The Week in Mining: Mexico’s Miners Demand Adequate Use of Mining FundFri, 11/22/2019 - 11:44
The Week in Mining focuses on demands from the Mexican industry to use resources from the Mining Fund for improving life standards in mining-oriented regions. This could potentially improve the suboptimal security conditions that have kept FDI in the sector relatively low. In other latitudes, the US and Australia will collaborate to develop both nations’ critical mineral supplies and Tesla will bulk up the world’s biggest lithium battery, located in Southern Australia.
Ready to dig in? Check out what made the headlines over the past week!
During the first nine months of 2019, FDI was 7.8 percent higher than during the same period in 2018, reaching US$26 billion, according to the Ministry of Economy. However, FDI in the mining sector decreased due to security concerns.
In an effort to change public perception of mining, representatives from Mexican mining associations CAMIMEX and AIMMGM reported the industry uses less water than others, such as the textile and food sectors. The associations also called for directing the Mining Fund’s resources to regions where mining activities take place.
Canadian operator Endeavour Silver reported it will suspend operations at Guanajuato’s El Cubo mine in 4Q19, as reserves have been depleted.
Tesla will beef up the world’s largest lithium-ion battery located in South Australia, which has saved consumers US$34 million in its first year of operation.
The US and Australia have formalized a partnership to jointly develop the countries’ capacities to provide critical metals including lithium.
India’s Coal Ministry is likely to adopt revenue sharing contracts for next month’s commercial mining coal block auction.