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Foreign investment in Mexico's mining sector rises

Bnamericas Published: Tuesday, March 05, 2019
Foreign investment in Mexico's mining sector rises

Foreign direct investment (FDI) in Mexico's metallic mining sector more than doubled in 2018 - but remained at just a fraction of recent highs.

Net FDI in the sector was US$503mn, up from US$221mn in 2017, according to economy ministry data.

But the 2018 figure was below the US$576mn for 2016 and far lower than the US$5.44bn peak for 2013.

The full-year 2018 figure is down from US$894mn reported for the first three quarters of last year, suggesting the sector saw net FDI outflows in Q4.

Investments by overseas miners in Mexico last year included Goldcorp's US$420mn pyrites leach project at its Peñasquito mine, which was commissioned by year-end.

On a smaller scale, Hecla Mining completed a US$5mn extension to its San Sebastián silver-gold operation, while Endeavour Silver advanced its El Compás gold-silver asset, which is due to begin commercial production in Q1.

The dip in FDI comes despite previous forecasts of a rise in overall investment in Mexico's mining sector, including by local miners, to US$5.26bn in 2018, up from US$4.30bn the previous year.

Mexico is the world's biggest silver producer and a top 10 miner of gold, copper, lead, zinc and molybdenum.

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