Bloomberg News

Mexico Mining Investment Jumped 69% to $5.6 Billion in 2011

July 25, 2012

Investments by mining companies in Mexico surged 69 percent to $5.6 billion last year, more than a March estimate of $4.3 billion to $4.5 billion, the head of the nation’s mining chamber said.

Mining companies will probably invest about $7.6 billion in 2012, Sergio Almazan, head of the chamber known as Camimex, said at an event in Mexico City today. Almazan said total 2011 investments exceeded the chamber’s previous report because member companies provided more information on their projects after the chamber’s March 13 estimate.

Mexico is the world’s top silver producer, and the metal accounted for 27 percent of the nation’s mine output last year, compared with 25 percent for gold and 20 percent for copper, the chamber said. Mexico was the top Latin America destination for investment in exploration for non-iron metals in 2011 and the fourth in the world behind Canada, Australia and the U.S., the chamber said.

“We’re seeing that Mexico can compete with anywhere in Latin America in attracting mining investment,” Almazan said today in an interview. “As long as metals prices remain at good levels, we’ll continue to see this interest in investing.”

Mexico’s mining industry directly employs 328,000 people in Mexico. It created 26,000 jobs last year and will add an additional 18,000 this year, Almazan said.

To contact the reporters on this story: Eric Martin in Mexico City at emartin21@bloomberg.net;

To contact the editor responsible for this story: James Attwood at jattwood3@bloomberg.net


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