After a rather slow year, FDI in mining Mexico’s metals is picking up fast. In other news, the pandemic continues to cause delays, as several companies ready new operations. Read this and more in the roundup!
Foreign Direct Investment (FDI) in Mexican metal mining projects increased significantly compared to 2020, reaching US$1.75 billion in the first 9 months of 2021. This year represents the biggest year for FDI since 2014.
The prolific Juanicipio mining project, owned 56 percent by gold and silver giant Fresnillo and 44 percent by MAG Silver in a joint venture (JV), has been delayed for six months as state-owned electric utility CFE could not tie the project into the grid on time. The state company, in charge of the nationally interconnected grid, cited staff shortages exacerbated by the ongoing COVID-19 pandemic as the reason for the delay.
The commitments made at COP26 and the North America Leaders’ Summit (NALS) are expected to have a significant impact on mining. While COP26 pushed for carbon removal and green energies, NALS pledged to act against climate change. Mining is expected to be further promoted in the coming years, as minerals are key to achieving these new goals.
Mining in Mexico could be considered the industry with the highest demand for green energy according to a new study focused on green hydrogen. The study was carried out by the German Agency for International Cooperation (GIZ). The agency identified three main industrial sectors as presenting the most demand for green hydrogen: mining, chemical production and construction materials production (specifically, concrete). However, of these three, mining is expected to have the highest levels of energy consumption.
Pantera has begun its exploration drilling program located in the Pregones Mining District of Guerrero.
The company received preliminary high-resolution, airborne magnetic and radiometric geophysical data for its Pedro Gold Project, located in Durango.
“2021 was a transformative year for the company, with significant milestones achieved, including more than doubling the company's resources with our initial Los Ricos Norte Mineral Resource Estimate, as well as a published Preliminary Economic Assessment in Los Ricos Sur,” said Brad Langille, President and CEO of GoGold.
A German company called Vulcan Energy recently closed a deal with Volkswagen to supply “zero-carbon lithium” for the manufacturing of EV batteries. This could make the major automaker completely climate neutral, despite what is currently known about the environmental impact of lithium mining.