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Weekly Roundups

Part of "Strategic Minerals" in Reform Increases Uncertainty

By Paloma Duran | Thu, 10/21/2021 - 15:51

Unofficial statements and rumors have created panic amongst experts as unnamed “strategic minerals” are included in the recent electric reform. CEO of Torex Gold says that Mexico will lose investments if certainty in the sector does not improve. In addition, SMG’s director has revealed that the lithium numbers that have been circulated in the media have no basis in geological studies.

This and more in your weekly roundup!

Industry Leaders Are Worried Other Minerals May Be Affected by Reform

The much-discussed and controversial, electric reform sent to congress by President López Obrador contemplates not only, as MBN reports, a strengthened CFE by way of bestowing it 56 percent of the market as well control over lithium, but it also contemplates granting the government exclusive control over other “strategic minerals”, most unnamed but one that includes copper, “the heavyweight of Mexico’s metals sector,” which has industry leaders worried about the real beating heart of the reform.

Torex Gold: Without Certainty, Mexico Will Lose Investments

Jody Kuzenko, CEO of Torex Gold, said Mexico will remain at risk of losing investments if mining certainty does not improve. Since the beginning of the administration of President López Obrador, mining investment has decreased as the government announced that it will not grant new concessions. In addition, it recently announced that it seeks to have exclusive control over strategic metals, which has increased uncertainty in the sector. Kuzenko said "for Mexico to reap the benefits of its natural resources, a higher level of certainty related to policies at the federal government level is needed, including economic, security, permitting and energy policies."

Rumored Lithium Numbers Have No Basis: SGM

The lithium figures that have been disclosed to the media due to the recent proposed electric reform sent to congress by President López Obrador are not accurate. “I am not saying who ever said that we have 243.8 million tons of lithium, it is information that is contained in a very serious technical report made by a company in Sonora, but it confuses the information because there are 243 million tons of clay mineral that contain lithium,” said Flor de María Harp, Director of according to data from the Mexican Geological Service (SGM).

Oaxaca: The Next Pole for Mining Projects

Oaxaca has been catalogued as one of the states in Mexico with the greatest geological potential, which could make it the new pole for exploration and mining projects, according to David Jones, a world-renowned geologist. Despite its potential, the state remains unexplored due to its remote locates and large Indigenous population, who still do not trust mining companies. However, new and current projects are expected to unlock its treasures.

Golden Minerals Gets Positive Numbers for 3Q21

Golden Minerals announced through a press release that their payable production during 3Q21 went from 3,452 ounces of gold equivalent in 2Q21 to 4,952 ounces of gold. Considering the total amount of ounces produced in the latest quarter, 4,777 ounces were gold and 12,196 ounces were silver. This production report took place in the Rodeo property, a gold-silver open pit mine located in the northern state of Durango.

 

The data used in this article was sourced from:  
MBN, Outletminero
Photo by:   Ra Dragon
Paloma Duran Paloma Duran Journalist and Industry Analyst