Five Mining Companies to Launch New Mines in Six Months

Five new mines are set to begin operations in Mexico within the next six months. These projects are set to add to Mexico’s silver and gold production, maintaining its position as a top producer of these metals.

The largest gold extraction project expected to commence operations is Torex Gold’s Media Luna project in Guerrero. This project is anticipated to commence commercial operations in early 2025, with an estimated annual production of up to 170,000oz of gold. As of June 2024, Torex Gold reported 78% progress in the Media Luna project. The company also reported the project's engineering and procurement phases were nearing completion, with engineering at 96% and procurement at 89%, as reported by MBN. 

Minera Alamos is starting operations at its Santana Mine in Sonora, specifically at the Nicho Main deposit, where the company placed 900oz of gold on its leach pad in June 2024. Endeavor Silver reported a 64.5% progress in the construction of its Terronera project in Jalisco, which is expected to start commissioning in 4Q24, as reported by MBN. The Terronera project is expected to produce over 4Moz of silver and 38kg of gold annually for a life of mine of 10 years. 

As for Luca Mining, the installation of the third filter press at the Tahuehueto mine in Durango marked the completion of major construction at the mine, which is expected to start producing by 4Q24.  According to the company's pre-feasibility study, the Tahuehueto mine is expected to produce an average of 25,987oz of gold, 453,952oz of silver, 827t of copper, 3,155t of lead, and 6,123k-lbs of zinc annually over its 10.9-year life of mine.

Additionally, GoGold Resources plans to operate the Los Ricos Sur project in Jalisco, whose feasibility study has been updated to transform it into an underground mine instead of an open-pit, as the company considers it will help it diminish the risk if unfavorable laws for open-pit mining materialize. 

The addition of these new mining projects is expected to contribute to Mexico’s overall mining output. The country is the world’s largest silver producer, contributing 24.82% of global silver production, and ranks ninth in gold production, accounting for 3.4% of the global total.