Mexico is one of the top countries in which the mining industry plays a huge role in the country’s financial development. Its history of abundant minerals and exploration projects proves that it has a strong mining culture. With the accessibility to newer technologies, the abundance of commodities gives mining companies in Mexico an advantage to quickly start developing new mines. In addition, Mexico is exploring newer practices to achieve responsible mining. One of the main practices involves Environmental, Social, and Governance (ESG), which essentially aims to be more efficient, socially responsible, and sustainable, all while driving the mining exploration phase to success.
In 2019 and 2020, the mining industry in Mexico was impacted due to market conditions and the impact of COVID-19. Despite these conditions, the market has improved, and more exploration projects are on the rise.
According to Industrial Info Resources, copper, gold, and silver are the leading commodities for mining projects. This accounts for approximately 80% of the value of projects currently under development. Besides these commodities, lead, zinc, and lithium are observed to be on the rise as well, due to the demand for electric vehicles. It is no surprise that copper could be the highest commodity, considering that Grupo Mexico, one of the biggest mining companies in the world, claims to have the largest copper reserve. The leading mining company in Mexico is projecting three projects in Mexico, totaling about $1 billion. However, Silver is Mexico’s largest resource globally, followed by Peru and China.
This abundance of commodities leads to the interest in exploration and mine development projects in Mexico. Therefore, the need for accurate geology and mine software is crucial to ensure that these projects are always on the right track. Specifically, modeling drill holes and accurate block models are an essential step in these greenfield projects. This will allow projects to possess accurate tonnages and grades to successfully launch projects across Mexico. With newer software technologies, mining companies in Mexico will be able to maintain their fast-paced mining developments and ensure financial success.
References:
Mexico, Mexico Business Publications S.A. de C.V. (n.d.). Mexico Mining Review 2021. Mexico Business Publications de C.V.
Industrial Info Resources, Inc. (2021, April 06). Mining Sector Propels $14 Billion Project Capex in Mexico. Retrieved from https://www.globenewswire.com/en/news-release/2021/04/06/2205131/0/en/Mining-Sector-Propels-14-Billion-Project-Capex-in-Mexico.html
