LitioMx Will Take Lion’s Share of Lithium projects

Mexico’s state-owned lithium company LitioMx said it will work together with private companies in the extraction of the minerals but will retain the majority participation. Due to challenges and uncertainty in the industry during 2022, investment and production dropped. Experts agree that the sector is struggling with low demand, inflation, rising costs and nationalists policies. 

Ready for more? Here is the weekly roundup!

LitioMX Will Control All Lithium Projects

LitioMX announced that it will promote future lithium extraction joint ventures between the state-owned company and private companies. However, private players will have to cede majority participation to the government. In addition, tax exemptions could be granted to boost the start-up of these projects.

Lithium Nationalization Could Lead to Medical Lithium Shortage

The recent lithium nationalization and the launch of the Sonora Plan have put lithium and its potential for energy storage at the center of the public debate. However, the pharmaceutical sector is worried that lithium nationalization is diminishing the supply of lithium carbonate, a raw material used to treat mental illnesses. 

Mining Production Fell in 2022

The mining sector reported a slight decrease in production during a challenging and uncertain year. The industry is struggling with low demand from the construction and steelmaking sectors, some of its largest customers. 

Mining Sector Loses Significant Amount of FDI in 2022

In 2022, the foreign direct investment (FDI) attracted by the Mexican mining sector fell below expectations. Experts argue that the main reasons for the drop in investment were inflation, rising costs and nationalist policies that increased uncertainty.

Newmont Offers US$17 Million for Newcrest

Newmont confirmed this week that it submitted a non-binding proposal to acquire 100% of the issued share capital of Newcrest Mining Limited (Newcrest) through a scheme of arrangement.

Prismo Metals to Submit Drilling Permit for Los Pavitos Project

The Canada-based exploration company Prismo Metals announced it submitted a drilling permit application for the Los Pavitos project in Sonora. The company considers it a great step toward the launching of its drilling program scheduled for 1H23.

CLUMIN Chihuahua Launches Training Program for Mining Police

The Chihuahua Mining Cluster (CLUMIN) has launched a training program for the local Mining Police as it emphasizes the significance of the mining sector to Chihuahua's security bodies. The police ensure safe conditions for mining companies targeted by organized crime groups. 

Minera Cuzcatlán Is First TikTok Awards-Nominated Mining Company

For the first time in Mexico, a mining company may win a social media award from China-based social network TikTok. Compañía Minera Cuzcatlán (CMC), a subsidiary of Fortuna Silver Mine, was nominated for the TikTok Awards for Business 2023.