Peñasquito Represents 13% of Zacatecas’ GDP: Newmont

The three-month strike at Newmont’s Peñasquito mine in Zacatecas could potentially hinder the state’s economy as the company impacts over 13% of its GDP, the company said, Furthermore, around 69% of the mining projects in Mexico are halted. Experts attribute this situation to changes in the regulatory landscape.

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Peñasquito Strike Pressures to Impact Zacatecas’ GDP

Three months after the start of the strike at Newmont’s Peñasquito mine, economic damages are estimated to be at least US$472 million due to production downtime. The strike not only affects Newmont, but also the entire mining industry and the economy of Zacatecas as it is the state’s most important gold project. 

Guerrero Government Supports Mining in the State

Mining is a key economic activity in the state, as it generates wealth and employment, said the General Minister of Government, Ludwig Reynoso, at the First “Guerrero Mining Forum: Transforming the Local Supply”. 

2023 Sees 69% Spike in Suspended Mining Projects

Amid a challenging political and regulatory environment, there has been a 69% increase in the number of suspended projects during the López Obrador administration. Industry insiders consider the Mining Law Reform a threat to the stability of the industry as it labels exploration a state-exclusive activity, impacting mostly junior companies. The sector is worried that the US$77.2 million budget assigned to SGM for 2024 is 95.47% below the US$1.7 billion private companies invested just in exploration. 

LitioMx to Be Part of the Budget in 2024

SENER asked the Ministry of Finance (SHCP) for resources for the state-owned lithium company LitioMx for 2024. This will be the first time the company obtains its own budget since its creation. Yet, the resources allocated will not be enough for the company to develop, agree experts. 

Metso Opens Offices in Zacatecas Mining Cluster

Aggregates company Metso announced the recent inauguration of its Mexican offices in Zacatecas. Aiming to be close to its main customers, the company decided to open its offices within the Zacatecas Mining Cluster’s (CLUSMIN) facilities. 

Almaden Minerals Secures Ixtaca Project's Injunction

The Canada-based silver company Almaden Minerals announced it obtained a provisional injunction from the Mexican Federal Administrative Court (TFJA) relating to the submission issued by the Ministry of Economy (SE) to the Second District Court of Puebla, which oversees the Supreme Court’s (SCJN) request for an indigenous consultation prior to granting the mineral titles that sustain Almaden’s Ixtaca project.