Industria Peñoles announced that it is looking into the mining potential of other Latin American countries, especially Chile and Peru, and has ambitious exploration programs for them in 2022.
This year, the company completed field work and began drilling campaigns at its Racaycocha Project in Peru. Additionally, drilling is expected to begin soon at its Tambopata polymetallic project. Meanwhile, in Chile, the company completed the design of a drilling campaign for its Nemesis and Pichasca projects. The company also conducted drilling campaigns at its Laura and Campanario Projects to identify types of mineralization and determine their economic viability.
In 2022, the company expects to develop six drilling projects in Chile and Peru, in addition to evaluating projects from other companies that are starting their exploration phase, aiming of making new acquisitions and alliances.
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For the fourth time, SEMARNAT has denied the Environmental Impact Manifesto (MIA) to Argonaut Gold's Cerro del Gallo project claiming its plans were not compatible with the region's ecological programs. However, Argonaut Gold has the possibility to dispute SEMARNAT's decision in the coming days.
Great Panther announced that its San Ignacio mine, Guanajuato Mining Complex, and Jolula processing plant have begun their closure process since the company did not receive CONAGUA's approval to expand the capacity of its tailings storage facilities, which are expected to reach its maximum capacity this month.
With the arrival of President´s López Obrador’s government, the territory concessioned to the mining industry has decreased significantly. In 2018, the country had 10.64 percent of its national territory concessioned to the mining industry. Currently, the territory concessioned is 8.59 percent. Experts believe that this trend and the government's position of not granting more concessions could lead to the extinction of the industry.
Canada-based Capstone Mining and Chile-based Mantos Copper have announced the merger of both companies to create a new copper company called Capstone Copper, which will focus on high-quality assets. Capstone Copper's projects will include Pinto Valley in the US, Cozamin in Mexico and Mantos Blancos, Mantoverde and Santo Domingo in Chile. The new company is expected to have a combined copper production of more than 175,000 tons of copper in 2021 and reserves of more than 4.9 million tons.
Industria Peñoles and Fresnillo rank first in the Corporate Integrity 500 Index, powered by Transparencia Mexicana, Mexicanos Contra la Corrupción y la Impunidad. According to the index, both companies have transparency and ethics policies as fundamental axes of their corporations, for which corruption has not been a problem.
Global Markets Insights has forecasted that the mining equipment market will grow to US$90 billion by 2027, as demand for metals such as steel, copper, aluminum, among others, will increase, and the shift to automation technologies will be further promoted. The crushing and screening equipment market is expected to grow faster than others, as its use is vital in industry and others such as the construction sector.
The tailings facility that collapsed on Nov.26 in Peru's Ananea district has affected the road that connects the area with the La Rinconada district, where the highest human settlement in the world is located. In addition to causing total losses and serious damage to homes, authorities have said that the leak also affected access to clean water as there were large releases of arsenic and cyanide, putting the entire population in danger.