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2023
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04
Mexico mine production inched up 1% in February
Author:
According to the BNAmericas website, the monthly report of Mexico's National Statistics Institute (Inegi) showed that Mexico's mining production increased by only 1% year-on-year in February, lower than the 1.2% increase in January.
According to the BNAmericas website, the monthly report of Mexico's National Statistics Institute (Inegi) showed that Mexico's mining production increased by only 1% year-on-year in February, lower than the 1.2% increase in January.
However, mining-related services rose 83.5% year-on-year, compared with a 19.1% decline in January.
In 2022, Mexico's mining production fell 0.6% from the previous year, mainly due to weakness in other industries, such as construction and steel. In the first two months of this year, the mining industry grew by only 0.8%, basically flat.
Ramón Luna, president of the Sonora Association of Geomineral Metallurgists (AIMMGM), attributed the slowdown in the mining sector to the pandemic and slow licensing applications.
In his view, the exploration necessary to see new discoveries that could replace the depleted reserves of the producing mine was not being seen.
Luiz Camargo, manager of Minera Cuzcatlán, a subsidiary of Canada's Fortuna Silver, also sees licensing as one of the hurdles.
“The application process for mining rights in Mexico is complicated because there are already preconceived ideas about open-pit mining. So what are the factors that determine whether to mine in the open pit or underground? It does not depend on the owner, but the technical conditions. If it is an open pit mine, it will not be mined. The idea of a proof is too simple," he said.
He also emphasized that mining costs are rising, and not all mines are profitable to ensure continued operations, so some mines have been forced to close. At a market price of $1,950-2,000/oz, several mines have sustainable costs as high as $1,800-1,900/oz.
According to Camargo, there is a lack of awareness and understanding of the mining industry and the current state of the Mexican mining industry.
Article source: https://geoglobal.mnr.gov.cn/zx/kydt/zhyw/202304/t20230417_8505481.htm, Global Geological and Mineral Information System)
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