Image credits: Gobierno de México
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Weekly Roundups

AMLO Criticizes COFECE for Approving Lithium Acquisition

By Paloma Duran | Wed, 02/16/2022 - 11:41

President López Obrador said that the country's sovereignty is in danger since the Federal Commission for Economic Competition (COFECE) accepted the acquisition of the Sonora Lithium deposit by the Chinese company Ganfeng Lithium. In addition, López Obrador said that the Commission's actions are offensive because they go against presidential instructions. “They authorized a lithium mine to pass into the hands of a Chinese company without informing the head of the Executive. This is unacceptable because it is very clear that there is a defense policy for this strategic mineral resource, which we want the nation to have. In addition, we have a policy of no new concessions.”

Furthermore, López Obrador stressed that the US had reproached the Mexican authorities for this purchase because China is considered its biggest commercial competitor. The president said he does not want to enter into international conflicts and that these acquisitionsmust not be approved to avoid misunderstandings.

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 Lithium Nationalization Violates USMCA

President López Obrador´s aspirations “to exploit Sonora’s lithium for the benefit of the nation” may not occur because US legislators state that a prohibition to the exploitation of strategic minerals would mean the violation of the USMCA. 

CFE To Open Tender for Mining Coal Companies

The Federal Electricity Commission (CFE) announced it will soon launch the 2022 coal tender, aiming to obtain multi-year contracts. In addition, CFE defended the government's position to buy coal, since it represents a small percentage of all the energy produced in the country and has proven to be a win-win scheme.

New Proposal for Mining Agency in Guerrero

An engineer associated with a prominent local university proposed to design a Mining Agency in Guerrero while speaking at a regional consultation forum aiming to establish the State Development Plan for 2022-2027. Guerrero has recently attracted more attention from investors and companies because of its great geological potential. Building such an agency would boost the state’s opportunities in the mining sector.

Peñasquito Mine Boosts Wheaton Precious Metals’ Production

Wheaton Precious Metals achieved its 2021 annual production goal after a stronger output from its Peñasquito mine. The company forecasts 20 percent long-term growth and anticipates a strong 900,000oz production for 2031.

IMPACT Silver Corp. Completes Phase 2 Drill at Veta Negra

Impact Silver Corp. reported that Phase 2 of its drill program at Veta Negra, the company’s newest open pit silver asset, has been completed and is ready to start Phase 3. During Phase 2 eight diamond drill holes were punctured to test mineralization below and to the south of the operating open pit for a total of 1221m. Meanwhile, for phase 3 the company plans to test the northern extension Veta Negra vein systems and test the systems to depth, the company said.

The data used in this article was sourced from:  
MBN, El Debate
Photo by:   Gobierno de México
Paloma Duran Paloma Duran Journalist and Industry Analyst