Frozen Mining Fund Resources Could Be Released
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Frozen Mining Fund Resources Could Be Released

Photo by:   Artyom Korshunov
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Paloma Duran By Paloma Duran | Journalist and Industry Analyst - Thu, 11/04/2021 - 15:19

Guerrero has US$67.2 million frozen that could be used to benefit communities if the government requests its release. Deputies of the Citizen Movement party present an initiative to create a new fund for the direct benefit of mining communities. In addition, if the government wants to take advantage of the country's lithium reserves, it will need private tech and resources, according to experts.

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Guerrero Could Unlock Mining Fund Resources 

Guerrero has MX$1.4 billion (US$67.2 million) frozen from the canceled Mining Fund, which could be used if new governor Evelyn Salgado asks the federal government to release it for the benefit of the mining communities in the state. In addition, several industry leaders are willing to advise Salgado so the money is properly management and used efficiently for the benefit of the communities.

Mining Sustainability Fund in the Works 

An initiative was presented to the Chamber of Deputies to create a Sustainable Mining Fund to address the negative social and environmental impact generated by the industry. The initiative joins the many others focused on reactivating the Mining Fund for the direct benefit of mining communities, which have been affected since 2019.

Private Sector Will Be Needed to Exploit Lithium: COPARMEX

If Congress approves President López Obrador’s constitutional reform to maintain the exploitation of lithium in the exclusive control of the government, the latter will have to subcontract private companies to obtain the mineral since it does not have the technology, resources and experience to boost the industry alone, said COPARMEX.

Torex Gold Investments for 2022

In 2022, Torex Gold will invest US$800 million to raise its productivity and improve the infrastructure of the municipalities of northern Guerrero. However, the electricity reform represents a risk for other of its investments, leading the company to put them on hold until the reform’s future is cleared.

Altaley Hires MGA for Underground Mining

Altaley Mining Corp. hired MGA Contratista Minera SA de CV as a contractor for its underground mining operations at the Tahuehueto Mine in Durango, Mexico, which will soon begin operations. Currently, MGA is mobilizing its equipment and machinery to Tahuehueto, which include a Caterpillar R1300G LHD and a Komatsu Joy DR-1SB hydraulic jumbo drill, to Tahuehueto to continue the development of subterranean drift and stope to help the mining complex advance into the extraction and production phases.

Photo by:   Artyom Korshunov

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