CANACERO Urges Retaliation Against US Tariffs: The Week in Mining

The National Chamber of the Iron and Steel Industry (CANACERO) has called on President Claudia Sheinbaum’s administration to impose retaliatory tariffs if US President Donald Trump does not exempt Mexico from US duties. In addition, Agnico Eagle expects minimal impact from US tariffs, with its gold production refined outside the US and a cost structure not reliant on tariffs.

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CANACERO Urges Retaliatory Tariffs as Trump Targets Steel

CANACERO has called on Claudia Sheinbaum’s administration to impose retaliatory tariffs if Donald Trump does not exempt Mexican steel and aluminum from US duties. In response to escalating trade tensions, Minister of Economy Marcelo Ebrard is scheduled to travel to the United States to engage with key officials and advocate for Mexico’s position on the matter.

Trump Tariffs Unlikely to Impact Agnico Eagle’s Revenue

Canada-based precious metals producer Agnico Eagle stated that its operations are unlikely to be affected by US President Donald Trump’s tariffs, citing minimal reliance on the United States for its refining logistics chain and cost structure. 

Mining Sector Declines Amid 0.2% Industrial Growth in 2024

Mexico's industrial production experienced a 0.2% annual growth in 2024, despite a contraction exceeding 4% in the mining sector, reported INEGI. The 2024 results contrast with 2023, when industrial production increased by 3.5%, driven by construction and growth across all sectors.

Mining Division Drives Grupo México’s US$16.17 Billion Revenue

Mexico-based mining company Grupo México reported solid financial and operational results for 2024, led by its mining division, which achieved record revenues driven by higher copper production and favorable market conditions. The company also plans to invest US$15 billion to ensure projects’ long-term operational viability. 

Ukraine, US Pursue Mineral Deal Amid Ongoing Russia Conflict

US Treasury Secretary Scott Bessent stated that a potential minerals agreement between Kyiv and Washington could provide Ukraine with a post-conflict security shield. This follows President Volodymyr Zelenskyy’s comments that Ukraine is open to negotiations for US investment in its mineral resources, seeking support in the ongoing conflict with Russia.