AHMSA Nears New Owner, Asia Gains US Steel: The Week in Mining

CIESA offers US$1.4 billion for AHMSA but must prove a US$56.3 million guarantee in 10 days; creditors propose a consortium if no bidder complies. US steel imports hold steady, but Asia gains as Mexican shipments drop 41.7% in 1H26 amid Section 232 tariffs and the USMCA review.

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CIESA Tops AHMSA Auction With US$1.4 Billion Bid

Construcciones e Ingenierías Electromecánicas (CIESA), a group led by businessman José Arturo Domínguez, emerged as the leading bidder for bankrupt steelmaker Altos Hornos de México (AHMSA) after offering US$1.4 billion during the court-supervised auction held on Friday in Mexico City. The offer, however, does not yet secure the company: the bidder must still prove it can cover a US$56.3 million good-faith deposit required under the auction rules.

US Steel Buyers Turn to Asia as Mexican Shipments Contract

The United States has not stopped buying foreign steel under its Section 232 tariff regime, but it is increasingly sourcing it from outside North America. The latest figures from the US Department of Commerce show import volumes holding broadly stable, while suppliers such as South Korea and Indonesia gain ground and Mexico, Canada and Brazil lose it.

Acapulco to Host 37th International Mining Convention in 2027

AIMMGM will hold its 37th International Mining Convention in Acapulco, Guerrero, on Nov. 17-20, 2027, gathering industry leaders, experts and suppliers under the theme "Mining, Origin and Future of Mexico." AIMMGM President Raúl García Reimbert said the event will focus on innovation, industry challenges and social responsibility. The venue also highlights Guerrero's weight in the sector, as the state ranks fifth nationally in mineral production and third in gold output.

Equinox Gold Drilling Points to Longer Mine Lives in Canada

Equinox Gold reported exploration progress across its portfolio, with drilling at Musselwhite, Greenstone and Valentine pointing to reserve growth and longer mine lives. The company has 45 rigs active across nine projects in Canada, Mexico, Nicaragua and the United States, including 15 in Mexico, and has drilled about 308,000m so far in 2026 under a US$155 million budget targeting 477,000m. Equinoz Gold President Jason Simpson said Canada, which generates over 60% of the company's 2026 gold output, remains the core of its growth strategy.

Sierra Madre Lifts La Guitarra Throughput to 720t/d

Sierra Madre Gold and Silver raised processing at its La Guitarra gold-silver complex in the State of Mexico to 720t/d, more than 40% above its prior 500t/d nameplate capacity, after upgrades to its crushing and grinding circuits. COO and Executive Chairman Greg Liller said the company is over eight months ahead of its growth targets, with a new ball mill set for November 2026 commissioning to lift capacity to 1,200-1,500t/d under Phase 2. The company has also completed about 2.6km of underground development since June to feed the expanded plant and plans a 2027 access portal at the Santa Ana deposit in its East District.