Pan American Silver to Invest US$21.7 million in Zacatecas
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Pan American Silver to Invest US$21.7 million in Zacatecas

Photo by:   Kefentse Molotsane
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Karin Dilge By Karin Dilge | Journalist and Industry Analyst - Fri, 03/10/2023 - 11:32

The government of Zacatecas signed an investment agreement with the company Pan American Silver worth MX$400 million (US$21.7 million) to drive the development of small and medium enterprises (SMEs) in the state. 

The agreement was signed on the second day of the convention organized by the Prospectors & Developers Association of Canada (PDAC). Moreover, the accord is contemplated in the state’s Program to Develop Local Suppliers, which facilitates the productive ties of SMEs. 

Zacatecas’ Minister of Economy, Rodrigo Castañeda Miranda, in representation of Governor David Monreal Ávila, Brent Bergeron, Senior Vice President, Pan American Silver and Juan Carlos Ostolaza, Director General, the Competitiveness Center of Mexico, signed the agreement with which they aim to build bridges between human talent and a job pool for mining professionals through the Ministry of Economy. 

In addition, the initiative includes an integral plan for training and process enhancement for SMEs and an investment of MX$400 million (US$21.7 million) to recruit services and buy products from businesses of the state.

For Zacatecas, the mining sector is an important ally that positions the state as an important investment destination, which consequently provides social and economic development to the population. Governor Monreal thanked Pan American Silver for its trust in the state because the industry has given an identity to the state.

Pan American Silver produces silver and gold ingots from a lixiviation plant in the Chalchihuites municipality, where lead and zinc are also produced.

According to the latest numbers published by the National Institute of Statistics and Geography (INEGI), Zacatecas remains the largest Mexican producer of silver, lead and zinc, and the second largest in gold and copper production. The entity has a monthly average silver production of 194.19 tons.

Currently, Zacatecas hosts 35.8 percent of the national silver production, as well as 18.7 percent of gold, 62.8 percent of lead, 47.9 percent of zinc and 9.2 percent of copper. The state also has Mexico’s largest gold mine: Peñasquito, property of Newmont.

In addition, the Ministry of Economy of Zacatecas confirmed the investment of US$100 million by Orla Mining at its Camino Rojo project. The agreement establishes that SMEs will supply products and services for the mining development of the mine.

Photo by:   Kefentse Molotsane

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