'Lack of investor certainty' hampering Mexico’s mining sector
Mexico’s mining sector is being held back by a lack of investor certainty, according to the head of the country’s association of mining engineers (AIMMGM), Sergio Almazán.
Mexico has fallen in the global mining rankings for investment attractiveness, lagging behind Canada, Australia and the US, and in Latin America behind rivals Chile and Peru, Almazán told local television station Heraldo Televisión.
The country ranked 42nd for investment attractiveness in the 2020 Fraser Institute Annual Mining Survey, down from 29th place in 2008, he said.
“Today we know perfectly well that it is not enough to have high geological potential to attract investment, if this is not supported by public policy that provides legal certainty for investors,” Almazán said.
The survey highlighted four main areas of weakness, Almazán said.
These are a high tax burden, statements by President Andrés López Obrador that no new concessions will be awarded, limited tax deductions for exploration and insecurity.
Mexico is the world’s top silver producer and a top 10 miner of gold, copper, lead and zinc.
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