Overview of Mining Investments in Mexico
The Cámara Minera de México (Camimex) anticipates that mining investments in the country will reach a record-breaking $5,308 million in 2025, the highest level in the past twelve years.
This figure represents a 4.8% increase compared to 2024, but it remains below the all-time high of $8,043 million achieved in 2012.
Investment Trends and Challenges
The segment that saw the most significant increase in 2024 was project expansion, which rose by 18.4% to reach $1,019 million, along with maintenance in operations, which saw a 9% increase.
Exploration investment, however, experienced an 11.5% interannual decline due to the lack of new concessions and permits, as well as the 2023 Mining Law that granted exclusive rights to explore to the Servicio Geológico Mexicano.
In 2024, the mining sector grew by 1.3% compared to the previous year, driven mainly by favorable international market performance and rising prices of key metals.
“This moderate growth reflects the mining industry’s commitment to Mexico and highlights the importance of strengthening conditions that foster investment revival during critical phases of the global economic cycle,” said Pedro Rivero González, Camimex President.
Foreign Direct Investment (FDI) in the mining sector, including oil and gas, totaled $1,525 million in 2024, a 56.3% decrease from 2023.
In 2024, Mexican mining activities rebounded after a 4.3% decline in 2023, according to Camimex’s 2024 report. The positive outcome was achieved “despite the uncertainty that characterizes the sector, with legal framework reforms impacting development prospects, an uncompetitive tax framework, and delays in environmental permits hindering operational expansion.”
The mining sector’s contribution to the National GDP increased from 2.75% in 2023 to 2.77% in 2024, while the Industrial GDP rose from 8.63% to 8.70% in 2024.
Production and Metal Prices
The total value of domestic mining and metal production reached 312,461.2 million Mexican pesos, a 19.6% increase from the previous year and a recovery after two consecutive years of decline.
The dollar value amounted to $17,057 million, a 15.9% rise due to the peso-dollar parity and influenced by metal prices.
Growth was supported by precious metals production, which saw a 31% increase, with gold production up 23.9% and silver production up 42.3%, largely driven by favorable price cycles.
Industrial metals experienced a 13.4% growth, with significant increases in zinc (45.9%), lead (25.5%), copper (8.3%), and cadmium (15.9%).
Siderurgical minerals, however, reported negative results again, decreasing by 16.9%. Coal production fell 1.1%, and iron dropped 20%. Manganese saw a 7.8% increase.
Non-metallic minerals also reported negative results, declining 0.7% with significant drops in graphite (-45.7%), diatomaceous earth (-43.6%), sulfur (-34.6%), celadonite (34%), and phosphate (-23.0%). Despite these setbacks, some industries within the group showed favorable evolution, notably wollastonite (52.4%) and kaolin (123%).
Key Questions and Answers
- What is the predicted investment level in Mexico’s mining sector for 2025? Camimex estimates that mining investments will reach $5,308 million in 2025.
- How does this figure compare to previous years? This amount represents a 4.8% increase from 2024 but is still below the all-time high of $8,043 million in 2012.
- Which investment segments saw growth in 2024? Project expansion and maintenance in operations experienced significant increases.
- What factors led to the decline in exploration investments? The decrease was attributed to a lack of new concessions and permits, as well as the 2023 Mining Law.
- What was the growth rate of Mexico’s mining sector in 2024? The sector grew by 1.3% in 2024, driven by favorable international markets and rising metal prices.
- What was the FDI in Mexico’s mining sector in 2024? FDI in the mining sector totaled $1,525 million in 2024, a 56.3% decrease from 2023.
- How did Mexico’s mining sector contribute to the national GDP in 2024? The sector’s contribution rose from 2.75% in 2023 to 2.77% in 2024.
- What were the production and metal price trends in 2024? Precious metals production increased by 31%, while industrial metals grew by 13.4%. However, siderurgical and non-metallic minerals reported negative results.
