Authorities Discuss the Future of Mining in Mexico

The announcement of potential changes to the Mining Law underscores the administration’s misconceptions about the mining industry, say experts. In addition, creating greater certainty and participation of private investors in the mining of critical minerals were Canada's main objectives at the Leaders’ Summit. In 2023, the challenges and opportunities of previous years will continue. However, new trends will add further complications to the picture.

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SEMARNAT, Economy Ministry Set Out to Change Mining Legislation

The Mexican Minister of Economy, Raquel Buenrostro, and the Minister of the Environment and Natural Resources, María Luisa Albores González, met to discuss the most pressing challenges in the mining sector. Experts stated that the ministers' proposals highlighted their lack of knowledge of how the mining industry really operates in Mexico.

Canada Will Address Its Mining Concerns at Leaders’ Summit

At the North American Leaders’ Summit (NALS), the energy and mining sectors were fiercely debated sectors due to Canada’s strong interest and participation in the industries, which in Mexico have been subject to greater government control. In addition, Canada advocated for the participation of private companies in critical minerals such as lithium.

Government to Discuss Future of Private Lithium Concessions

President López Obrador announced he is in talks with mining companies involved in lithium production, aiming to convince these private players to give up their concessions. The move appears to be a strategy poised to strengthen the state-led clean energy project, called the Sonora Plan. 

2023 May Be a Rocky Year for Mining Companies

North America's largest metals producers have warned that 2023 will be a difficult year for mining companies due to a potential economic downturn, geopolitical risks and low investment levels. However, the prices of precious metals such as gold are expected to remain high in 2023, which will generate healthy profits for mining companies involved in the precious metals value chain.

Water Will Remain a Challenge for the Mining Sector

Last year, Mexico’s northern states experienced severe droughts that interrupted daily operations and even led local governments to ration water. The industry fears a similar scenario for 2023, which could prove to be even more difficult to manage as regulatory changes demand companies to improve their water systems.

Torex Gold Reports Record Annual Gold Production

The Canadian mining company announced a record annual gold production of 474,035oz in 2022, surpassing the upper end of the guided range from 430,000 to 470,000oz. In addition, the company sold 473,122oz of gold during the year, of which 121,913oz was sold in 4Q22. The company said it is well-positioned to offer another solid year operationally in 2023.