The four-month strike at Peñasquito has drawn the attention of Zacatecas’ Congress, which criticized the federal and local governments’ lack of seriousness in dealing with the issue. Furthermore, acknowledging the importance of Mexico in various sectors, including mining, CANCHAM Mexico announces that Canada is planning to invest up to US$10 billion in the country.
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The Zacatecas Congress unanimously approved the intervention of the Federal Ministry of the Interior and the Zacatecas General Ministry to resolve the conflict between Newmont Peñasquito and the Mining Union as soon as possible.
UK-based private equity fund (PEF) Appian Capital says it is interested in the Mexican mining sector. The company considers entering Mexico a logical step since it is present in other Latin American countries with long mining histories like Peru, Colombia and Chile.
Following a three-month strike at the Peñasquito mine in Zacatecas, US-based gold company Newmont has submitted a proposal to conclude the strike, as reported by Napoleón Gómez Urrutia, Senator for Morena and Head of Mexico’s National Union of Mine, Metal, Steel and Allied Workers (SNTMMSSRM).
Canadian investors are betting on Mexico to start new projects across many sectors. Mining is no exception, but industry leaders warn that current regulatory conditions do not favor further exploration and production efforts. During CANCHAM Day 2023, Enrique Zorilla, President, CANCHAM Mexico, highlighted that Canada is the second largest source of FDI for Mexico, investing over US$52 billion. He also mentioned that the country is planning investment projects of up to US$10 billion.
Canada-based Torex Gold seeks to become a major copper producer in Mexico with output of gold-copper concentrate instead of the doré currently obtained, says Faysal Rodríguez, Vice President, Torex Gold.