Mining FDI Accounted for US$700 Million in 1H24

Despite facing challenging times, mining ranked third among the industries that brought more foreign direct investment (FDI) to Mexico during 1H24, contributing over US$700 million, according to preliminary data from the Ministry of Economy (SE). In other news, the International Copper Supply Study Group (ICSG) reported an increase of over 4% in copper mine production globally. 

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Mining Ranked the Third Largest Sector for FDI in 1H24 

Mexico reported a record US$31.1 billion in FDI for 1H24, representing a 7% increase from the same period in 2023, according to preliminary figures from the SE. The mining sector emerged as one of the Top 3 sectors driving FDI growth.

Fortuna Mining Acquires La Joya Project Concession

Plata Latina Minerals Corporation has announced that its subsidiary, Plaminco, has finalized an agreement with a subsidiary of Fortuna Mining, transferring the mining concession for the La Joya Project in Hidalgo. In return, Plata Latina will receive a 2% royalty on the Net Smelter Returns ("NSR") from the project, starting from the commencement of commercial production.

Labor Agreements Ease Concerns Over Copper Supply Disruptions 

Chile's copper mining industry is reducing the likelihood of further disruptions in copper supply as more reactivation deals are being reached. The most notable agreement involved returning 300 striking workers at a mine operated by Lundin Mining. This was followed by Antofagasta Plc securing an early wage deal with the main union at its Centinela facility. 

Endress+Hauser, SICK Forge Strategic Alliance

German sensor company SICK and Swiss measurement and automation expert Endress+Hauser have announced a strategic partnership aimed at enhancing customer support and advancing efficiency and sustainability. As part of this collaboration, Endress+Hauser will assume global responsibility for the sales and service of SICK’s process analyzers and gas flow meters.

Government to Designate Calica Mine as a Protected Natural Area  

President López Obrador announced that by early September, the 2,400ha of land held by Calica, a subsidiary of Vulcan Materials, in Quintana Roo will be designated as a Protected Natural Area. López Obrador confirmed that the process for this designation is already underway. The aim is to ensure that, before the end of his administration, the company will no longer be able to exploit the material deposit. 

New PEA Ranks Oroco’s Santo Tomas Among Mexico's Top Projects 

Oroco Resource has unveiled a new study that significantly enhances the value of its Santo Tomas copper project located in northern Sinaloa and southwestern Chihuahua. The revised PEA increases the project’s net present value to nearly US$1.5 billion, up from US$1.2 billion according to last October’s PEA.

TikTok, Facebook: Potential Communication Channels for Miners  

The mining sector, despite adopting sustainable and socially responsible practices, still struggles with inadequate communication strategies, leading to misunderstandings about its benefits. With potentially harmful regulations being proposed by the federal government, the sector must revise its communication strategies and channels, agree experts.

Experts Report Low Criminal Activity Affecting Mining in Durango 

Durango is experiencing minimal criminal activity, which has positively impacted the mining sector, says Juan Ceceñas, General Coordinator, Mining Congress Durango 2024. According to him, incidents like mineral and concentrate theft or extortion are not common.

ICSG Reports 4% Increase in Global Copper Production in May 2024 

ICSG released preliminary data on global copper supply and demand for May 2024, highlighting a more than 4% increase in copper mine production. Growth is primarily due to recoveries at previously disrupted operations in Chile, Indonesia, and the United States.