SUGAR LAND, Texas, April 06, 2021 (GLOBE NEWSWIRE) -- Research by Industrial Info Resources - Metals & Minerals project construction activity in Mexico was depressed in 2019 and 2020, due to market conditions and the impact of COVID-19. In 2020, the Mexican government halted new mining concessions and is seeking greater involvement is the development and extraction of mined commodities. In spite of this uncertainty, the market has improved and miners are planning to spend more in 2021. At the end of 2020, project construction activity in Mexico was up 33% compared to 2019, according to Industrial Info’s North American Project Spending Index.
Grupo Mexico, which claims to have the world’s largest copper reserves, is going ahead with three projects in Mexico totaling about $1 billion and is spending another $110 million at its U.S. subsidiary, Asarco. After Grupo Mexico, Canadian and U.S. firms are the largest sources of mining project foreign investment in Mexico and benefit from the even environmental and labor rules under the USMCA trade agreement.
Industrial Info is tracking 266 mining projects, representing a total investment value exceeding $14 billion.
Copper, gold and silver are the leading commodities for mine project development in Mexico, accounting for 80% of the value of projects under development. There are also a number of lead and zinc ore mining projects, as well as lithium, which are gaining momentum due to the rise in demand for batteries in electric vehicles.
The leading states for mining project development are Sonora, Durango, Chihuahua and Sinaloa.
Globally, Mexico is the leading miner of silver, followed by Peru and China. Mexico produced about 5,600 metric tons in 2020, according to the United States Geological Survey (USGS).
For more information contact Industrial Info’s Latin America office at ventas@industrialinfo.com, (Ph: +54 351 5892452).
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