Mexico yet to Reply to Peru's Silver Invitation

Mexico’s minister of energy and mines, Alfredo del Mazo, has yet to reply to a Peruvian invitation for ministerial-level talks on bilateral cooperation in silver marketing, a ministry spokesman said.

Peruvian officials said they extended the invitation earlier this week and that it was possible the talks could be held within the next 15 days.

Meanwhile, a Banco de Mexico spokesman confirmed that Mexican central bank head Miguel Mancera Aguayo held private talks here yesterday with the president of the Peruvian central bank.

The spokesman said the talks were in line with mutual consultation agreements made during Peruvian President Alan Garcia’s visit to Mexico in march.

Press reports citing diplomatic sources at the meeting said the two central bank heads discussed means of coordinating actions in the silver market.

Mexico is the world’s leading silver produer. It produced about 73.9 mln troy ounces in 1986, according to preliminary government figures.

Peru, the second biggest producer of the precious metal, earlier this week froze new silver sales in an effort to stabilize silver prices. It produced 57 mln troy ounces in 1986.