New Lithium Plans for MexicoBy Paloma Duran | Thu, 07/15/2021 - 17:35
The Mexican government has announced it will publish a report on the feasibility of lithium exploitation in Mexico. Additionally, Hidalgo is being considered for a lithium recycling project. First Majestic and McEwen Mining reported strong operating results during 2Q21 and Riverside Resources has obtained a new financing to continue exploring Sonora.
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President López Obrador announced that the Minister of Economy will publish a report on the viability of the exploitation of lithium in Mexico. According to data from the US Geological Survey, the country has 1.7 million tons of lithium reserves, these make it the ninth country with the largest reserves. "It is not only about the extraction of lithium, we want to design a comprehensive project so that Mexico can successfully insert itself into the value chain," said Tatiana Clouthier, Minister of Economy.
The feasibility of implementing a new lithium recycling project in Hidalgo is being studied by the National Association of Electric and Sustainable Vehicles A.C. (ANVES). The new initiative seeks that not only states with important lithium deposits such as Sonora, Chihuahua, Zacatecas, San Luis Potos, Tlaxcala and Oaxaca benefit from the new resource, but also neighboring states. This year the association will present this initiative to different business chambers in order to show that the new plan will also benefit the automotive, energy and medical sectors.
First Majestic Silver Corp. published its 2Q21 operating results from its 4 producing projects: the San Dimas Silver-Gold mine, Santa Elena Silver-Gold mine, La Encantada Silver mine and the Jerritt Canyon Gold mine. Together they produced 6.4Moz of silver equivalent consisting of 3.3Moz of silver and 46,545 oz of gold, showing an increase of 13 percent and 95 percent, respectively. For the second half of 2021, the company estimates that capital expenditures will be US$23 million in San Dimas, US$34.4 million in Jerrit Canyon, US$36.6 million in Santa Elena, and US$ 6.1 million in La Encantada.
McEwen Mining announced that during 2Q21, it produced 31,700oz of gold and 611,800oz of silver. In addition, the company produced 40,800oz of gold equivalent, which is significantly higher than the 19,200oz produced in 2Q20. The company announced that its operations have reached their targets and are in accordance with its production guide, which estimates a production of 141,000 to 160,000oz of gold equivalent in 2021.
Riverside Resources Inc. announced that it has received new financing of US$5,400,000, which will be added to the budget allocated for the generative phase of exploration works in Sonora. The company explained that the new financing came after a technical field trip with BHP and has increased Riverside's financing for its 2021 copper exploration to more than US$6.7 million. The company also announced that its permitting process to drill at Chuin and Palofierro is underway and once it is obtained, Riverside will begin to explore more targets.