Mexico Ranks First in Latin America’s Exploration Investment
In 2021, Mexico attracted US$600 million in mining exploration investment, ranking first in Latin America and fourth worldwide. According to the Chilean Copper Commission, of all investment in exploration in the region, Mexico captured 23 percent, followed by Chile with 21 percent, Peru with 16 percent, Brazil with 11 percent and Argentina with 8 percent. The data is encouraging since investment in Mexico has decreased over the years. However, experts report Mexico is regaining its position as the main hub for mining investment.
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A New Mining Police Will Be Created in Chihuahua
The Chihuahua Mining Cluster (CLUMIN) and the Directorate of the Ministry of Public Security (SSPE) of the State announced the creation of a State Mining Police to improve the security of the sector in Chihuahua. CLUMIN explained that the new police will be focused mainly on protecting mining units, access roads and workers.
Strike at La Platosa Mine Paralyzes Operations
The National Metallurgical Mining Union initiated a labor action at Excellon Resources' Platosa mine in Durango, after the company refused to increase workers' wages. Excellon explained that it is currently facing a serious problem at its La Platosa mine such as drainage problems, price increases and legislative changes, for which it hopes miners to understand the company’s situation. Excellon said it remains open to dialogue and seeks to reach a resolution in the short term.
Argonaut Gold Announces Record Gold Production, Revenue
Canadian company Argonaut Gold announced a record annual production of 244,156oz of AuEq, leading to a record annual revenue of US$437 million and the company’s best ever annual cash flow of US$125 million. Argonaut’s La Colorada mine, located in Sonora, played a significant part in these results.
Grupo México Improves ESG Results
Grupo México reported improvement regarding its global ESG results. According to the company, it made its biggest development in business ethics, water management, work practices, human rights, environmental and social management, as well as its climate change strategy.
Russia-Ukraine Conflict Increases Cost of Palladium
The cost of palladium has increased as a consequence of the Russia-Ukraine conflict. Russia is the world's leading supplier of palladium with a market share of 40 percent. However, no major supply chain disruptions are expected due to the growing popularity of Electric Vehicles (EV).