Mexican Mining Sector Grows 1.3% in 2024

The Mexican mining sector recovered in 2024, registering a GDP growth of 1.3% after a challenging previous year, according to the CAMIMEX 2025 Annual Report. Growth was primarily driven by an increase in metal prices, especially precious metals. Despite the sector’s growth, investment challenges persist, the chamber notes.

The total value of Mexico's mineral-metallurgical production reached MX$312.4 billion, a 19.6% increase from 2023. The amount in US dollars was US$17.5 billion, representing a 15.9% increase. The lower growth rate in dollar terms was influenced by the appreciation of the Mexican peso against the US dollar and the metal prices during the period. The sector's contribution to the national GDP rose slightly, from 2.75% in 2023 to 2.77% in 2024.

CAMIMEX details that the recovery was led by the precious metals segment, where the production value increased by 31%. This was a result of a 23.9% rise in the value of gold production and a 42.3% increase in silver. Industrial non-ferrous metals also saw their value grow by 13.4%, supported by significant increases in zinc, which rose 45.9%, and lead, up 25.5%.

In contrast, the iron and steel minerals group reported negative results, with its value declining by 16.9%, including a 20% drop in the value of iron production. Non-metallic minerals also saw a slight decrease in value of 0.7%, with sharp declines in minerals like graphite, down 45.7%, and sulfur, which fell 34.6%. This was partially offset by strong growth in others, such as kaolin, which saw its value increase by 123%.

Gold, copper, and silver were the main growth drivers with a participation rate of 31%, 26%, and 22% respectively. Other minerals like zinc, molybdenum, and fluorite contribute to percentages below 10%. 

Regarding foreign trade, Mexico's mineral-metallurgical exports reached US$25.58 billion in 2024, an increase of 9.9% compared to 2023, driven primarily by an 11% rise in metallic mineral sales. In contrast, imports decreased by 4.5% to US$19.09 billion. As a result, the sector's trade balance registered a surplus of US$6.49 billion, supported by a positive balance of US$8.1 billion for metallic minerals, which offset a US$1.6 billion deficit in non-metallic minerals. 

The mining sector also improved its position as a generator of foreign currency, reaching US$25.58 billion in exports in 2024. This placed the sector in the fifth position, behind the automotive, electric-electronic, oil and gas, tourism, and remittance sectors.

Investment in Mining Registers Modest Increase 

Investment in the mining sector totalled US$5.06 billion in 2024, which was 2.1% more than the US$4.96 billion invested in 2023. “This moderate increase reflects the mining industry’s continued commitment to Mexico and underlines the importance of improving competitiveness to boost investment, particularly at key points in the global economic cycle,” said Pedro Rivero, President, CAMIMEX. 

However, exploration investment saw an 11.5% decrease from US$452.9 million in 2023 to US$437.7 million in 2024. CAMIMEX attributes this decrease to regulatory hurdles and legal uncertainty, as well as to the Mexican Geological Survey’s monopoly in exploration activities, according to 2023’s Mining Law Reform. Similarly, the US$5.06 billion secured in 2024 fell short of the US$5.13 billion originally projected, as reported by MBN.