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Peñasquito: the largest gold and silver mine in Mexico

Peñasquito, owned by the US company Newmont, is the largest gold and silver mine in Mexico.

Ahead of other mining units such as Torex Gold’s Limón-Guajes and Fresnillo plc’s La Herradura, Peñasquito produced 526,000 ounces of gold in 2020.

Likewise, above the Saucito and San Julián mining units, both owned by Fresnillo plc, Peñasquito produced 27 million 800,000 ounces of silver last year.

Peñasquito (100% owned by Newmont) is an open-pit operation located in the northeast corner of the state of Zacatecas, Mexico, approximately 200 kilometers northeast of the city of Zacatecas and is accessible by paved roads with a private airport near the site.

The property began production in 2009, and commercial production was achieved in 2010.

Goldcorp acquired its property in the mine in 2006 when it acquired Glamis and Newmont acquired Peñasquito in 2019 in the Newmont Goldcorp transaction. Peñasquito consists of the Peñasco and Chile Colorado open pit mines. In addition, Peñasquito has a processing plant.

How much does Peñasquito sell? Its sales in the second quarter totaled 681 million dollars, broken down as follows: gold (326 million), silver (175 million), lead (43 million) and zinc (137 million).

Largest gold and silver mine

Newmont posted a $ 33 million capex at its Peñasquito mining unit in the second quarter of 2021.

Peñasquito is made up of 24 mining concessions covering 119,891 acres (48,518 hectares).

The concessions were granted for periods of 50 years and will expire between 2045 and 2060, and a second term of 50 years can be granted if the applicant has complied with all the appropriate regulations and makes the application within the five years prior to the date of expiration.

To maintain these concessions, Peñasquito must pay periodic mining rights and submit annual mining reports.

Finally, remaining the largest gold and silver mine, for the three months ended June 30, 2021, Peñasquito produced 170,000 ounces of gold, 7 million 428,000 ounces of silver, 44 million pounds of lead and 105 million pounds of zinc.

For the six months ended June 30, 2021, Peñasquito produced 348,000 ounces of gold, 15 million 590,000 ounces of silver, 94 million pounds of lead, and 216 million pounds of zinc.

 

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