During 2022, 1,218 mining projects were registered, while in 2023 this figure decreased to 762 projects, that is, 37.4 percent less, according to the Mexican Mining Chamber (Camimex).
Raúl García, president of the College of Mining Engineers, Metallurgists and Geologists of Mexico, explained that even though the next government has different plans for the sector, there is still uncertainty. “Uncertainty prevails completely. However, there is a certain optimism about a new secondary law and opening. First we must wait for the reform. According to the exception of strategies, a new law will have to be in place,” he said in an interview.
Without revealing many details, he said that Claudia Sheinbaum’s government is already in dialogue with the main players in the country’s mining industry.
“The College was contacted at the end of August by the President’s Office and we have had discussions with the new Government. There is already dialogue with the sector and with the industry, but we must wait,” García revealed. He said that mining concessions will be “released under a strategic minerals criterion,” as well as permits for open-pit mining. José Jesús Rodríguez, a fiscal analyst, said in an interview last week that, based on recent statements by the new Government, it seems likely that restrictions on mining concessions will continue, at least in the short term. He said that if the new Government seeks to balance economic development with environmental protection, this could translate into more restrictions on mining concessions. Rodríguez warned that investment outflows are likely to continue if political and economic uncertainty factors persist. “Investments, especially foreign ones, tend to be sensitive to changes in government policies, such as restrictions on certain sectors (mining, energy), increased regulation, or even tax changes,” he added. If the new government takes measures that raise doubts about the stability or profitability of certain industries, such as mining or energy, he warned that some investors may choose to withdraw or reduce their investments, seeking more predictable markets or those with fewer restrictions.
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