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20 November 2009 at 11:40 IST
Mexico opens Pinos Altos gold and silver mine
MEXICO CITY (Commodity Online) : Mexico on Thursday inaugurated Pinos Altos gold and silver mine in its northern town of Ocampo in Chihuahua state.
In a statement issued here Mexico’s Economy Secretariat said Pinos Altos operated by Canada's Agnico-Eagle Mines is the largest mine in the country.
It was developed with an investment of $240 million is capable of processing 4,000 tons of material a day in its underground and open pit operations, statement added.
The mine has 41.8 million tons of proven mineral reserves with gold and silver content of 2.6 grams of gold and 72.6 grams of silver per ton of material extracted, meaning probable gold and silver reserves of 4 million ounces and 104 million ounces, respectively, for the project's lifespan.
Agnico-Eagle Mines, which in addition to its mine in Mexico has three others in Canada and one in Finland, specializes in the extraction and production of gold, silver, copper, zinc and lead.
Gold production in Mexico increased by 127.5 percent between 2003 and 2008 and rose 1,352 percent in Chihuahua during that same period, the statement said.
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