Mining Sector Increases Production Despite Warnings
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Mining Sector Increases Production Despite Warnings

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Karin Dilge By Karin Dilge | Journalist and Industry Analyst - Thu, 03/30/2023 - 09:00

A significant increase in mining production was reported in January despite a stagnation warning. Moreover, the Mexican tax authority is accusing the sector of incurring in tax evasion. However, mining mergers and acquisitions are being approved by the competent authority.


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Mining Production Increases in January

INEGI reported that mining-metallurgical production increased significantly in January, despite experts’ warnings last year that the sector was at risk of stagnation due to weak demand in other key sectors, such as construction and steel.

Tax Authority Accuses Mining Industry of Evasion 

According to a study conducted by the Mexican tax authority SAT, along with the Universidad Autónoma de Chapingo’s Department of Statistics, Mathematics and Computing, the mining sector could have incurred tax evasion of over MX$22.5 billion (US$1.2 billion) between 2015 and 2021.

COFECE Approves Sierra Madre’s Acquisition of La Guitarra

Sierra Madre Gold and Silver announced that Mexico’s Federal Economic Competition Commission (COFECE) approved its acquisition of First Majestic Silver’s La Guitarra silver-gold mine in Temascaltepec, State of Mexico. With the new agreement, the La Guitarra Project will be added to Sierra Madre’s portfolio, which currently features the La Tigra and Tepic projects. 

Mexico Approves Pan American-Yamana Gold Agreement

Canada-based precious metals company Yamana Gold announced that the Federal Comission for Economic Competitiveness (COFECE) has recently approved the sale of all its common shares to Pan American Silver. The acquisition set the way to transform Pan American Silver into a leading silver producer. 

UN Wants to Participate in Mexico’s Lithium Industry

As Mexico introduces new policies to boost the lithium industry, experts fear whether the country will be able to create a strong and responsible industry. In light of this, the UN has proposed an agreement for the industry to grow following Sustainable Development Goals (SDGs).

Grupo México to Potentially Purchase Banamex

Grupo México, one of the largest copper producers in the world and the main one in Mexico, is considering acquiring Banamex, one of the country's largest banks. The purchase would increase the company's financial capacity, boosting its mining, infrastructure and transportation operations.

Vulcan Materials in Legal Dispute With CEMEX, Mexican Government

US-based leading aggregates company Vulcan Materials is in a two-front legal dispute with both CEMEX and the Mexican government. Military forces entered the company’s Punta Venado port in Quintana Roo on March 14, 2023. At the same time, the company also mentioned the presence of CEMEX workers, escorted by security bodies. 

Peñoles Faced Uncertainty, Challenges in 2022

Industrias Peñoles released part of its 2022 results, showing a drop in profits and production due to the decline in metal prices and inflation. Despite a market recovery in 3Q22, the company explained this was not enough to improve its financial and productive performance.

Discovery Silver Aims to Transform Cordero Into a Top Silver Mine

The Canada-based precious metals company Discovery Silver announced the results from the feasibility study drill holes at its flagship Cordero silver project in Chihuahua. The company said the project has the potential to become a Top 3 silver mine. 

Minera Media Luna to Enhance Health Conditions in Guerrero

Minera Media Luna (MML), a subsidiary of the Canada-based Torex Gold, agreed to cooperate with Guerrero and federal authorities to improve social security and health conditions in the state’s northern region. 

Golden Minerals Reports US$23 Million Income at Rodeo Mine

Golden Minerals released its financial results and business summary for the fiscal year ending Dec. 31, 2022. The company's Rodeo mine produced 11,982oz of gold and 52,179oz of silver doré in 2022, with an average realized sales price of US$1,805/oz for gold and $21.93/oz for silver. The total cash costs per payable gold ounce were US$1,362, while plant recovery for gold averaged 74.7% for the full year.

Vizsla Silver Extends High Grade Mineralization at Panuco Project

Vizsla Silver Corp. presented the results of seven drillings from the flagship silver and gold Panuco project in Sinaloa. The results extend the high-grade footprint at La Luisa by over 150m from the previously reported NP-22-305 well.

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