Mexico Has 1,209 Mining ProjectsBy Karin Dilge | Tue, 08/30/2022 - 17:28
More than 1,209 mining projects have been developed in 26 states of Mexico. These developments have generated 406,179 jobs and represent a production value that surpasses MX$334.7 billion (US$16.6 billion).
Among the main minerals extracted from these deposits are gold, copper, zinc, molybdenum, lead and fluorite, among others. In addition, in 2021 alone, more than US$4.8 billion were invested in the exploration and exploitation of these minerals. By the end of 2022, the industry is expected to receive more than US$5.5 billion.
Of the 1,209 projects in the country, 286 are in Sonora, 160 in Chihuahua and 128 in Durango. This positions these states among the entities with the highest economic revenue based on mining concessions. Other important mining jurisdictions are Zacatecas and Guerrero. According to a report by the Mexican Mining Chamber (CAMIMEX), these five entities headed the value of metallurgical mining production with an 83.8 percent contribution. The state of Sonora occupies first place with 33.3 percent, followed by Zacatecas with 20.1 percent, Chihuahua with 16.4 percent, Durango with 9.5 percent and Guerrero with 4.7 percent.
Moreover, 749 of these projects focus on precious metals, 180 on polymetallic minerals, 167 on copper, 71 on iron and 42 on other metals and minerals. According to CAMIMEX, there are currently 263 projects in the exploration stage, 76 in production and 39 in the development stage, while 822 projects remain on standby. This adds 68 paused developments to the list in comparison to 2020, a number that has been increasing since 2013. In that year, 104 projects were stopped, whereas in 2018, the number jumped to 439 due to a change in the tax regime. For 2021, the number doubled to 822.
In 2021, the exploration mining projects that have been postponed in Mexico represented an investment of US$959.7 million, as investors continued to wait for better operational conditions.
“It is essential to promote exploration and unfortunately in the last seven years, we have seen a decrease of investment in exploration, leaving many projects on standby as they wait for better conditions,” said José Jaime Gutiérrez Núñez, President, CAMIMEX.