The XXXV International Mining Convention Under the Spotlight

Due to dangers posed by Hurricane Otis, the XXXV International Mining Convention was cancelled to ensure the safety of attendees. According to Moody’s latest report, the mining sector has a stable perspective despite inflation and low metal prices. Grupo México has approached the government to create dialogue tables with the affected communities in Sonora. In addition, the company had to increase security at the Buenavista mine due to threats.

Ready for more? Here's your weekly roundup!

Acapulco Without Communications Following Hurricane Otis

Otis blindsided the state of Guerrero, going from a tropical storm to a Category 5 hurricane in a matter of hours. Acapulco, site of the XXXV Mining Convention, as well as other cities in the state, are currently facing the worst of the disaster, with very little time to prepare beforehand. \

Otis Shuts Down XXXV International Mining Convention

The XXXV International Mining Convention in Acapulco, Guerrero, was canceled after Hurricane Otis severely battered the coast. Attendees have faced difficulties in trying to leave the state as Hurricane Otis affected Acapulco's entire transportation infrastructure, including airports and highways.
 

Mexican Mining Companies Still Strong Despite Challenges: Moody’s

While mining is a capital-intensive industry and the volatility of commodity prices and legal burdens constantly pressure mining companies’ performance, some analysts believe that companies in Mexico have strong foundations for continued operations, bringing more certainty to investors. 

Grupo México to Remediate Cananea Environmental Problem

After Grupo México was accused last week of negligence for polluting the Sonora River, the company sent a letter to the government requesting support to establish dialogue tables with those affected by pollution in the Sonora River. "They want to dialogue and review the studies carried out by the Ministry of the Environment to remedy this serious situation," said President Andrés Manuel López Obrador. The president added that the company's willingness to clean up the river and care for those affected by the incident came after his government declared that Grupo México's previous remediation plan was insufficient.

The United Front Lifts Blockade at Grupo México’s Buenavista Mine

After the United Front Sonora River warned that it would seize Grupo Mexico’s Buenavista mine due to environmental and labor problems, an agreement has been reached between the Mining Union and President López Obrador.

Torex Gold: One of the Main Drivers of Wealth in Mexico

Torex Gold showcased the significant contributions that its mining operations and investments in 2022 generated in Guerrero and Mexico in its Economic Impact Study conducted by Deloitte LLP. The company added that it remains committed to generating wealth in Mexico as it now focuses on the development of its Media Luna Project and other exploration targets.

Newmont to Finalize Acquisition of Newcrest

Newmont announced that its US$16.8 billion acquisition of Newcrest will be completed in early November, once regulatory, legal and shareholder approvals have been obtained. The company stressed that with this acquisition it will become the world's leading gold and copper company.