Mining companies operating in Mexico are concentrating their investments on expanding existing operations and covering maintenance costs, while the pipeline of new mining projects continues to shrink each year amid a freeze on the issuance of new concessions since late 2018.
In 2024, expansion projects saw the largest increase in investment within the mining sector, rising 18.4% to US$1.02bn. Maintenance expenses also grew, increasing 9% to US$1.09bn, according to the 2025 annual report from Mexican mining chamber (Camimex), published on Thursday.
In contrast, investment in new projects fell 14% to US$329mn in 2024, down from US$383mn in 2023. However, Camimex forecasts a recovery in this category in 2025, with investment expected to climb to US$443mn.
The suspension of new concession grants, first implemented when former president Andrés Manuel López Obrador took office and reaffirmed by current President Claudia Sheinbaum, has directly impacted the range of projects under development.
Mexico remains the world's leading silver producer and ranks among the top 10 global producers of 17 different minerals, including fluorite, sodium sulfate, wollastonite, celestite, lead, molybdenum, barite, diatomite, magnesium sulfate, zinc, salt, gypsum, cadmium, gold, feldspar and copper.
Delays in obtaining required permits for advancing exploration-stage projects further compound the situation.
According to the 2025 Camimex report, summarizing figures for 2024, there are currently 574 mining projects with foreign participation across 30 states. Of these, 225 are in the exploration stage, 225 are in production, 27 are under development, 85 have been postponed and 12 have been closed.
In the 2024 report, some 762 projects were registered in 26 states, down 37% from the 1,218 recorded in the 2023 edition. At that time, 33 projects were under development.
In 2019, prior to the COVID-19 pandemic and the signing of the USMCA trade deal, Mexico counted 1,177 mining projects, with 49 in development. This represents a drop of nearly 45% in the last five years. That same year, investment in new projects totaled US$428mn.
In its latest report, Camimex highlighted a number of challenges facing the sector, including an 11.5% drop in exploration investment and the overall decline in active projects, all within a complicated regulatory environment.
"The future of Mexican mining demands an environment that combines certainty, sustainability and innovation, so that the industry continues to be a pillar of Mexico's economic, social and environmental development, and a key player on the path toward a more prosperous and sustainable future for the country," said the chamber, adding that "it is essential to strengthen the rule of law, trust in institutions and the fiscal and regulatory framework that governs the sector."
