Mexico’s Industrias Peñoles will invest about $70mn this month to expand its zinc plant and boost production.
The plant, which can currently produce 230,000mt of zinc annually, had a $340mn investment last year. Through the expansion, the plant will bolster annual output to 350,000mt, about 80,000mt of which will be exported to the US, with the rest bound for Europe.
The company expects the expansion to make the plant the world’s sixth-largest zinc producer.
Mexico’s zinc production decreased by 3.4pc to 36,366mt in November 2019, according to the latest figures from the National Institute of Statistics and Geography.