non-essential economic activities, including mining, to curb the spread of the novel coronavirus in Latin America’s second-largest economy.
“In our opinion, these companies are able to absorb a drop in EBITDA of 15% to 20% before a potential rating action, which translates into around three months of mine closure,” the ratings agency said.
(By Diego Ore and Anthony Esposito; Editing by Chris Reese and Granr McCool)
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