Mexico's mining activity edges up in first 9 months

Mining activity in Mexico grew 1.3% between January and September compared to the same period 2023, according to revised figures from statistics office Inegi.

Last month, Inegi reported that in the first eight months of 2024, mining had rebounded by 6.6% but the agency revised down the monthly figures so the accumulated increase is lower.

In September, mining activity grew 2.7% while the figures for July and August were revised down from 9.1% and 9.8% to 1.2% and 2.2%, respectively.

Despite the fact that there are few projects in the pipeline and the uncertainty due to the lack of regulations for the 2023 mining reform, as well as the planned ban on open-pit mining, Raúl García Reimbert, president of the college of mining engineers, metallurgists and geologists (CIMMGM), told BNamericas that the positive trend is due “basically to the high production of current mines and the rising prices of metals, including silver, copper and gold.”

Gold and silver prices have been on a bullish streak this year due to global geopolitical tensions, among other reasons, which have resulted in record highs.

Reimbert said companies are trying to get the most out of current operations.

Rising precious metal prices boosted revenue for Mexico-focused miners such as Torex Gold, Equinox Gold, Sierra Metals and First Majestic during the third quarter.