Foreign direct investment significantly decreased in the Mexican mining sector this year, mainly due to legal uncertainty. Still, the mining sector created more than 400,000 jobs in 2022. Entities like Zacatecas are trying to boost the local economy by establishing collaboration between local suppliers and major players. Meanwhile, Torex Gold keeps investing in its Mexican assets.
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Mexico has lost MX$25 billion (US$1.3 billion) in mining investment due to the government’s policy against new mining concessions, said CAMIMEX. Several concession holders have not been able to continue with the development of their projects as the approval of permits has also become more difficult, adds the chamber.
According to the latest numbers published by INEGI, Zacatecas remains the largest Mexican producer of silver, lead and zinc, and the second largest in gold and copper. The entity has a monthly average silver production of 194.19 tons.
The government of Zacatecas said it aims to link local suppliers with major players in the different industries established in the state. The plan hopes to improve economic conditions for micro, small and medium-sized enterprises (MSMEs) to boost their participation in the state’s value chain.
Torex Gold released its inaugural Climate Change Report, setting ambitious goals including achieving net zero greenhouse gas (GHG) emissions by 2050. The company shared its solar plant plans for the Media Luna project, which will be key to achieving Torex’s green targets.
With an investment of MX$10.69 million (US$540,272), the mining company Media Luna, a subsidiary of Torex Gold, delivered new equipment and inaugurated infrastructure works to benefit five neighboring communities.
In 2022, the mining sector has contributed to the creation of more than 400,000 jobs. Despite frequent disputes with the government and a slowdown in foreign direct investment, the number of workers in this sector has increased considerably.
Ejidatarios from Ixtacamaxtitlan, Puebla protested against the Canada-based company Almaden Mineral for allegedly continuing operations despite being banned from doing so by the Supreme Court. Tensions have been on the rise between Ixtacamaxtitlan inhabitants and the company throughout the year.
Even though the global copper market has experienced a bearish streak over the past months, with price falls of up to 10 percent, analysts believe the market will soon see cost increases. Nevertheless, experts argue that this volatility could continue and that average prices could fall below current levels in 2023.