Coahuila Leads Mexican Steel Production

Mexican production of gold and silver grew 2.4 and 6 percent in October 2022, respectively. Moreover, experts argue that the Mexican industry requires a strong mining sector to exploit nearshoring opportunities. 

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Nearshoring Requires a Strong Mining Sector 

Nearshoring opportunities are forecasted to benefit specific industries as companies look for industrial spaces, which are reaching zero availability. In this context, some experts consider that the mining industry is key and must be strengthened to ensure other industrial sectors benefit from this phenomenon, as it is the first link in many industrial value chains. 

Gold and Silver Production Show Signs of Recovery

The production of gold and silver grew by 2.4 and 6 percent in October 2022, respectively, in comparison to the same period of 2021, according to data from INEGI. The institute also showed that against September, gold production increased 1.5 percent, totalling 231,000oz. Nonetheless, silver production registered a contraction of 2 percent when compared with September data. INEGI reported that Sonora is the largest gold producer, while Zacatecas leads the national silver production. 

Gender: Lowest Social Priority for Mining Companies

Although the mining industry has made significant strides in ESG issues, gender and diversity issues continue to lag the furthest behind regarding environmental and energy concerns, according to a report by Stratum International and Digbee. Experts warned that the sector's behavior and lack of concrete actions are concerning and continue to reinforce stereotypes that paint the industry as only suited for men.

Sonora to Receive US$10.2 Million of Taxes From Grupo México 

Governor of Sonora, Alfonso Durazo, announced that Grupo México changed its tax address to the state, which will represent US$10,2 million in taxes from mining production. Durazo said that Grupo México is not the only company that changed its tax address. Penmont, property of Fresnillo, also joined the companies that moved to the state. The company registered US$19 billion of income during 2022. Durazo did not specify where the resources will be allocated. 

Coahuila is Mexico’s Largest Steel Producer

According to 2021 data, Coahuila ranked first among the largest steel producers in Mexico with 5.41 million tons, surpassing Michoacan and Nuevo Leon with 8.86 and 2.9 million tons, respectively. The state is competitive in the production of steel as it hostsMexico’s largest integrated siderurgic, Altos Hornos de México (AHMSA) and the steel producing company DeAcero.