Matchmaking
Mexico’s leading B2B conference organizer uses a customized app to deliver an unparalleled experience
The MBE App delivered AI-powered intent-based matchmaking to Mexico Mining Forum PDAC 2025 attendees
113 participants
12,932 direct impressions during MMF PDAC
direct pre-conference LinkedIn impressions 6.26% click through rate during MMF PDAC
pre-conference click through rate 9.9% conference engagement rate
pre-conference engagement rate
76 participants
154 participants
The Mexico Mining Delegation at PDAC in Toronto helped key industry leaders to connect with their international peers. VIP networking events, Mexico Mining Forum, and side events by strategic partners ignited new business opportunities. This is networking and lead generation done the Mexico Business Events way.
MARCH
MARCH 3
MARCH
• 149MKM
• ACD Group
• Achilles
• Actlabs
• Aggreko
• Agnico Eagle
• AIMMGM
• Alamos Gold
• Almaden Minerals
• Altum Mining
• Altum/BGBB
• AMC
• American Gold Metates
• Americas Gold and Silver
• AO Social
• Aon
• aosenuma
• ArentFox Schiff
• Asteri international
• A xI NO Capital
• Baez & Abogados
• Banco BASE
• Bonatti
• Buffalo Wire Works Co., Inc.
• Business Consultants Mexico
• C. Steinweg Mexico
• CAMIME x
• CANCHAM
• Castech international
• CASTMET
• Cereceres Estudio Legal
• Chesapeake Gold
• Cía Minera Chacabuco Pampa Unión
• CIBC
• CLYDE & CO
• Compania Minera de Atocha
• Construplan
• Consulate General of Mexico in Canada
• Control risks
• Coreplan.io
• Corporacion Quimic a Platinum
• Corporativo B&D
• CPM Group LLC
• C r Legal
• Cribas y Productos Metálicos
• CTA Consultoría ambiental
• D.E.N.M. Engineering
• DB r ABOGADOS
• Dentons Canada
• Digon
• Discovery Silver
• DMV
• DOPPELMAY r Transport Technology
• Draslovka
• Dsv
• Dumas
• EC rubio
• Ecodrill
• Elastómeros TAZA
• Embassy of Canada in Mexico
• Empresas Matco
• Endeavour SIlver
• Epiroc
• Equinox Gold
• ESG Solutions
• E xEO
• Explosivos del Istmo
• EY
• Federal Government of Canada - Ministry of Economic D evelopment
• Federal Government of Mexico
• Federal Government of Mexico - Ministry of Economy
• Federal Government of Mexico - Senate
• Federal Government of Mexico - Senate Mining Commission
• FIMSA
• Fiscal Wisdom Wealth Managenent
• FLYING WHALES
• Forte Dynamics
• Frima
• Fundación Minera de Chile
• Galicia Abogados
• Gall Zeidler
• Gambusino Prospector de Mexico
• GAP GUILD
• GAT x Corp
• GCA
• General Consulate of Mexico in Toronto
• Geoconsul Canova
• Geoscientists Canada
• GEOSErVIx
• Globe 24-7
• Gold resource Corp
• Goodwin Pumps
• Government of Canada
• G r Silver Mining
• Ground Truth E xploration
• Grupo Mexico
• Grupo Multisistemas de Seguridad Industrial
• Grupo Secopsa
• Heiras Abogados
• HH Consultores Soluciones Ambientales
• High West Capital
• IDOM
• Idom
• IG Capital
• Ilium
• IMDE x
• Impulsora Minera Mexicana
• Industrial Minera Sinaloa
• INErCO
• Inline Group
• Insuco
• INTEr A
• Intercam Grupo Financiero
• Jamieson Group
• Janus Group Mexico
• Just refiners Mexico
• Kallaite Metalic
• Kingsmen resources
• Kluane Drilling
• Knight Piésold
• KPMG
• Laboratorio Tecnológico de Metalurgia
• Leitner
• Lextratega Abogados
• Linxus Group
• Lithodat
• Loadscan
• Luca Mining
• M3 Mexicana
• MAG Silver
• Mammoth resources
• M arket news
• Marsh
• Martin Engineering
• MATCO
• McKinsey & Company
• MCNET
• Mec anicad Inc
• Mexican Geological Survey
• Mexico Pavillion
• MHI
• Micon International
• Micromine
• Minera Atocha
• Minera Frisco
• Minera río Tinto
• MineSense
• Mining risk Advisors
• Mohawk college
• M rT
• Mujeres WIM Mexico
• Mundo Minero
• Newmont
• NMV Group
• NTWIST Inc
• Ocean Partners
• Oecd
• Onyen
• Orica Specialty Mining Chemicals
• Orion Productos Industriales
• O rla Mining
• Pan American Silver
• PC
• PCGA
• Peñoles
• Platts
• Pontones & Ledesma, S.C.
• PwC
• Quantec Geoscience
• r /Q Ingenieria
• r B ME xICO LAW - ABOGADOS
• rCarneiro Mineral Engineering & Consulting
• real Safety
• regency Silver
• reyna Minas
• riverside resources
• Samsung
• Samsung CT Corporation
• San Miguel E xploration
• Scania
• Scotiabank
• SErCOM
• Servicios Legales Mineros
• SGS
• Shandong xinhai Mining Technology and Equipment
• Side
• Siemens Energy
• Silver One
• Silver tiger
• Solensa
• Solis
• Solum Consulting Group
• Sonora Naturals
• Sonoro Gold
• Southern Peaks Mining
• SPM
• Sqm
• Stantec Consulting
• Starcore International Mines
• State Government of Chihuahua
• State Government of Sonora
• State Government of Sonora - Mining Commission
• State Government of Sonora - Ministry of Economy and Tourism
• State Government of Victoria, Australia
• Steyn reddy Associates
• Stratum AI
• Techline Services
• Teck
• Tecmin Servicios
• Tect Geological Consulting
• Timbi
• Todd y Asociados
• Tododren
• Torex Gold
• Torsa
• Tr ADUWEB
• Traduweb
• Traxys
• Tundra
• Victualic
• VI rGO
• Viz sla Silver
• Wheaton Precious Metals
• WorldWise Consulting
• WSP
• xinhai mining
• Yaax Carbon
• Zonge International
TUESDA Y, MARCH 4
8:30 PARADIGM SHIFT IN THE MEXICAN MINING INDUSTRY
Speaker: Fernando Aboitiz, Ministry of Economy
9:00 NAVIGATING MEXICO’S LEGAL AND REGULATORY LANDSCAPE
Moderator: Karen Flores, CAMIMEx
Panelists: Rubén Cano, Cr Legal
Pablo Méndez, EC rubio
Santiago Suárez, Servicios Legales Mineros
Laura Díaz, DBr Abogados
9:45 INVESTING IN MEXICO’S MINING FUTURE: OPPORTUNITIES AND RISKS
Moderator: John-Mark Staude, riverside resources
Panelists: Daniel Linsker, Control risks
Dan Dickson, Endeavour Silver Corp.
Marcio Fonseca, Gr Silver Mining
Javier Reyes, Luca Mining Corp.
10:30 NETWORKING COFFEE BREAK
11:00 JUANICIPIO PROJECT UPDATE
Speaker: George Paspalas, MAG Silver
11:15 INVITATION TO XXVI INTERNATIONAL MINING CONVENTION - NOVEMBER 18–21, 2025
Speaker: Ricardo Moreno, AIMMGM
11:20 MINISTERIAL ROUNDTABLE: DRIVING ECONOMIC GROWTH THROUGH MINING
Moderator: José Jabalera, Discovery Silver
Panelists: Ulises Fernández, State Government of Chihuahua
Roberto Gradillas, State Government of Sonora
12:00 CANADA AND MEXICO: PARTNERS IN SUSTAINABLE MINING GROWTH
Moderator: Armando Ortega, Equinox Gold
Panelists: Cameron Mackay, Government of Canada
12:20 MULATOS DISTRICT - A LOOK INTO THE FUTURE
Speaker: John McCluskey, Alamos Gold
12:40 CERRO CALICHE GOLD PROJECT, MEXICO’S NEXT GOLD MINE
Speaker: Kenneth MacLeod, Sonoro Gold
13:00 NETWORKING LUNCH BREAK
14:00 SECURITY CHALLENGES AND SOLUTIONS: A CRITICAL DISCUSSION FOR MEXICO’S MINING INDUSTRY
Moderator: Paloma Durán, Mexico Business
Panelists: David Betancourt, Mining risk Advisors
Mario Salomón, Grupo Multisistemas de Seguridad Industrial
14:30 UNLOCKING VALUE IN MINING: WHERE ESG MEETS EFFICIENCY
Moderador: Silvana Costa, Orla Mining
Panelists: Said Vivas, Scania
Mariano Souto, Aggreko
Rodolfo Garza, SOLENSA
Alejandro Hernández, ACD Group
15:15 THE FUTURE OF MINING IN MEXICO: TRENDS AND PREDICTIONS FOR 2025-2030
Moderador: Javier Reyes, Luca Mining Corp.
Panelists: Andrew Snowden, Torex Gold resources Inc
Jason Simpson, Orla Mining
Michael A. Konnert, Vizsla Silver
Tony Makuch, Discovery Silver
16:00 BUILDING THE FUTURE OF CONSCIENTIOUS MINING TOGETHER
Speaker: Pedro Rivero, CAMIMEx
16:15 PLAN MÉXICO: THE ROLE OF MINING AS A KEY SECTOR
Speaker: Lorenia Valles, Mining Commission / Sonora State
16:30 END OF MEXICO MINING FORUM 2025 PDAC
NEW REGULATORY FRAMEWORK SET TO BOOST MEXICO’S MININ G INDUSTRY
Under President Claudia Sheinbaum’s administration, a renewed vision for the industry is emerging — one that seeks to reactivate mining operations while ensuring sustainable and responsible practices, said Fernando Aboitiz, Head of the Extractive Activities Coordination Unit, Ministry of Economy, during the Mexico Mining Forum 2025 PDAC. As part of this effort, the government is developing a new regulatory framework in collaboration with the Mexican Mining Chamber (CAMIME x ), which is expected to bring greater clarity to the sector by June 2025.
In recent years, mining operations in Mexico have faced significant hurdles due to policy shifts, administrative delays, and regulatory uncertainty. Aboitiz says that the halt in permits and concessions has posed substantial challenges for companies operating in the sector. However, he assures industry stakeholders that resolving these issues has become a priority for the current administration.
“The upcoming regulatory framework is designed to address the key concerns raised by mining companies, investors, and communities. It aims to streamline administrative procedures, enhance transparency, and improve engagement between the industry and local communities. By reducing bureaucratic bottlenecks and providing clearer guidelines, the government hopes to attract renewed investment in
mining while upholding high environmental and social standards,” says Aboitiz.
A key element of the new mining policy is its emphasis on social certification. Aboitiz underscores the importance of fostering greater transparency and accountability in the sector, explaining that past administrative halts were largely due to the absence of structured mechanisms for community engagement and environmental responsibility. This initiative aligns with global trends in responsible mining, where companies are increasingly required to demonstrate their commitment to sustainability.
In response to ongoing debates surrounding open-pit mining, Aboitiz says that open-pit mining is not being addressed in existing legislation, so any proposals to regulate or prohibit this method will not move forward at this stage. This clarification offers some certainty to mining companies operating in Mexico, as the lack of clear legal guidelines had previously created uncertainty in the industry.
Shienbaum’s administration is committed to accelerating new mining projects, says Aboitiz. He adds that approvals for several key projects are expected in the coming months, signaling a shift toward a more proactive approach to industry development.
The new strategy is also revitalizing exploration efforts to ensure the longterm viability of the mining sector through the discovery and development of new mineral deposits. Aboitiz stresses that all new exploration must be coordinated with the Geological Service of Mexico to ensure adherence to national standards and support a more efficient development of the country’s resources.
To support this renewed mining agenda, the government is developing a public-private partnership (PPP) model that will redefine how mining projects are structured, says
Aboitiz. Under this model, the private sector will take the lead on mining initiatives, with the government providing regulatory support and oversight. This approach seeks to strike
a balance between economic development and responsible governance, fostering a more collaborative relationship between mining companies and authorities.
NAVIGATING MEXICO’S LEGAL AND REGULATORY LANDSCAPE
In 2024, Mexico’s mining sector experienced a pivotal transition as leadership shifted from Andres Manuel López Obrador to President Claudia Sheinbaum. To the sector, the new administration signaled a willingness to engage in renewed dialogue on critical issues, including the open-pit mining ban and concessions. However, ongoing challenges persist, with regulatory uncertainty, a lack of clarity in the Mining Law, and the continued halt on permits hindering industry growth, according to Karen Flores, Director General, CAMIMEx
“Mexico has gone through a complex period in terms of political and legal frameworks. One of the key challenges is achieving clarity in exploration, indigenous consultations, and community engagement, which must be clearly defined in upcoming regulations,” states Pablo Méndez, Partner, EC r ubio, referring to López Obrador’s proposals, such as the open-pit mining ban.
The proposal affects 60% of Mexico’s mineral production and places over Mx$30 billion (US$1.47 billion) in tax contributions at risk. However, since Sheinbaum stated that her administration would conduct a comprehensive review of the proposal, the outlook has improved. “Open-pit mining requires a comprehensive review, as activities such as sand extraction for cement production and lithium mining—key to national development—are carried out using this method. It is crucial to evaluate the details of the constitutional reform’s provisions,” the president asserted.
“We are at a key moment where regulatory agencies are more open to dialogue,” says Santiago Suárez, Partner, Servicios Legales Mineros S.C. He urged that by leveraging comparative legal analysis, mining companies can identify common ground to attract
investment while maintaining environmental and community considerations.
Suárez also stressed that due diligence must be at the forefront of any regulatory and judicial change: “Compliance extends beyond traditional legal obligations. Indigenous consultations, environmental impact assessments, and transparent community engagement are now fundamental to securing long-term operations.”
Laura Díaz, Partner, DB r Abogados, highlights that incorporating ESG principles is becoming more an industry standard than a “nice to have” policy. “Bringing legal advisors into board-level discussions ensures that compliance and ESG policies are embedded into corporate decision-making from the start.”
Ensuring judicial certainty is also crucial to ensure investment in the sector, which in turn can uplift entire communities, thus activating the national economy, according to Méndez. For this to be successful, all players must participate in creating comprehensive regulations. “No one benefits from regulatory duplication. Concession holders must have the certainty that they can operate within a legal framework that supports their activities,” says rubén Cano, Founding Partner, Cr Legal. “Authorities have begun to acknowledge that this industry contributes to overall well-being, making it crucial to develop an appropriate regulatory framework.”
The approval of the judicial reform, which transitions Mexico’s judiciary from appointed to elected officials, has also impacted the industry. This shift raised concerns over its potential impact on mining disputes. “Concerns have been raised that judicial reforms could undermine judges’ independence, potentially making them
more susceptible to influence from the government’s executive branch,” says Luis Chávez, Senior Vice President, Alamos Gold. Strengthening the rule of law and fostering a safer environment are critical to the sector’s, and the country’s, development, especially as President Sheinbaum’s Plan México targets economic growth, according to Cano.
“A modernized regulatory framework, legal certainty, and a commitment to sustainability will shape the future of mining in Mexico,” adds Flores. “By fostering collaboration and maintaining high standards of compliance, Mexico’s mining industry can navigate challenges and seize opportunities for sustainable growth.”
INVESTING IN MEXICO’S MINING FUTURE: OPPORTUNITIES AND RISKS
Despite being a global mining hub and a top producer of 17 minerals, Mexico’s mining sector continues to struggle with investment challenges. Attracting capital remains a major concern, as policy uncertainty, permitting delays, and the ongoing suspension of new mining concessions, initiated under the López Obrador administration, continue to stall projects. While the new government signals a more open approach, companies remain in limbo, awaiting clearer regulations and improved conditions for exploration and investment.
recent mergers and acquisitions, such as Coeur Mining’s investment in Sonora and Gatos Silver’s US$800 million transaction, signal renewed confidence in the sector, according to John-Mark Staude, CEO, riverside resources. However, investors continue to demand clearer policies and streamlined permitting and concessions to facilitate longterm commitments.
“From a foreign investment standpoint, transparency and predictable timelines are paramount. We have seen positive rhetoric, but
we need tangible actions,” said Dan Dickson, CEO, Endeavour Silver Corp. The sentiment was echoed by other experts, with executives highlighting the need for a more efficient regulatory framework to accelerate investment.
“We must not forget that Mexico has slipped in global mining rankings, dropping from 37th to 74th place,” said Marcio Fonseca, President and COO, Gr Silver Mining. “The country has lost close to 66% of foreign investments between 2022 and 2023.” In the latest Fraser Institute mining survey, Mexico dropped in ranking, due to the impact of regulatory changes, permitting delays, and ongoing policy uncertainty on industry performance. As a result, CAMIMEx estimates a US$1.2 billion loss in 2024, down from US$5 billion in 2024.
Economic realities will likely push the new administration toward greater engagement with the private sector, according to Javier r eyes, Founder, Luca Mining Corp. “The government cannot afford another six years of economic stagnation in mining. There is no financial cushion left to continue with restrictive policies,” he stated.
While the Sheinbaum administration is seen as more open to investment and regulatory discussions, recent increases in mining rights, from 7.5% to 8.5% and from 0.5% to 1.0%, could jeopardize more than US$6.9 billion in new project investments over the next two years, according to CAMIMEx
Despite past setbacks, Daniel Linsker, Partner and regional Director for Mexico, Central
JUANICIPIO PROJ ECT UPDATE
Mexico holds a distinguished position as the world’s leading silver producer, contributing approximately 23% of global output in 2022, a key contributor to the country’s economic growth. Key mining states such as Zacatecas, Chihuahua, and Durango are driving production, but face regulatory challenges to sustain the industry, says George Paspalas, CEO, MAG Silver.
“(The industry) needs to foster local businesses, education, and capacitybuilding programs that will endure beyond Juanicipio’s timeline”
George Paspalas CEO | MAG Silver
America, and the Caribbean, Control risks noted the current conditions as a strategic buying opportunity. With many projects undervalued due to past uncertainty, companies that take a long-term view could benefit from acquiring assets at attractive prices. “ r isk and opportunity must be balanced. The key is whether Mexico can provide the stability and legal certainty that investors need to move forward,” he said.
“Juanicipio is one of the highest-grade silver mines globally, boasting a 4,000t/d processing facility and producing 18Moz of silver annually on a 100% basis,” states Paspalas. The mine, operated by Fresnillo PLC, benefits from being in the Fresnillo belt, one of the most productive silver belts in the world. Beyond its current production, Juanicipio has a multi-decade mine life with further upside potential, as geological indicators suggest the presence of additional high-grade mineralization.
However, there is a persistent supply deficit due to rising industrial demand and declining inventories, notes Paspalas. “We are witnessing one of those classic economic scenarios: rising demand, constrained supply, and falling inventories,” he explained. Silver’s use in photovoltaic cells, electronics, and high-tech applications continues to expand, creating upward price pressure.
Mexico hosts a quarter of all silver ever mined globally, with large-scale “elephant” deposits still being discovered. However, Paspalas stressed that realizing this potential requires a collaborative effort between the industry, government, and local communities. “A real sustainability strategy is about building opportunities that do not depend on the mine,” says Paspalas. “(The industry) needs to foster local businesses, education, and capacity-building programs that will endure beyond Juanicipio’s timeline.”
However, regulatory hurdles have slowed mining development in Mexico in recent years. Paspalas urges the new administration to address permitting delays and environmental approvals to support responsible mining. “Mexico has a tremendous future in silver mining, but we need the right framework to execute,” he emphasizes. “We are hopeful that regulatory shifts will allow us to leverage renewable sources more effectively.”
INVITATION TO XXVI INTERNATIONAL MINING CONVENTION
The 36th International Mining Convention, organized by AIMMGM, is set to take place in Acapulco from Nov. 19 to 22 with an expected
attendance of 10,000 to 12,000 participants, gathering international participation with an extensive conference program, and stringent
security measures to ensure a seamless experience for all attendees, assures ricardo Moreno, General Coordinator, AIMMGM.
This year’s convention has garnered unprecedented interest from international participants, according to Moreno. The presence of these key stakeholders from countries such as Argentina, Australia, Canada, Chile, China, France, Germany, Italy, and Japan is crucial, as they provide cutting-edge equipment, technologies, and services that drive innovation in the mining sector.
Additionally, several Mexican states have confirmed their attendance, including Sonora, Zacatecas, Chihuahua, Durango, and Guerrero, regions known for their strong mining activity. At the federal level, invitations have been extended to former president Andrés Manuel López Obrador and Minister Marcelo Ebrard, signaling the convention’s importance on the national stage.
The convention’s agenda will feature 56 to 58 technical conferences, providing insights into the latest industry advancements. Among the key sessions, six CEO-led discussions will focus on the future of mining, particularly from
the perspective of Mexican and Canadian companies operating in the country.
The event will also include meetings with university representatives, mining chambers, and government officials, including a high-level gathering of state governors on Nov. 19, just before the convention’s official inauguration. A dedicated session for mining clusters and a special breakfast hosted by the Mining Chamber of Mexico (CAMIMEx) on Nov. 20 will further foster industry collaboration.
Moreno confirmed that meetings have been scheduled with military and local authorities to establish security protocols for both the convention venue and transportation routes. Following past incidents, special attention is being given to highway security between Mexico City and Acapulco. Additionally, a team of mining engineers is reviewing safety protocols at various hotels to ensure preparedness for any emergencies, including natural disasters.
“We are committed to making this one of the best conventions in our history,” Moreno stated. “Acapulco is ready, and we look forward to welcoming participants from around the world.”
MINISTERIAL ROUNDTABLE: DRIVING ECONOMIC GROWTH THRO UGH MINING
In Mexico, the mining sector provides nearly half a million jobs, offering salaries that are over 33% higher than the national average. However, the industry has contracted over the past six years due to an unclear and unstable legal framework and a lack of incentives. In this environment, states with prominent mining activity like Sonora and Chihuahua must balance their internal objectives with federal policies while addressing the challenges of maintaining investment and fostering sustainable development, said José Jabalera, Vice President of Sustainability, Discovery Silver.
“Mining is a fundamental pillar of Sonora’s economy,” said roberto Gradillas Pineda, Minister of Economy and Tourism, State Government of Sonora. “In our state, we have
a clear mission: to support mining companies at every stage of their investment process, ensuring they have the conditions to grow and operate with certainty,.”
According to INEGI’s Minerometallurgical Industry Statistics (EIMM), Mexico’s total copper production reached 58,556t in December 2024, with Sonora contributing 47,955t, accounting for over 81.93% of the national output. In 2023, the state produced 26.6% of the country’s gold and remains the only state producing molybdenum. It has 47 registered mining units, including 39 open-pit mines, and 8 underground mines.
“Mining has been a cornerstone of Chihuahua’s development. Today, it plays a key role in positioning us for the industries of the future,
including electromobility, semiconductors, and advanced manufacturing,” said Ulises Fernández Gamboa, Minister of Innovation and Economic Development, State Government of Chihuahua. In 2023, Chihuahua ranked third in national silver production, contributing to 22.2% of the national output. Similarly, the state ranked third in zinc production, with an 11.7% share in the national production, as well as third in lead production with 8.2% of the production.
From an industry perspective, Jabalera stressed the importance of a stable business environment. “The key to attracting and maintaining investment in mining is regulatory certainty. Investors need clear, long-term frameworks that allow them to plan for decades, not just years,” he said.
As President Claudia Sheinbaum took office, her government adopted a more moderate
stance toward the mining sector than her predecessor’s, Andres Manuel Lopez Obrador, by opening dialogue with the mining sector and committing to reviewing the proposed reform to ban open-pit mining.
Both Chihuahua and Sonora representatives mentioned the importance of sustainable policies in the sector regarding approaches to water management, community engagement, and programs that align with national regulations. “We are not just talking about economic benefits,” said Fernández. “We are talking about shared prosperity; ensuring that mining directly improves the lives of the people in our communities.”
“The future of mining is about balance, between growth and responsibility, investment and sustainability. Sonora and Chihuahua are committed to leading the way,” concluded Gradillas.
US TARIFFS OPEN THE DOOR TO STRONGER CANADA-MEXICO TI ES: MACKAY
President Donald Trump’s 25% tariffs are affecting two of the United States’ closest trading partners: Canada and Mexico. These tariffs are disrupting their access to the US market, heightening uncertainty, and raising concerns about the integrity of the USMCA. In response, both nations are exploring diversification strategies and strengthening their bilateral relations, particularly in key sectors like mining.
Canada and Mexico’s economies have historically been closely intertwined with
that of the United States, making both nations vulnerable to shifts in US trade policy. However, the imposition of these tariffs has catalyzed efforts to look beyond the United States for economic growth, said Cameron Mackay, Canada’s Ambassador to Mexico, during Mexico Mining Forum 2025 PDAC.
Mackay says that despite the challenges, the tariffs present an opportunity to explore new possibilities for collaboration. “Our strategy has always been to ensure that the strong, collaborative approach continues,
not just with the United States but with other parts of the world as well. The tariffs, while problematic, offer us an opportunity to rethink and diversify our relationships — creating new opportunities for Canadian businesses in Mexico and vice versa. We must take the chance to modernize and increase foreign investment in key sectors such as mining and energy while simultaneously ensuring we’re investing in sustainability and long-term strategies,” he says.
“Strengthening their bilateral relationship through strategic investments and collaborations will be crucial in navigating the challenges ahead”
Cameron Mackay
Canadian Ambassador to Mexico
Mexico’s renewed interest in opening its mining sector to foreign investment is a clear example of how both nations can collaborate to foster economic growth while reducing reliance on the United States, explains Mackay. “In the face of uncertainty, this is a critical moment for both Canada and Mexico to assert their leadership in the global mining industry. By embracing strategic partnerships and forward-thinking investments, we can not only weather the current storm but build a more resilient and diversified future together,” he says.
Mackay adds that despite increased integration between Canada and Mexico, uncertainty with the United States will persist, particularly regarding the integrity of the USMCA. “If Trump wants a deal with Mexico and Canada, now is the time. However, there are deeper objectives behind these tariffs, and we must wait to see how they evolve,” he says.
Mackay explains that both Canada and Mexico are rich in strategic minerals that are crucial for global supply chains, especially for sectors like renewable energy, technology, and infrastructure. However, to fully exploit these resources, both countries need to make substantial investments in exploration, mining infrastructure, and sustainable practices.
Given this uncertainty, Mackay urges both Canada and Mexico to continue focusing on diversifying their economic ties. “Strengthening bilateral relationship through strategic investments and collaborations will be crucial in navigating the challenges ahead,” says Mackay.
MULATOS DISTRICT: A LOOK INTO THE FUTURE
Alamos Gold is advancing its Mulatos District operations in Sonora, Mexico, with plans to expand production through the Puerto Del Aire (PDA) underground project. The company expects to commence construction in mid-2025 following the approval of an amended environmental permit in January 2025.
John McCluskey, President and CEO, Alamos Gold, highlighted the company’s growing, diversified profile as an intermediate gold producer with three operating mines in North America: Young-Davidson and Island Gold in Ontario, Canada, and Mulatos in Sonora, Mexico. According to McCluskey, the company is operating at a rate of over 605,000oz/y, with a long-term target of
900,000oz. He also noted the company’s declining cost profile, with all-in-sustaining costs (AISC) currently at US$1,275/oz, aiming to reduce them to US$1,175/oz. “You have to be profitable, or you are not going to last. We operate at a standard where, even if there were a significant drop in metal prices, we would remain profitable,” he added.
Mulatos and PDA Project’s Potential
The PDA project, located adjacent to the existing Mulatos pit, is expected to begin production by mid-2027. According to McCluskey, PDA’s mineral resources stand at 1.2Moz, which are projected to produce an average of 127,000oz/y over the first four years and 104,000oz/y over the current mine
life. “This will allow us to continue producing at Mulatos going into 2035, and we hope that as we conduct this work, we will find more that will extend production even further into the future,” he added.
The mine-site AISC is estimated at US$1,003/ oz. The project, which will mark a transition from existing open-pit mining to underground mining, will require an initial capital investment of US$165 million to put in a 2,000t/d mill and develop the underground infrastructure, with a capital intensity of US$195/oz, to be funded by the Mulatos District’s operations. McCluskey noted that the company was initially concerned about permitting, as a delay could create a gap between the end of open-pit operations and the start of underground mining. “I am very happy to say that in January 2025, the new administration granted the permit to develop the underground mine. That is very important since over 1,000 direct jobs depend on this mining operation,” he noted.
At a gold price of US$1,950/oz, the PDA project is expected to deliver a 46% after-tax internal rate of return (Irr) and a net present value (NPV) of US$269 million. If gold prices reach US$2,500/oz, the after-tax Irr would increase to 73%, with an NPV of US$492 million. The company also sees additional upside potential through incorporating higher-grade ore from the Cerro Pelon deposit.
Alamos Gold reported record free cash flow of US$240 million from the Mulatos mine site in 2024. For 2025, the company forecasts gold production from the Mulatos District between
130,000oz and 140,000oz, with an expected AISC of US$1,025/oz to US$1,075/oz.
The Mulatos District has a long track record of exploration success. Over the past six years, Alamos Gold has added 1.6Moz to its Mineral reserves and resources in the region. The PDA deposit remains open in multiple directions, providing further exploration potential. Cerro Pelon also offers growth opportunities, with an initial measured and indicated resource of 104,000oz grading 4.5g/t Au, which is open for further exploration.
Since entering the region, Alamos Gold has invested over US$20 million in community development initiatives. Projects include the construction of an elementary school, medical clinic, community center, and water and electricity infrastructure. The company provides 200 scholarships annually and has donated computers and medical supplies. Alamos Gold has maintained a certification for social responsibility for 17 consecutive years.
At Mexico Mining Forum 2025 PDAC, McCluskey emphasized the promising future of mining in Mexico, noting the country’s rich, untapped mineral resources, which are not found in other parts of the world. “Mexico has mineral resources, oil reserves. But if they are sitting on the ground and nobody finds them, what is it worth? It takes entrepreneurship and it takes thoughtful people. It is a big gamble, but some people will do it, and someone, despite being rare, will have success and will benefit the whole country,” he concluded.
CERRO CALICHE GOLD PROJECT, MEXICO’S NEXT GOLD MINE
Sonoro Gold is progressing with the Cerro Caliche gold-silver project in Sonora, aiming for near-term production. The company highlights favorable metal prices, particularly high gold prices, as key factors that enhance the project’s appeal to investors. As the political environment seems to be more mining-favorable, the company considers, the project is nearing its final steps toward pouring its first doré bar.
Kenneth MacLeod, President and CEO, Sonoro Gold, noted the project covers 1,400ha and is located three hours north of Hermosillo and three hours south of Tucson, the United States. It is accessible via a 31km asphalt road from Magdalena to Cucurpe, followed by a 35km dirt road. The site is near Bear Creek’s Mercedes mine, Agnico Eagle’s Santa Gertrudis Gold project, and Magna Gold’s San Francisco mine.
“So, we will keep on sending the message that Mexico is open for business and that it is a tremendous place to put their mining dollars into”
Kenneth MacLeod President and CEO | Sonoro Gold
Cerro Caliche’s mineralized zone. “There are 25 parallel vein structures trending northwest across the property, but we have only drilled eight of them so far,” he explained.
The Preliminary Economic Assessment (PEA) filed in October 2023 outlines two economic scenarios. At a gold price of US$1,800/oz, the project has a pre-tax net present value (NPV) of US$71.4 million and a post-tax NPV of US$47.7 million, with a pre-tax internal rate of return (I rr ) of 59% and a post-tax I rr of 45%. The projected payback period is 2.9 years. At a gold price of US$2,000/oz, the pre-tax NPV increases to US$116.8 million and the post-tax NPV to US$77 million, with a pre-tax Irr of 85% and a post-tax Irr of 63%. The payback period is reduced to 2.4 years.
The project design includes a downstream conveyor belt to transport ore from the mine to the process plant, reducing dust and noise generation, CO2 emissions, fossil fuel consumption, and operating costs. The plan also includes filling shallow pits with waste rock during operations and using organic waste for composting.
The March 2023 Mineral resource Estimate (MrE) outlines indicated resources of 19.9Mt containing 280,000oz of gold at 0.44g/t, 2.24Moz of silver at 3.5g/t, and 290,000oz of gold equivalent (AuEq) at 0.46g/t. Inferred resources are 10.5Mt with 140,000oz of gold at 0.42g/t, 1.35Moz silver at 4g/t, and 150,000oz of AuEq at 0.44g/t.
The potential target mineralization ranges from 120,000oz to 275,000oz of gold at 0.25 to 0.38g/t, 1.05Moz to 2.35Moz of silver at 2.2 to 3.2g/t, and 125,000oz to 285,000oz of AuEq at 0.26 to 0.39g/t. The resource estimate is based on 498 drill holes and 55,360m of drilling data. MacLeod highlighted that the company’s results are based on just 30% of
Sonoro Gold aims to bring Cerro Caliche into production to finance the expansion of the oxide gold resource. The 2023 PEA proposes an initial nine-year open-pit, heap-leach mining operation, with only 30% of known mineralized zones drilled and assayed. The company has raised over CA$23.9 million (US$16.6 million) in equity financing and has a shareholder base across Canada, the United States, Germany, and Switzerland. Insiders hold over 24% of issued and outstanding shares.
MacLeod stated that once the company receives the MIA in the coming months, it could pour its first doré bar within 13 months. He added that some team members have previously developed projects like La Colorada in even less time. “In my opinion, this is the easiest project in Mexico to bring into production, with few obstacles compared to any of the other projects we have evaluated in the country,” he stressed.
At Mexico Mining Forum 2025 PDAC, MacLeod acknowledged the policy shift toward the mining sector under President Claudia Sheinbaum, noting her more open stance compared to her predecessor, López Obrador. “I respect her for that, she is very pragmatic, and I am sure we can meet any of the requirements of the new mining code that will be developed soon,” he said.
He also emphasized that many of the company’s European shareholders, despite past challenges in Mexico, remained invested in Sonoro Gold due to their belief in the eventual MIA approval and production kickoff. “So, we will keep on sending the message that Mexico is open for business and that it is a tremendous place to put their mining dollars into,” he concluded.
SECURITY CHALLENGES AND SOLUTIONS: A CRITICAL DISCUSSION
Mining companies in Mexico face a complex security environment, requiring strategies to address blockades, internal corruption, and dealing with illicit groups, including cartels. Companies are adapting their approaches to anticipate and respond to these challenges effectively.
Mario Salomón, Country Manager, Grupo Multisistemas de Seguridad Industrial, highlighted that insecurity in Mexico continues to rise. He noted that during Carlos Salinas de Gortari’s presidency, there were 53,067 homicides, with the only decline occurring during Vicente Fox’s term, which recorded 44,826 homicides. In contrast, during López Obrador’s administration, the number increased significantly to 153,075, excluding the final months of 2024. Salomón estimated that counting the missing months could make this figure reach 180,000, more than double the 80,686 homicides recorded during Felipe Calderón’s presidency.
Salomón noted the limited success from the federal government’s Abrazos, no Balazos (Hugs, not Bullets) strategy. This policy remains unchanged, while a lack of coordination among federal, state, and municipal authorities, combined with low police salaries and inadequate training, contributes to ongoing security risks. United States and Canadian authorities have officially classified Mexican drug cartels as terrorist entities, adding further pressure on security frameworks.
Despite this security context, Salomón noted that US and Canadian mining companies are
still interested in investing in the country due to multiple other factors like skilled labor force and mineral abundance. He noted that companies can mitigate risks by working with private security partners, maintaining communication with local authorities, and implementing tailored security measures.
Salomón emphasized that selecting the right private security partner is crucial. While it may appear to be an additional cost, it should be viewed as an investment. “The second most important element is deterrence. Imagine a lion; despite its strength, it targets the weakest prey. Criminals act similarly, choosing to attack companies that appear less protected,” he explained.
During Mexico Mining Forum PDAC 2025, David Betancourt, Director General, Mining risk Advisors (MrA), and Salomón agreed that 90% of security consists of prevention. On the other hand, reaction was described as an undesirable but necessary aspect of security in mining operations. Salomón emphasized the importance of ensuring that security partners are not only trained in physical combat but also in areas such as psychology, protocol implementation, and human rights. “It is not uncommon for someone acting in self-defense to be wrongly identified as the aggressor,” he noted.
A 360° Approach to Security in Mining Operations
According to the World Economic Forum (WEF), cybersecurity ranked as the fifth biggest risk in the short term for 2024-
2025. Betancourt noted that the survey did not specifically mention the mining sector, however, this is a growing threat to the industry. He also noted that the sector is increasingly exposed to various security threats, including blackmail, cybercrime, extortion, fraud, collusion, internal theft, and vehicle theft, among others.
Betancourt noted the mining sector in Mexico presents some advantages to fighting digital threats. For instance, as most mining projects work with local workforce from nearby communities, they might not be as vulnerable
to scam campaigns, making it paramount to work in the internal aspects of mining operations.
Salomón highlighted that technology can also enhance physical security by improving monitoring and providing feedback. “At Multisistemas de Seguridad Industrial, we use drones to monitor mining sites more effectively. Our personnel are equipped with integrated cameras, which not only ensure their safety but also allow us to verify that protocols are being followed. If they are not, we can provide immediate feedback,” he added. UNLOCKING
IN MINING: WHERE ESG MEETS EFFICIENCY
Mining companies prioritize managing inflation, accessing cheaper capital, and meeting global ESG goals. In this context, operators must carefully assess suppliers and service providers, considering ESG performance, technological capabilities, and long-term benefits.
Experts gathered at the second edition of Mexico Mining Forum PDAC 2025 agreed that one of the most pressing challenges in the sector is reducing its carbon footprint. According to CAMIME x ’s Sustainability r eport 2024, the mining sector’s energy mix comprises 65% fossil fuels and 35% renewables. In 2023, 40 mining operations produced and consumed clean energy. The chamber points out that adopting electric technology offers greater efficiency in lighting and vehicle engines, helping to reduce
operating costs, as energy represents over 30% of mining operating costs.
Mariano Souto, Director General, Aggreko, noted that efficiency can be improved by using emerging technology like AI regardless of the energy mix a project uses. As for solar energy, he notes that including AI can help improve efficiency by optimizing energy production, managing storage, and ensuring better distribution, ultimately reducing costs and enhancing performance.
Mining companies are increasingly considering transitioning to electric vehicles (EVs) to improve efficiency and reduce environmental impact. This shift offers potential benefits, including improved health and safety conditions for workers through zero diesel
emissions, reduced heat, and lower noise and vibration levels. AI can also help improve these processes to boost greater efficiencies. “With the power of AI, we can simulate and find the most efficient routes, reducing the cost per tonne. The development of new technologies is crucial and cannot be overlooked; it is now an integral part of the development of our vehicles,” stressed Said Vivas, Mining Director, Scania.
Alejandro Hernández, Director General, ACD Group, highlighted the potential to increase efficiency through data correlation driven by sensors, AI, and the Internet of Things (IoT). “If mining units had a dedicated department to collect and analyze data, it could improve resource management and add value,” he added. Additionally, incorporating sensors and AI enables more accurate tracking of equipment wear and better scheduling of maintenance. This approach can improve environmental performance, reduce costs associated with unexpected equipment failures, and enhance overall operational efficiency by minimizing downtime and optimizing resource use.
EVs can also lower operating costs by reducing the need for ventilation and cooling, while, as technology becomes more efficient, faster acceleration and loading times can enhance productivity. According to industry estimates, advancements in EV technology have brought the total cost of ownership to approximately 17% below that of internal combustion engines (ICE).
Despite the advantages of EVs, Vivas emphasized the need to address technology
and infrastructure gaps, both at mine sites and in the surrounding country. “It is not just the mining operations, there are also long-distance vehicles transporting supplies to the site. The main challenge is that the area has not yet invested in charging stations,” he added.
Some mining companies are exploring alternative fuels like green hydrogen, which is considered ideal for reducing emissions. Experts in the energy sector view liquefied natural gas as a transition fuel because it provides reliable, affordable energy while producing 50% fewer emissions than oil or diesel. rodolfo Garza Alanis, Business Development and Engineering Manager, SOLENSA, notes that besides improving environmental and cost performance, the use of this transition fuel also contributes to community engagement as community members are included when implementing it.
Experts point out that repairing operating equipment is an effective strategy for reducing environmental impact, particularly in addressing Scope 3 CO2 emissions. Estimates suggest that asset repairs can lower these indirect emissions by up to 90%, reducing electronic waste, supporting more efficient resource use, and contributing to the circular economy. In this context, having a reliable partner to supply spare parts is important for maintaining operational continuity and managing environmental responsibilities. Consistent access to quality spare parts allows companies to extend equipment lifespan, reducing the demand for new manufacturing and minimizing waste.
THE FUTURE OF MINING: TRENDS AND PREDICTIONS FOR 2025-2030
The Mexican mining industry stands at a crossroads, with political uncertainty raising concerns about trade relations with North America. Companies must assess the risks and opportunities in these uncertain times to ensure the continued supply of minerals needed for the energy transition and industrial development.
The imposition of a US 25% tariff on all Mexican and Canadian imports on Mar. 4, 2024, despite being postponed until April 2025, marks an unprecedented shift for the USMCA region, which has benefited from free trade for over three decades. The fear of inflationary effects from these measures in the US hangs over the economy, directly impacting metal prices, particularly gold, which is considered a haven during inflationary pressures. At the time of writing, gold stands at US$2,912/oz, one of its highest levels in 1Q25.
Despite the increase in some metal prices, experts noted that this will pressure costs, making it urgent for companies to work on building a more efficient cost structure. “It is a wake-up call for Mexico and Canada to strengthen their domestic industries. In Canada, it could push the government to accelerate permit timelines, enabling more mine development for a more prosperous economy. A similar shift could also take place in Mexico,” said Andrew Snowden, CFO, Torex Gold.
While rising metal prices can benefit mining companies, particularly those in the precious metals sector, these companies must assess their supply chains to avoid negative impacts from tariffs, whether they remain unilateral or Mexico implements retaliatory measures.
“Tariffs will increase costs for everyone, from consumers to businesses, driving a shift toward national sourcing. Companies already positioned for local sourcing will have some protection against these impacts, although not everything can be sourced domestically,” noted Jason Simpson, President and CEO, Orla Mining.
It is essential to determine how many suppliers are based in the United States and explore how Mexican suppliers can fill any gaps. Additionally, companies should evaluate the locations where their metals are refined. “We need to rebuild vertical integration by developing smelting, refining and finished goods capacity within the region. For example, why mining silver, ship it to China for solar panel production, and then import them back? This process could be done domestically,” noted Tony Makuch, CEO, Discovery Silver.
Experts at Mexico Mining Forum PDAC 2025, stressed the importance of building positive synergies in the areas where a mining company operates, helping all stakeholders understand the benefits mining brings, so they can act as “ambassadors,” of the sector at federal levels. “Building local capacity makes good business sense because it shortens pricing cycles. Over time, we have learned to prioritize spending and managing costs in local currency whenever possible,” Makuch noted.
A key factor that mining companies will closely monitor is the development of Mexico’s new regulatory framework. Under President Claudia Sheinbaum’s administration, the government, in collaboration with mining insiders, aims to release the new framework by June 2025, addressing administrative delays, transparency, and community engagement. Key elements include streamlined procedures, social certification, and a public-private partnership model. This framework is expected to attract investment and ensure high environmental and social standards. “We are beginning to see in this administration some changes that are tremendously positive to that future, we see great opportunity for those that have been in Mexico for a long time,” Simpson added.
Experts believe that despite geopolitical challenges like tariffs, there are opportunities
to strengthen internal prosperity, with policy shifts aligning to support this growth.
“We talked to federal officials who told us that their purpose for attending PDAC was to get the message across that Mexico is open for business,” Snowden noted.
“I think Mexico will refocus on rebuilding trust and certainty by speeding up permits. The positive aspect is that authorities will get back to work on attracting investment. Good things always emerge from challenges, like, in this case, tariffs,” highlighted Javier reyes, Founder, Luca Mining.
BUILDING THE FUTURE OF CONSCIENTIOUS MININ G TOGETHER
Mining remains a cornerstone of Mexico’s industrial landscape, contributing 8.6% of the country’s industrial GDP and supporting over 3 million jobs. The sector also generates more than Mx$40 billion (US$1.97 billion) in annual taxes, equivalent to funding multiple major infrastructure projects each year, shared Pedro rivero, President, CAMIMEx. Despite these contributions, r ivero notes that the industry is subject to one of the highest tax burdens, with 56% of revenue allocated to taxation.
Beyond its financial impact, mining plays a vital role in environmental sustainability
“Investment does not wait.
If we do not provide a stable and predictable framework, capital will go elsewhere. Mining is a long-term industry, and it requires long-term certainty”
and community development. “We are a highly regulated industry, and we take our environmental responsibilities seriously. Mining is no longer what it was decades ago. We have evolved, and we must make this clear to society,” said rivero.
On the social front, mining has historically shaped entire communities. Cities like Guanajuato, Zacatecas, and Pachuca owe their foundations to the industry, while today, more than 650 mining communities across Mexico benefit from infrastructure investments, local employment, and small business development. “We do not just extract minerals; we create opportunities, we build cities, and we drive regional economies,” rivero emphasized.
Pedro Rivero President
| CAMIMEX
“Investment does not wait. If we do not provide a stable and predictable framework, capital will go elsewhere. Mining is a longterm industry, and it requires long-term certainty,” rivero warned. More than US$12.5 billion in mining investments are ready to be deployed in Mexico over the next two years,
yet companies face delays in permits, unclear regulations, and security risks.
r ivero highlights that mining is often misunderstood, despite its indispensable role in supporting over 70 industries, including those critical to the energy transition. “Without mining, there is no energy transition. No electric vehicles, no solar panels, no lithium batteries, none of it is possible without the minerals we provide,” he asserted.
The industry must improve its communication and align with national development goals, r ivero shared. “There is no better communication than actions,” r ivero
MINING INDUSTRY SUPPORTS PLAN MÉXICO’S DEVELOP MENT GOALS
remarked, urging the industry to demonstrate its commitment through measurable results rather than rhetoric. “The mining sector must proactively engage with policymakers to ensure that the sector remains a key partner in Mexico’s long-term economic and infrastructure growth.”
With billions in investment on the table, the next steps taken by both industry leaders and policymakers will determine whether Mexico can fully leverage its mineral resources for sustainable and inclusive growth. “The opportunity is here. Now is the time to work together to ensure that mining remains a pillar of progress for Mexico,” rivero concluded.
Mexico’s mining sector is aligned with the country’s broader economic development strategy, known as Plan México, says Lorenia Valles, President, Mining Commission, and Senator of Sonora. Mining is not only crucial for economic growth but also fits perfectly with the government’s vision of creating a modern, sustainable, and investment-friendly environment, she adds.
Plan México seeks to enhance the nation’s economic prospects by focusing on several key pillars, which include creating certainty for investors, increasing foreign investment, modernizing infrastructure, and promoting clean energy initiatives. These elements, says Valles, directly correspond with the opportunities within the mining industry.
“Mining is not just an industry; it is an integral part of our strategy for growth and stability. We must ensure that the industry modernizes, attracts investment, and operates in a sustainable manner to meet both national and global demands,” says Valles. Plan México also places significant emphasis on sustainable development, and she adds that clean energy promotion and emission reductions must continue to be fundamental goals.
The government’s efforts to reduce bureaucracy and simplify investment procedures will make the country an even more attractive destination for foreign investors, explains Valles. “Under Plan México, we aim to reduce the time it takes to process
investment projects from 2.6 years to just one year or less. This will help streamline the process for mining companies to enter the country and get to work faster,” she says.
Plan México also aims to boost public investment to support nearshoring, which involves relocating supply chains closer to the US market. This shift presents a great opportunity for Mexico’s mining sector, says Valles, as it can supply vital materials for industries such as EV and renewable energy production. “The government’s investment in infrastructure is key to supporting all
industries, including mining, and ensuring that it can compete in the global market,” says Valles.
Through Plan México, the government also aims to increase company creation and strengthen the industrial base through the IMME x 4.0 initiative, explains Valles. “We are at a crucial moment. By embracing modern practices, reducing bureaucracy, and attracting foreign investment, we can ensure that Mexico becomes a global leader in mining, contributing to a prosperous and sustainable future for all,” she says.
