IMPACT REPORT
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Gold Sponsors
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Mining remains a cornerstone of Mexico’s economy, supplying critical minerals to domestic and global supply chains while driving regional employment and investment. Gold, silver and copper are all trading near record 2026 highs, giving the sector its strongest price backdrop in years. Yet, more than 160 projects remain stalled for lack of environmental permits and secondary regulations, a reminder that capital has not yet caught up to the price cycle, even as CAMIMEX pegs the sector’s six-year upside at US$43 billion in investment and 500,000 jobs. Mexico Mining Forum 2026 convened more than 300 senior-level attendees and 35+ industry leaders for the 16th edition of Mexico’s premier mining event, held Sept. 2 at the Sheraton María Isabel Mexico City Reforma. The forum served as a platform for dialogue, knowledge sharing and networking among operators, investors and government representatives, with AIbased matchmaking enhancing strategic connections around investment, technology, and sustainable growth. Government participation stood out as a central theme, with permitting reform and production targets taking center stage. Fernando Aboitiz, Head of Extractive Activities Coordination at Mexico’s Ministry of Economy, said Mexico is targeting a return to its historic output peak of 42Mt, up from about 32Mt today, as backlogs at SEMARNAT, CONAGUA and Economy near completion, 85%, 50% and over 90%, respectively. Collaboration across the value chain emerged as a recurring thread, with operators, investors and regulators sharing strategies on permitting, community engagement, technology adoption and energy security. Panelists weighed how AI, automation, and real-time data are moving from pitch-deck promise to on-site practice, how miners are restructuring power strategy to keep remote operations running while cutting emissions, and how companies are building their own community and mine-closure standards while formal social-license regulation still lags.
4
C onference I mpact
16
203
36
369
16th
companies
conference participants
Breakdown by job title
sponsors
speakers
4,892 visits to the conference website
Edition
LinkedIn pre-event CTR: 2.3%
29.3% VP / Director / Partner 20.9% President / CEO
Impressions: 100,890 Engagement rate: 6.3%
LinkedIn during the event CTR: 9,1% Impressions: 4,497 Engagement rate: 14,05%
Country Manager Director General
29.8% Manager / Senior / Head 18.4% Analyst / Executive
Advisor / Geologist
1.6%
Minister / Ambassador Consul
Twitter pre-event CTR: 1.4% Impressions: 7,669 Engagement rate: 0.3%
Twitter during the event CTR: 1.6%
Impressions: 629
Engagement rate: 0.6%
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 2026 attendees
MBE App Impact
Matchmaking intentions
288
participants
1360
matchmaking communications
327
1:1 meetings conducted
Total
3021
855 Trading 2166 Networking
5
C ompany A ttendance •
ABB México
•
Desarrollos Rod
•
Aceros Verqro
•
Diprem
•
ACTUS Mining
•
Discovery Chemical
•
Aggreko
•
Discovery Mining
•
AIMMGM
•
Discovery Silver
•
Alamos Gold
•
DMV Mining Intelligence
•
Alis Bio
•
DSI Underground México
•
Alliance
•
DVL Film House
•
ALN Abogados
•
EC Rubio
•
Álvarez Y Álvarez Arquitectura Ingenieria
•
ECLIPSE SOLUTIONS OFFSHORE
•
AmaranZero
•
Embajada de Australia
•
AMENEER
•
Embassy of Canada
•
Amphos 21 Peru
•
Emerson
•
Andromeda Resources
•
Empresas Salgado
•
ANIERM
•
ENDEAVOUR SILVER
•
Aosenuma
•
ENDRESS + HAUSER MEXICO
•
Arago Capital
•
ENERGETICOS NIETO
•
Asociación Mexicana de la Industria Salinera
•
Energex
•
Atlas Renewable Energy
•
Enestas
•
Ausenco
•
ENGIE
•
AUTLAN
•
EPIROC MEXICO
•
Baez & Abogados
•
Equinox Gold
•
BBVA
•
EQUIPOS Y BARRENACIONES DE SAN LUIS
•
Becerril, Coca & Becerril
•
Explosivos del Istmo
•
Black & Veatch
•
EYENESA
•
BNAmericas
•
Fideicomiso de Fomento Minero
•
Bureau Veritas
•
First Majestic Silver
•
C. Industrial HANKA
•
Flemming Jorgensen
•
Cámara de Comercio de Canadá en México
•
FLS
•
Cámara Minera de México
•
FORMIMEX
•
Cámara Verde de Comercio
•
Fresnillo PLC
•
CAMIMEX
•
FRIMA (Franco, Ríos Muñoz y Asociados, S. C.)
•
CanCham Mexico
•
Frotcom LATAM
•
CAPISA
•
Fugro
•
Capitan Silver Corp
•
•
CeoStrategos
FUMEC (Fundación México Estados Unidos para la Ciencia )
•
Cereceres
•
Fundación Todos por Cerro de San Pedro
•
CHESAPEAKE GOLD
•
GAS NATURAL DEL NOROESTE
•
CIDE
•
Gas Natural Industrial
•
Cleanova Micronics
•
GATX Corp
•
Coeur Mining
•
GEOSERVIX
•
COLEGIO DE INGENIEROS DE MINAS, METALURGISTAS Y GEÓLOGOS DE MÉXICO
•
Gestion corporativa CK
•
Glencore
•
Congreso de Sonora
•
GoGold Resources Inc
•
Construplan
•
Government of Chihuahua
•
Control Risks
•
Government of Saskatchewan
•
Covoro Mining Solutions Mexicana
•
GP&H
•
Cribor
•
GR Silver
•
CRYOINFRA
•
GroundTruth Exploration
•
CyPlus Idesa
•
Grupo Cobra
•
DBR Abogados
•
Grupo Mexico
•
Delegación General de Québec en México
•
Grupo México Energía
6
C ompany A ttendance •
Grupo México Infraestructura
•
Prism Mexico
•
Grupo México Minería
•
PROESMMA
•
Grupo Mexico Servicios de Ingenieria
•
PROYECTOS Y CONSTRUCCIONES VIRGO
•
GRUPO MINERO DUMAS MEXICO
•
PS&B
•
Grupo Peñoles
•
Quaker State
•
Grupo Verqro
•
RB Mexico Law Abogados
•
Guanajuato Silver
•
REDD Intelligence
•
H&H Metals Corp
•
RM Mineria
•
Halyard
•
Roxtec
•
Heiras abogados
•
SACMAG DE MEXICO
•
Heliostar Metals
•
Samsung C&T
•
Hitachi Energy
•
Santamarina y Steta
•
ICA Industrial
•
Secretary of Economy
•
International SOS
•
SEMARNAT
•
Jamieson Group
•
Servicio Comercial de la Embajada de Francia
•
Janus Group
•
SERVICIOS ADMINISTRATIVOS PEÑOLES
•
JGM
•
Servicios Legales Mineros
•
KEPLER CONSTRUCTORA
•
Siemens Energy
•
Kluane Drilling
•
Sika
•
Komatsu
•
Silver Tiger Metals
•
KPMG Canada
•
Simsa
•
KPMG México
•
Sinda
•
Latin American Green Chamber of Commerce (Cámara Verde LATAM)
•
SJIM
•
Solarfuel
•
LHO Global
•
Solensa
•
Logistec
•
Solum Consulting Group
•
Luca Mining Corp
•
Sonoro Gold Corp
•
Lynx
•
SpaceX
•
M3 Engineering
•
Stefanini Group
•
MACLEAN ENGINEERING
•
Steinweg
•
Mammoth Resources Corp
•
Sumitomo Corporation
•
Master Drilling
•
TAKRAF Mexico
•
McLanahan Corporation
•
Tata Consultancy Services (TCS)
•
MCNet (Radar Minero)
•
Techint
•
Minas de San Nicolas
•
Tedagua
•
Minera Atocha
•
The Nugget
•
Minera Frisco
•
Torex Gold Resources
•
Minera San Xavier
•
Toroto
•
MSALabs
•
Traduweb
•
NewFields Servicios de México
•
Tuto Power
•
Newrest México
•
U.S. Consulate in Monterrey
•
NG Renta
•
USCS
•
Novus Infrastructure Energy Mexico
•
Victaulic
•
NZTE
•
•
Ontario Trade and Investment Office
V I R T U A L I N T E G R AT E D SOLUTIONS MEXICO
•
Origin Resource Capital Limited
•
Vizsla Silver
•
Orion Productos Industriales
•
VMS Energy
•
Orla Mining
•
Weir Minerals
•
OSSA
•
WIM México
•
Peñoles
•
Worley Engineering de Mexico
•
PHT Anti abrasivos
•
XPANSE
•
Prima
A N A LY T I C S
7
PROGRAM
W E D N E S D AY, S E P T E M B E R 2 08:30
MINING’S ROLE IN MEXICO’S FUTURE ECONOMIC SUCCESS
Speaker: Karen Flores, Director General of CAMIMEX 09:00
MEXICO’S MINING ROADMAP FOR 2027
Speaker: Fernando Aboitiz, Head of Extractive Activities Coordination Unit of Ministry of Economy
09:30
CLEARING THE PERMITTING BACKLOG: A NEW ERA FOR MINING INVESTMENT
Moderator: Karen Flores, Director General of CAMIMEX Panelists: Joel González, Partner at ALN Abogados Christopher Ávila, Director of Institutional Relationships of Peñoles Rocío Flores, Director of Mines at Government of Chihuahua Leonardo Taylor, Corporate Director of Silver Tiger Metals 10:30
THE ROLLERCOASTER RIDE FROM DISCOVERY TO PRODUCTION
Moderator: Mario Hernández, Mexico Lead Partner, IMMEX Segment at KPMG Panelists: Alberto Orozco, CEO of Capitan Silver Kenneth Macleod, President of Sonoro Gold Luz Mariana Pérez Montoya, Director of Mining & Metallurgical Industry of Ministry of Enviroment and Natural Resources
11:15
FIRST MAJESTIC: GROWTH THROUGH EXPLORATION AT SANTA ELENA Speaker: Jesus Quintanilla, Exploration Director of First Majestic Silver.
11:30
NETWORKING COFFEE BREAK & AI-BASED MATCHMAKING
12:00
THE INTELLIGENT MINE: OPERATIONAL EXCELLENCE THROUGH AI, AUTOMATION AND REAL-TIME DATA
Moderator: Lorena Montaño, Senior Director, Mexico - Minerals & Metals of AUSENCO Panelists: Faysal Rodríguez, Senior Vice President, Mexico of Torex Gold Resources Rerison Otoni, Smart Manufacturing Director of Stefanini Group Diego Torroella, Director General Mexico of Takraf Björn Tissel, General Director of Epiroc Francisco Alanis, Chief Financial Officer of DMV Mining Intelligence 12:45
SMART EXPLORATION: TRANSLATING TECH AND GEOPHYSICS INTO DISCOVERY ROI
Moderator: Alfredo Phillips, Senior Strategic Stakeholder Management Advisor of Equinox Gold Panelists: Guillermo Gastellum, Exploration VP of Fresnillo Alejandro Cardoza, General Director of Master Drilling Oscar Gonzalez, VP Exploration of Sonoro Gold Jesus Quintanilla, Exploration Director of First Majestic Silver 13:30
AGGREKO PRESENTATION
Speaker: René Aguirre, Business Development Manager of Aggreko
Check the panel/presentation’s highlights on mexicobusiness.mx clicking on the icon
8
PROGRAM
W E D N E S D AY, S E P T E M B E R 2 13:45
NETWORKING LUNCH BREAK & AI-BASED MATCHMAKING
15:00
THE INTELLIGENT MINE: OPERATIONAL EXCELLENCE THROUGH AI, AUTOMATION AND REAL-TIME DATA
Moderator: Pablo Mendez, Partner at EC Rubio Panelists: Rafael Cereceres, Managing Partner at Cereceres Marisol Barragán, Director General of Minera San Xavier Doris Vega, President of México Minero Diego Gómez, VP of Government Relations of Vizsla Silver 15:30
ENERGY SOVEREIGNTY & SUSTAINABILITY: DECARBONIZING MEXICAN MINING
Moderator: José Jabalera, VP of Sustainability of Discovery Silver Panelists: Paulo Cervantes, Business Development Director of Solensa Gustavo Ortega, Director General of Grupo México Energía Cecilia Alvarado, Chief Commercial Officer of Energy Sales of ENGIE 16:15
MINING LEADERS’ PRIORITIES FOR THE NEXT 18 MONTHS
Moderator: Armando Ortega, SVP & Country Manager of Equinox Gold Panelists: Sandro Ferrarone, Senior Vice President Operations, Mexico of Coeur Mining James Barron, Americas Mining Centre of Excellence Leader at KPMG Canada Hernán Dorado, Vice President Operations, Mexico Heliostar Metals LTD
17:00
NETWORKING COCKTAIL & AL-BASED 1:1 MEETINGS
19:00
END OF Mexico Mining Forum CDMX 2026
Check the panel/presentation’s highlights on mexicobusiness.mx clicking on the icon
9
MEXICO’S MINING ROADMAP FOR 2027 Fernando Aboitiz, Head of Extractive
Mexican manufacturing supply chains require,
Activities Coordination at Mexico’s Ministry
not solely a source of royalty revenue.
of Economy, said the government aims to return national mineral output to its historic
Aboitiz linked the recovery effort to a
peak of 42Mt, up from approximately 32Mt
broader regional strategy, as Mexico prepares
currently, as SEMARNAT, CONAGUA and
to coordinate the Latin American Council
Economy clear permitting backlogs that
of Mining Ministers following a meeting
reached 85%, 50% and over 90% completion,
held in Chile the previous week. “Latin
respectively. Speaking ahead of Mexico’s term
America must present a united front vis-a-
coordinating the Latin American Council of
vis developed countries so we can move up
Mining Ministers, Aboitiz called for a regional
the value chain, moving beyond extraction to
front to help producers move up the value
refinement and cathode processing,” he said.
chain into refining and cathode processing.
Aboitiz described this as a counterweight to a unilateral, price-based approach favored by the US, positioning Latin American producers
“The goal of the government is to return to the
to negotiate collectively for investment in
maximum levels of production that Mexico
refining and processing capacity rather than
had before, to 42Mt of total mineral products”
competing individually for bilateral deals.
Fernando Aboitiz Head of Extractive Activities Coordination Unit Ministry of Economy
Permitting backlogs that had stalled new mining operations are largely clearing, according to Aboitiz. He said the Ministry of Environment and Natural Resources (SEMARNAT) has authorized approximately
He also outlined proposed reforms to
85% of pending permits for permanent
exploration certainty and mine-life extensions
operations, equivalent to more than 150
still under discussion with industry.
authorizations, while the National Water Commission (CONAGUA) has reached roughly
Mexico is working to recover the peak
50% and the Ministry of Economy has cleared
production levels it once reached across its
90-95% of its concession-related processes.
mining sector, driven by faster permitting
He described new mining operations as
and a renewed government consensus on
beginning to receive authorization for the
the strategic value of critical minerals, said
first time in years, alongside a working group
Fernando Aboitiz, Head of the Extractive
tasked with presenting exploration reforms
Activities Coordination Unit at the Ministry
to President Claudia Sheinbaum within the
of Economy, at Mexico Mining Forum 2026.
coming weeks.
“The goal of the government is to return
Two regulatory priorities remain unresolved,
to the maximum levels of production that
Aboitiz said: exploration certainty and
Mexico had before, to 42Mt of total mineral
extended mine life.
products,” Aboitiz said. He noted that national output across all minerals has fallen
On exploration, he described the current
to approximately 32Mt from that historic
framework, under which companies risk
peak, and that new operations must come
exploration capital only to lose a subsequent
online to close the gap. Aboitiz added that
public tender, as untenable, and floated
the debate within government over whether
a model in which explorers who make a
to develop gold and silver deposits has
reasonable purchase offer could bypass
largely been resolved, with officials now
the tender process, with those who do not
recognizing these minerals as inputs that
find viable deposits reimbursed for prior investment. On mine life, he proposed
10
allowing operators to extend concessions along a proven vein rather than opening new sites, arguing that extending an existing mine from 6 or 7 years to 15 or 20 years carries lower environmental and economic costs than closing one operation and permitting another. Aboitiz said both proposals are being developed jointly with industry chambers before any formal regulatory change is pursued, and that a wholesale reform of the Mining Law is not currently under consideration given the sector’s recent volatility. On trade, Aboitiz said Mexico’s mining chapter within the broader USMCA renegotiation has not stalled but has become a secondary element tied to the pace of the overall talks, with Mexico working alongside industry chambers to secure favorable terms rather than accept externally set conditions. Aboitiz’s remarks on faster permitting align with recent MBN reporting on the
reform. Investment tied to permit resolution
sector’s regulatory trajectory. SEMARNAT
remains substantial: Torex Mining’s Media
authorizations have accelerated in recent
Luna copper project, structured around a
weeks even as the agency simultaneously
projected output increase to 70-75 million
narrowed the scope of approvable projects,
pounds annually between 2027 and 2030,
having barred new environmental permits
illustrates the scale of capital awaiting the
for mining activity within federally protected
same regulatory clearances Aboitiz described
natural areas following a Supreme Court
as nearing completion.
ruling upholding the 2023 Mining Law
MINING’S ROLE IN MEXICO’S FUTURE ECONOMIC SUCCESS Mexico’s mining sector could attract US$43
investment and generate 500,000 jobs over
billion in new investment and create 500,000
six years, provided the nation restores its
jobs over six years if the country reverses
international competitiveness. Karen Flores,
its recent decline in regulatory and fiscal
Director General of CAMIMEX, presented
competitiveness, according to CAMIMEX.
this economic projection during the Mexico
The proposed investment roadmap would
Mining Forum 2026, while addressing the
significantly expand domestic output of
vital role of the sector in driving national
critical minerals for North American supply
development and regional supply chains.
chains. However, industry leaders warn that achieving these targets depends on
“Mining is not merely an extraction activity;
establishing legal certainty, maintaining
it is the foundational pillar that supports
competitive tax structures, and fostering
192 productive sectors across Mexico and
geological exploration.
strengthens North American integration,” Flores says.
The Mexican mining industry stands at a critical strategic crossroads, holding the
The chamber notes that mining currently
potential to attract US$43 billion in new
contributes 4.6% to expanded national gross
11
domestic product and supports three million
The roadmap projects a 50% increase in
direct and indirect jobs, while underpinning
copper output, 29% in silver, 46.7% in zinc, and
14 million jobs across the broader value chain.
27% in gold over the six-year period. Demand
Despite its substantial economic contribution,
for these materials is accelerating due to the
the sector faces significant operational
global energy transition, as electric vehicles
headwinds, including a total effective tax
require 6.1 times more critical minerals than
burden reaching 52.68%. This fiscal weight
conventional internal combustion vehicles.
is higher than competing mining jurisdictions such as Canada at 34.61%, Chile at 35.66%,
A study by the Center for Research and
the US state of Arizona at 30.17%, and Peru
Teaching in Economics, led by researcher
at 39.93%.
Rodrigo Aliphat, demonstrates that a 10% operational efficiency increase in mining
Even under these conditions, mining remains
yields an MX$18 billion (US$1.06 billion) rise
the fifth-largest source of foreign currency
in direct production and an MX$64 billion
income for Mexico, generating MX$78
(US$3.77 billion) multiplier effect across
billion (US$4.59 billion) in annual fiscal
national value chains.
contributions in 2024, which includes MX$11 billion (US$647.82 million) in mining royalties.
Social Impact and Competitiveness Recovery
“Mining is not merely an extraction activity; it is the
Mining operations generate substantial social
foundational pillar that supports 192 productive
development in isolated rural regions where
sectors across Mexico and strengthens North American integration”
Karen Flores
Director General | CAMIMEX
Production remains heavily concentrated in five northern and central states, which generate over 80% of national miningmetallurgical value: Sonora leads with 36.3%, followed by Zacatecas at 27.7%, Chihuahua at 10.4%, Durango at 8.9%, and Guerrero at 5.6%. Mexican firms control 54.9% of CAMIMEXaffiliated production, followed by Canadian capital at 24.5%, the United States at 17.4%, and other foreign jurisdictions at 3.2%. Critical Minerals and North American
alternative industrial opportunities are scarce.
Supply Chains
Average monthly worker compensation reaches MX$24,212 (US$1,426), which is five
Th e p ro p o s e d U S $ 4 3 b i l l i o n c a p i t a l
times the national well-being income line set
allocation includes US$14 billion earmarked
by the federal government.
for immediate high-priority projects and US$500 million annually dedicated to
Data from the United Nations Development
exploring existing concessions. This capital
Programme indicates that 59% of mining
deployment would directly boost Mexico’s
m u n i c i p a l i t i e s re g i s t e r h i g h h u m a n
supply of strategic raw materials to the
development scores, while CONEVAL reports
United States and North American trade
that 85% show low social lag. In 2024, mining
partners under USMCA.
operations contracted more than 9,000 local
12
suppliers, predominantly small and medium
The chamber projects cumulative fiscal
enterprises, while granting over 8,000
contributions to the federal treasury of
educational scholarships.
MX$212 billion (US$12.49 billion) by 2030, alongside MX$300 billion (US$17.67 billion)
To realize the US$43 billion projection, Flores
in annual local economic spillovers across
says Mexico must reverse its decline in the
212 municipalities, if policy stability and
Fraser Institute investment attractiveness
geological exploration are prioritized.
rankings, where the nation ranked 36 out of 68 jurisdictions in 2025, down from top-15 positions in 2011–2015.
CLEARING THE PERMITTING BACKLOG: A NEW ERA FOR MINING INVESTMENT Mexico’s mining sector holds roughly
companies are ready to commit over US$14
US$11 billion in stalled investment awaiting
billion the moment conditions allow it.
regulatory authorizations, a backlog CAMIMEX attributes to fragmented
CAMIMEX Director General Karen Flores
permitting across environmental, water, and
pressed specialists on where progress is
multi-level government approvals rather than
actually possible: environmental permits,
concession scarcity alone. Water availability
water availability, community relations,
has emerged as the sharpest constraint
and coordination across federal, state, and
since 2023 mining law reforms barred new
municipal governments. The panel’s shared
concessions in stressed aquifer zones, directly
starting point was that a mining concession
affecting mine-life planning for operators
is no longer the decisive factor in whether
like Peñoles and junior explorers. The federal
a project gets built; it is just one variable
government’s accelerated review process,
among several. Flores emphasized that
which has resolved 110 of 176 inherited stalled
companies under CAMIMEX adhere to the
projects, underpins CAMIMEX’s forecast
highest global standards and actively share
of a 30.8% investment rebound to US$6.4
that technical expertise to help shape policy.
billion in 2026.
“We put that knowledge at the authorities’ disposal to raise whatever standards are
Mexico’s mining industry is sitting on roughly
necessary, but also so they understand our
US$11 billion in investment that regulatory
sector and its complexities and take them
delays have kept on the sidelines, more
into consideration in regulations,” Flores
than double what the sector deployed in all
stated. “Ultimately, we have the same goal:
of 2025. At the same time, CAMIMEX says
for mining to grow and for Mexico to do well,” she added.
13
Water Is Where the 2023 Reform Bites Hardest
“We cannot leave the responsibility on the authority to resolve a permit. If there is no interdepartmental management within
Mexico’s May 2023 mining law reform cut
companies, you will not be successful.” The
standard concession terms from 50 to 15 years
real risk, he says, is unpredictability: rules
(renewable once), tied water concessions to
that shift after capital is already committed,
certified closure and restoration plans, and
without transition mechanisms. “We agree
critically barred new concessions in zones
that if we are going to raise the standard,
where water availability is already spoken
we do it together, and for that, companies
for. That last clause is what makes water
must participate; we cannot leave the whole
the sector’s most sensitive constraint: a
burden on the government. As companies, we
project can clear its environmental impact
must participate in this regulatory evolution,
review and still stall if CONAGUA rules that
because if we wait until the law changes
the local aquifer has nothing left to allocate.
to see what we do, then we are late. That
That pressure has only intensified since.
costs money, disincentivizes investment, and
Mexico’s General Water Law and a Circular
generates uncertainty,” González said.
Economy Law now in force introduce the idea of “indirect damage,” extending liability for
This sentiment was echoed by Leonardo
aquifer drawdown or water-quality changes
Taylor, Corporate Director, Silver Tiger
years after a mine closes, according to
Metals, who argued that miners often make
reporting from Mexico Business News.
the mistake of seeking quick approvals rather than building structured, transparent project
Christopher Ávila, Director of Institutional
roadmaps to mitigate risk. “We cannot ask
Relations, Industrias Peñoles, noted that
for the rules not to change; we must ask how,
while 8 mines have been authorized under
when, and under what criteria those rules of
the current administration, subsequent
the game change. I do not ask you for the
operational bottlenecks trace back to the
law not to change, but I do ask you to tell me
interplay of three key legal frameworks: the
how to adjust my project as you change the
General Law of Ecological Equilibrium, the
regulations,” he stressed.
National Water Law, where water rights have shifted from concessions to direct allocations, and upcoming indigenous consultation
State and Corporate Channels Try to Close the Gap
initiatives, where operators must determine how consultation results will align with
Chihuahua, home to roughly 40 operating
Environmental Impact Assessments (EIAs).
mines and 45 registered exploration projects,
Ávila suggested looking toward international
launched “Minería y Prosperidad Chihuahua
acceleration precedents, such as streamlined
2026” in July: a recognition program built
MIA reviews in the US and Canada, while
around documentation companies already
emphasizing that early communication
generate, scored across eight capabilities
between government and industry is crucial
including governance and community
to guarantee predictability for long-term
engagement, rather than adding new
investments.
filing burdens.
Joel González, Managing Partner, ALN
Rocío Flores, Director of Mines for the
Abogados, argues the 2023 reform itself
Government of Chihuahua, highlighted that
did not erode legal certainty; the state
state authorities play a critical role as project
has always had authority to set mining
accompaniment rather than permit managers.
policy. Rather than viewing permitting
“The Mining Directorate accompanies
as a single bottleneck, González points
projects; it does not manage permits in any
to inter-institutional coordination, urging
way, as the state government does not intend
companies to adopt internal department-
to overlap with federal competencies,” Rocío
level integration and operational resilience:
Flores explained. She noted that, instead,
14
the state uses its convening power to foster
the chairs remain, and the responsibilities of
institutional coordination and provide a
those chairs do not change.” Inviting officials
holistic territorial perspective.
to physically visit mining units to experience operations firsthand builds long-term trust,
“I cannot tell a competent authority to issue a
provided it is backed by strict compliance.
resolution, but I can accompany the company so that the authority understands what the development of a project means for the
A Federal Push With a Deadline Attached
state’s economy,” Rocío Flores stressed. Mexico’s federal government inherited 176 stalled mining projects and has resolved 110 through an accelerated review, leaving 66 pending as of late 2025, with a mid-2026 target for full resolution. Minister of Economy Marcelo Ebrard has deemed securing mineral supply chains a national-security issue and confirmed the government’s intent to accelerate approvals through 2026, a commitment Mexico Business News reported is already paying off in states like Zacatecas, where the local permit backlog dropped from 25 cases to five in a single year. Mexico’s jump from 49th to 36th out of 68 jurisdictions in the Fraser At the corporate level, Peñoles’ decades-old
Institute’s Investment Attractiveness Index
public-affairs function, led by Christopher
is the metric CAMIMEX points to as early
Ávila, Director, Institutional Relations, gives
evidence the coordination is working.
it an institutional channel that newer entrants lack, at a moment when files routinely
CAMIMEX projects total mining investment
move simultaneously through federal
will reach US$6.4 billion in 2026, a 30.8%
environmental review, CONAGUA’s water
rebound from 2025’s US$4.9 billion, a
process, and state and municipal offices. Ávila
forecast the chamber acknowledges rests
emphasized that corporate messaging should
almost entirely on one condition: that the
be driven by executives capable of building
remaining permit backlog clears fast enough
compelling narratives with authorities: “The
to unlock new project starts before this year’s
language spoken by the authority is one that
capital allocation cycles close.
we must approach; characters change, but
THE ROLLERCOASTER RIDE FROM DISCOVERY TO PRODUCTION. Junior mining companies in Mexico navigating
impact statements, and proactive community
the path from discovery to production must
engagement are essential to advancing
align multi-agency permits, water concessions,
precious metals projects.
and community agreements within a shifting regulatory framework. Despite exploration
Advancing a mining project from initial
investment falling, regulatory modernizations
discovery to commercial extraction in Mexico
by SEMARNAT are creating a more defined
has become an intricate test of institutional
co m p l i a n ce e nv i ro n m e n t . S u cce ss f u l
alignment and strategic endurance. Junior
developers like Sonoro Gold and Capitan
operators face a sequential permitting process
Silver emphasize that early water security,
spanning environmental authorizations, water
technical congruence in environmental
concessions, land access, and explosives
15
permits, where a delay in a single agency
restriction even to concessions granted prior
can stall an entire development regardless
to the 2023 mining reform, it continues to
of geological merit.
approve multi-year drilling permits outside those zones. Recent clearances include
Speaking at the Mexico Mining Forum 2026
Capitan Silver’s Cruz de Plata project in
in panel moderated by Mario Hernández,
Durango, alongside authorizations for Sierra
Lead Partner of the IMMEX Segment at
Madre, Silver Storm, and GR Silver.
KPMG México, corporate executives and government officials outlined the operational
Pérez says the agency is working with
realities separating viable projects from
CAMIMEX, academic institutions, and civil
stranded assets.
society to harmonize regulations. She stresses that technical filings must precisely mirror
“We are now in the era of restoration,” says
field operations to prevent enforcement
Luz Mariana Pérez, Director of the Mining
actions from the Federal Attorney for
and Metallurgical Industry, SEMARNAT.
Environmental Protection (PROFEPA).
She explains that environmental oversight now demands a comprehensive life-cycle
Project developers note an operational shift
approach rather than isolated remediation
following the inauguration of President
efforts after operations cease.
Claudia Sheinbaum on Oct. 1, 2024. Kenneth Macleod, President and CEO of Sonoro
Regulatory Modernization and Institutional Dialogue
Gold, says the transition marked a renewed willingness among regulatory authorities to engage in open dialogue with industry
SEMARNAT has embarked on a systematic
operators.
update of key Official Mexican Standards (NOMs) governing the sector. These changes include updating NOM-157 for mining waste
Navigating Operational and Community Turning Points
management plans, refining NOM-147 for sites contaminated by metals, and revising
Sonoro Gold has experienced the evolution
NOM-120 for direct exploration activities. The
of Mexico’s permitting timeline firsthand at
agency is also modifying NOM-141 regarding
its El Cerro Caliche gold and silver project
tailings dams to incorporate waste recycling
in Sonora. The company submitted its
approaches, while unifying standards for gold,
Environmental Impact Statement (MIA) in
silver, and copper heap leaching systems.
May 2022, facing extended administrative delays before institutional dialogue reopened.
While the federal government has barred new environmental permits within federally
During that period, Sonoro Gold expanded
protected natural areas, applying the
its concession footprint from 1,350ha
16
to 9,000ha. A preliminary economic
Geological quality alone no longer guarantees
assessment published in April 2024 outlined
project advancement in Mexico. Exploration
a planned 16,000t/d open-pit heap leach
investment in the country dropped from over
facility designed to produce approximately
US$400 million in 2025, even as gold and
40,000oz net of gold annually.
silver prices traded near historical highs.
To meet SEMARNAT criteria, Sonoro
This capital contraction highlights that
Gold secured water supplies through an
project financing and regulatory clearance,
8km pipeline from the San Miguel aquifer
rather than discovery, represent the primary
and established deep local integration. A
bottlenecks for junior miners. Lenders and
community survey in the nearby town of
strategic partners increasingly require de-
Cucurpe revealed 99% local approval for
risked deposits with established water rights,
the project, where the company employs
clear ejido access agreements, and fully
between 70 and 80 local residents.
compliant environmental frameworks before committing capital.
Macleod says he anticipates MIA authorization within the next six months, positioning the
Fiscal management presents an additional
company to begin mine construction within
hurdle, particularly regarding value-added
15–24 months.
tax (VAT) refunds from the Tax Administration Service (SAT). Operating without commercial
In Durango, Capitan Silver has focused its
revenue during exploration and development
strategy on steady project de-risking at
phases leaves companies accumulating
the Cruz de Plata silver project. Founded
substantial VAT credits.
in September 2020, the company achieved its critical turning point in August 2023
Macleod says Sonoro Gold resolved long-
by expanding its surrounding concession
standing refund backlogs from 2021 and
package to gain a comprehensive
2022 by retaining specialized legal counsel
understanding of the mineral system.
to navigate SAT administrative procedures, relieving balance sheet pressure.
Alberto Orozco, CEO, Capitan Silver, says rushing project execution without thorough
For junior operators in Mexico, converting
preparation increases exposure to community,
a discovery into a producing mine requires
environmental, and political risks. He notes
managing multiple parallel timelines. Success
that advancing responsibly requires aligning
depends on building technical teams capable
geological studies, community relations, and
of tracking continuous regulatory updates
regulatory compliance from day one.
and establishing transparent relationships with federal agencies and local communities.
Financing Constraints and Execution Strategies
FIRST MAJESTIC: GROWTH THROUGH EXPLORATION AT SANTA ELENA. Jesus Quintanilla, Exploration Director, First
returned strong initial metallurgical recoveries
Majestic Silver, said continuous exploration
and a combined 91Moz AgEq inferred resource
has grown the Santa Elena district ’s
at a discovery cost of US$0.24/oz. First
combined resource base from approximately
Majestic has secured construction permits
48Moz AgEq at acquisition in 2015 to roughly
for both sites and committed US$12 million
300Moz AgEq by the end of 2025, driven
in 2026 to underground access development.
by the Ermitaño mine’s 2021 startup and the consecutive Navidad (2024) and Santo
First Majestic Silver has expanded the mineral
Niño (2025) discoveries. Both new deposits
resource base of its Santa Elena district in
17
Sonora more than sixfold since acquiring
Quintanilla described Navidad as consisting
the property in 2015, driven by a sustained
of two parallel structures, Winter and
exploration program that has now delivered
Navidad, located west of and slightly
two new high-grade discoveries within
deeper than Ermitaño. The Winter structure
the same district, said Jesus Quintanilla,
spans roughly 1km with an average width
Exploration Director, First Majestic Silver, at
of 2.8 to 4.4m, while the Navidad structure
Mexico Mining Forum 2026.
spans approximately 1.2km with an average thickness of 3.9m. Both returned metallurgical
“Internal predictive models and exploration
recoveries above 90% for gold and 85% for
methods need to be continually updated
silver in initial testing, with intercepts reaching
and supplied with new data to make the
8m in width and grades as high as 23g/t
most of individual mining concessions,”
gold and 600g/t silver. Santo Niño, located
Quintanilla says. He noted that the district’s
approximately 900m from the Santa Elena
predictive geological model has guided the
mine, spans 1.1km with an average mineralized
company’s recent discoveries but must keep
width of 4m and intercepts up to 16m wide,
incorporating new data to sustain the pace of
returning metallurgical recoveries above 95%
resource growth across the property.
for both gold and silver and grades as high as 15g/t gold and 333g/t silver. Quintanilla said
Quintanilla said First Majestic acquired the
the two deposits carried a combined inferred
Santa Elena district in 2015 with combined
resource of approximately 91Moz AgEq at the
historic production and resources of
end of 2025, calculated using metal prices of
approximately 48Moz AgEq. Systematic
US$38.5/oz for silver and US$3,400/oz for
exploration at the Ermitaño target, which
gold, at a discovery cost of US$0.24/oz.
began in 2017 following an earlier access and permitting gap, led to Ermitaño
Quintanilla said First Majestic has now
entering production at the end of 2021 and
secured the permits needed to begin portal
nearly doubling the district’s output. Annual
construction at both Santo Niño and Navidad,
drilling peaked at 70km last year, according
with initial blasting for the new Santo Niño
to Quintanilla, and by the end of 2025 the
portal underway. The company plans to invest
district’s combined historic production and
US$12 million in the second half of 2026
resource base had grown to approximately
to develop access infrastructure for both
300Moz AgEq. He said First Majestic
deposits, including an underground ramp
announced two new high-grade discoveries
extending from Ermitaño to reach the lower
in consecutive years: Navidad in 2024 and
limits of Winter and Navidad. Quintanilla
Santo Niño in 2025, bringing the number of
added that the district’s proximity to existing
significant deposits within the district to four,
processing infrastructure is expected to
alongside the producing Santa Elena and
reduce future haulage costs.
Ermitaño mines.
18
Niño, and that the company continues to plan
“Internal predictive models and exploration methods need to be continually updated and supplied with new data to make the most of individual mining concessions”
further exploration investment for 2026. Quintanilla’s remarks align with First Majestic’s recent public disclosures on the district. The company confirmed in June that
Jesus Quintanilla
it had secured construction permits for the
Exploration Director | First Majestic Silver.
Santo Niño and Navidad portals, committing the additional US$12 million in development capital that Quintanilla referenced, with
Beyond the four established deposits,
the Navidad portal supported by ramp
Quintanilla said First Majestic has identified
development from Ermitaño’s lower levels for
seven to eight additional target areas within
secondary egress and ventilation. The permits
its current 5km exploration focus, some of
followed First Majestic’s confirmation of the
which are already being drilled this year, out
Santo Niño and Navidad discoveries the prior
of a broader concession package exceeding
year, when the company first described the
100,000ha across the district. He said
additions as bringing the total number of
mineralization remains open at depth and
major deposits at Santa Elena to four and
along strike at Ermitaño, Navidad and Santo
confirming the property as a district-scale asset with further upside..
OPERATIONAL EXCELLENCE THROUGH AI, AUTOMATION AND REAL-TIME DATA Mexican mining companies face a growing
responsibly extend autonomy in processing
gap between AI and automation adoption and
plants and field operations.
actual operational trust, as site performance often falls short of design targets due to
The smart mine has stopped being a
physical equipment limitations, workforce
buzzword and become a key component for
readiness, and cultural resistance rather than
staying competitive. That was the framing
technology maturity alone. Industry research
for a panel moderated by Lorena Montaño,
indicates human and cultural barriers, not
Senior Director of Minerals & Metals, Ausenco
technical constraints, are now the primary
Mexico, which brought together Faysal
obstacle preventing automation pilots from
Rodríguez, Senior Vice President of Mexico,
scaling to full deployment across Latin
Torex Gold Resources; Rerison Otoni, Smart
American mining operations. This affects
Manufacturing Director, Stefanini Group;
mining operators, equipment vendors, and
Diego Torroella, Director General, TAKRAF
systems integrators navigating how to
Mexico; Björn Tisell, Director General, Epiroc
19
Mexico; and Francisco Alanis, Managing
Montaño explained. She emphasized that the
Partner, Mining Intelligence, to ask a blunt
industry’s challenges are shifting, and the
question: what actually works in Mexican
coming years will center on developing the
mining today, and what still has not translated
capacity to assimilate and process the vast
from pitch deck to pit.
volumes of data currently being gathered.
Beneath the adoption numbers sits a more
Rodríguez highlighted how this gap plays
specific problem: the gap between how
out operationally, noting that favorable
a system performs on paper and how it
metal prices offer a timely window to test
performs once it is actually running at a
new systems, provided operators evaluate
site. Recent industry commentary suggests
tools strictly on safety and cost returns
the honest answer has less to do with the
rather than adopting technology for its own
technology itself than with what surrounds it.
sake. Beyond software limitations, Rodríguez pointed out that infrastructure variables can
A Honeywell executive recently described
derail site performance, citing Torex Gold’s
the real constraint on mine automation as
underground expansion where electric fleet
physical, not digital: a processing plant can
components suffered due to power quality
run autonomously for a defined window, but
fluctuations from the national grid. On
true unsupervised operation is capped by
the processing floor, he cautioned against
how long the physical equipment itself holds
rushing into unassisted control.
up before it needs a human to intervene. That
Rodríguez stressed that responsibility
reframes “full autonomy” less as a software
is shared across design, operation, and
milestone and more as a maintenance
maintenance, noting that there is no other way
and infrastructure question, one that sits
to ensure technology creates value. Another
alongside workforce skill and regulatory
key requirement is building confidence that
readiness as competing explanations for why
operational data is reliable. “We have made
site results lag design targets.
progress with simple automation, such as ventilation monitoring, but taking the next
Reflecting on the discussion, Montaño
step requires caution. For grinding operations,
noted that despite the massive availability
for instance, adjusting speed parameters
of data across the industry, human expertise
autonomously presents many variables. It is
remains irreplaceable. “There is an enormous
better to advance step-by-step, starting with
availability of information, but expert
small target areas before moving toward full
guidance is still essential to interpret that
integration,” Rodríguez explained.
data and make sound operational decisions,”
20
That points toward a harder, more cultural
Vendors like Epiroc and TAKRAF build the
problem: getting field experience to
equipment and automation layers, systems
complement new technology instead of
integrators like Stefanini build the connective
competing with it. A regional study by NTT
software, and operators like Torex Gold decide
DATA and MIT Technology Review found that
what actually gets deployed on site. If the real
across Latin American mining, operational
barrier is cultural rather than technical, no
efficiency has overtaken cost-cutting as the
single link in that chain can close the gap
main driver behind automation projects,
alone; it takes the vendor designing for how
but the same research flagged human and
people actually work, the operator building
cultural resistance, not technical limitations,
the internal capacity to use the system well,
as the primary obstacle standing between a
and a broader industry culture that is still
pilot and full deployment.
learning how much to trust the machine.
Otoni observed that while Mexico successfully
Torroella noted that equipment manufacturers
digitized basic operations over the past 15
must focus on open integration standards
years through control systems and quality
and clear user interfaces. High-performing
monitoring, the sector now struggles to
machinery adds little value if it cannot
digitize decision-making. The core issue,
interface with third-party equipment
according to Otoni, is shifting from data
across the mine site, making inter-brand
collection to data-driven execution while
connectivity and user-friendly design
overcoming worker apprehension. He
essential for operator buy-in. “We focus on
emphasized that scaling tools like digital
enabling our equipment to collect as much
twins requires convincing site operators
data as possible to feed the entire system.
that automation is designed to support their
You could have the best equipment, but if you
expertise, not replace them.
cannot interconnect it with other machinery on site, it will be useless. It is everyone’s
“Implementation is a shared responsibility.
responsibility to provide an easy-to-use
Suppliers must deliver simple, functional,
system that creates no obstacles, and we
and scalable solutions, while the mining
must explain to operators why we collect
company must lead the adoption. Technology
specific data so they see it as something that
is a change enabler, but adoption is purely
optimizes their work rather than a tedious
human,” Otoni added.
task,” Torroella stressed.
Alanis reinforced that AI adoption functions
Tisell agreed that core technical capabilities
more like introducing a new operational team
are already proven, but stressed that change
member than installing standard software,
management, regulatory alignment, and
requiring structural process redesigns to
personnel safety must guide adoption.”The
achieve lower production costs per ounce.
underlying technological capabilities exist,
Rather than delegating full authority to
but operational practices and change
software, Alanis advocated for an incremental
m a n a g e m e n t re q u i re re i n fo rce m e n t .
approach where automated agents start by
Favorable metal prices make this an
observing processes and providing advisory
appropriate moment to test technologies at
scenarios within strict safety boundaries. “We
a smaller scale, demonstrating efficiency and
should not place blind trust in algorithms.
showing workers that automation enhances
Deployment should begin with agents that
safety and lowers costs,” Tisell said, adding
observe processes, progress to providing
that the first goal of technology is to protect
advisory recommendations, and eventually
mining workers’ safety.
assist with decision-making within strict deterministic safety limits. Human experience
The Bigger Picture
remains essential because people understand operational nuances and context,” Alanis said.
Taken together, the data points toward a mining sector where the technology
21
has largely arrived, but the trust and
before a human has to step back in, how site
organizational readiness to lean on it fully
conditions in Mexico differ from where these
have not caught up. That gap between what
tools were designed and tested, and what it
is built and what is believed is likely to be
would actually take for an operator on the
the real throughline of the conversation:
ground to trust an algorithm’s call over their
how much autonomy a system can sustain
own judgment.
SMART EXPLORATION: TRANSLATING TECH, DATA AND GEOPHYSICS INTO ROI In Mexico’s mining sector, exploration
or compresses time to maiden resource
technology spending is transitioning from
definition.
pilot testing to core capital strategy as AI and high-resolution geophysical platforms
“The exploration geologist must remain
reduce target generation timelines and
grounded in field reality because artificial
cost per meter drilled. However, regulatory
intelligence targets represent mathematical
permitting backlogs under reformed mining
anomalies, not validated geological targets,”
legislation, land access approvals, and security
says Guillermo Gastellum, Vice President of
constraints remain the primary barriers to
Exploration, Fresnillo.
converting high-precision geological data into drill-ready discovery decisions.
From Data Anomalies to Drill Targets
For decades, exploration technology in
Globally, machine learning applied to
Mexico occupied a marginal space between
geoscientific datasets elevates discovery
corporate curiosity and secondary cost
rates by an estimated 20%–30% while
center. That dynamic has shifted as Mexican
accelerating exploration timelines. Mexican
mining companies integrate machine
operators across all tiers, from senior
learning, airborne geophysics, and digital
producers to junior explorers, report rapid
target modeling into core capital allocation
adoption of three-dimensional modeling
strategy. The transition marks a fundamental
software, hyperspectral core scanning, and
re-evaluation of return on investment across
automated target prioritization. Despite
exploration programs. Operators now
technical capability, panel participants at
evaluate technological tools based on direct
Mexico Mining Forum 2026 emphasize that
operational metrics, specifically whether
computing power cannot replace domain
a platform reduces cost per meter drilled
expertise. Advanced algorithms require
22
high-quality field inputs to avoid generating
“The widest remaining gap in Mexican
erroneous targets.
exploration is not sensing hardware or computing power,” says Alfredo Phillips,
“AI generates data anomalies, but only a
Senior Strategic Stakeholder Management
geologist converts an anomaly into a drill
Advisor, Equinox Gold. “It is the regulatory
target within a specific geological model,”
and security infrastructure required to move
says Oscar Gonzalez, Vice President of
project outputs from software to the drill rig.”
Exploration at Sonoro Gold. Contractors face similar operational barriers Company capital allocation reflects this
when deploying advanced machinery.
disciplined approach. Senior producers
Specialized equipment and remote-controlled
allocate roughly 80% of exploration budgets
underground systems require established site
to brownfield targets near active mine sites,
infrastructure, stable community relations,
where existing geological datasets permit
and clear legal frameworks.
high-confidence algorithmic calibration. The remaining 20% goes toward higher-risk
“Contractors can deploy advanced directional
greenfield prospects, where new sensing
drilling tools or autonomous cutting
technologies narrow large property holdings
equipment, but operational delays frequently
down to high-priority prospective zones.
stem from surface permissions, contractual lineaments, and missing site infrastructure,”
“New technology competes for capital like
says Alejandro Cardoza, Director General
any other line item in an operating budget,”
Mexico, Master Drilling.
says Jesus Quintanilla, Exploration Director, First Majestic Silver. “Operators must evaluate
Capabilities for the Next 24 Months
the specific business impact, risk mitigation capacity, and deposit characteristics before
Industry leaders identify two technical
committing funds.”
capabilities as essential over the next 24 months: integrated geophysical-geochemical
Regulatory Bottlenecks Override Underground Technology
platforms that accelerate target ranking, and digital compliance platforms that mitigate environmental and security risks.
While data analysis capabilities continue to
Fully autonomous field exploration systems
advance, Mexican mining operators identify
and quantum-assisted subsurface modeling
surface-level constraints as the single largest
remain long-term developments targeted for
barrier to converting technical data into
a five–to–10-year horizon.
discovery value. The Mexican Association of Mining, Metallurgical, and Geological
The evolving technological landscape
Engineers reports 160 projects stalled due
requires a corresponding shift in workforce
to missing environmental authorizations and
skills. Future exploration geologists must
administrative ambiguity following reforms to
blend traditional field mapping capabilities
the Mining Law.
with data science literacy to evaluate artificial intelligence outputs critically.
Annual exploration investment slid from more than US$500 million in 2023 to a projected
“The geologist of the future must love field
US$400 million in 2025. Although Minister
geology while possessing the technical
of Economy Marcelo Ebrard announced
competence to review algorithmic results
measures to streamline administrative
critically,” says Gastellum. “If an exploration
procedures and unlock an estimated US$11
team cannot validate why an algorithm
billion project pipeline, operators describe
selected a target, corporate confidence
an environment where fully permitted assets
dissolves.”
maintain a distinct competitive edge.
23
As capital returns to Mexican mining through
balancing advanced digital analytics
mine expansions and equipment upgrades,
with direct field validation and proactive
exploration productivity will depend on
regulatory management.
ENERGY INFRASTRUCTURE KEY TO MINING COMPETITIVENESS: AGGREKO René Aguirre, Business Development Manager
raising electricity demand in regions where
at Aggreko, said reliable energy infrastructure
energy infrastructure has not kept pace.
is now a strategic enabler for mining competitiveness in Mexico, as over 70% of
Aguirre said the mining sector sits at the
natural gas consumption remains import-
center of the global energy transition, as
dependent and nearshoring-driven demand
rising demand for critical minerals used in
strains the national grid. Aguirre presented
clean technologies pushes mining companies
Aggreko’s CORE monitoring platform and
to increase production while facing stricter
a case study in which a virtual gas pipeline
requirements for energy efficiency, emissions
solution for a silver mine reduced energy
reduction, and cost control. He added that
costs by 33% and secured supply through
regulatory, technical, and logistical barriers
a seven-year contract, delivering 4MW of
continue to slow the pace of energy
base-load and island-mode capacity with a
transition within the sector, making reliable
smaller environmental footprint and greater
infrastructure a strategic enabler rather
operational continuity.
than a secondary consideration for project viability and expansion.
Reliable, flexible energy infrastructure has become a decisive factor for the operational
Aguirre presented Aggreko’s Remote
continuity and profitability of mining projects
Operations and Excellence Center (CORE) as
in Mexico, as the country’s dependence on
a key differentiator in the company’s offering,
imported natural gas and nearshoring-driven
using advanced monitoring, automation, and
demand growth put increasing pressure on
artificial intelligence to anticipate equipment
the national grid, said René Aguirre, Business
failures, optimize energy consumption,
Development Manager, Aggreko, at Mexico
reduce downtime, and provide real-time
Mining Forum 2026.
specialized support. He said this approach improves the reliability and performance of
“Energy infrastructure is crucial to mining
energy assets deployed at client sites.
activity. The availability, reliability, and quality of energy provision lower operational costs
As a case study, Aguirre described a silver
and drive project viability,” Aguirre said. He
mining operation that faced operational
noted that more than 70% of the natural gas
risk due to failures in its primary grid
Mexico consumes is imported from the US, a
connection, against a 13 MW energy demand
dependency that generates energy security
and no immediate alternative infrastructure.
risks and vulnerability to supply disruptions,
Aggreko implemented a natural gas-based
while nearshoring-driven industrial growth is
solution through a virtual pipeline scheme, enabling rapid deployment and securing supply through a long-term contract while reducing the environmental impact relative to
“Energy infrastructure is crucial to mining activity.
more polluting alternatives. Aguirre said the
The availability, reliability, and quality of energy
project resulted in 4 MW of installed capacity
provision lower operational costs and drive
operating in base-load and island mode, a 33%
project viability”
reduction in the client’s energy costs, supply
René Aguirre
security through a seven-year contract, and
Business Development Manager | Aggreko
a smaller environmental footprint alongside greater operational continuity.
24
Aguirre said Aggreko’s approach centers on
in real terms for 2026, even as data center
adaptability and scalability to each mining
and nearshoring demand pushes the grid
operation’s specific needs, drawing on global
beyond its designed limits, while industrial
and Latin American case studies and a
operators increasingly turn to LNG trucking
dedicated engineering team to deploy power
and other flexible supply arrangements to
plants on accelerated timelines. He added that
bridge gaps the formal pipeline network
the energy transition in mining must balance
cannot cover on comparable timelines.
sustainability, competitiveness, and energy
Separately, IMCO has estimated Mexico
security as mineral demand and structural
will require 11.9GW of additional generation
energy challenges both continue to grow.
capacity by 2030 to sustain nearshoring and industrial growth under the new Electricity
Aguirre’s remarks build on Aggreko’s broader
Sector Law, underscoring the scale of the
public positioning on Mexico’s energy
infrastructure gap that flexible energy
infrastructure gap. At Mexico Energy Forum
providers such as Aggreko are positioning
2026, panelists similarly warned that CFE’s
themselves to address for capital-intensive,
transmission expansion budget was cut 16.7%
remote operations like mining.
REDEFINING RESPONSIBILITY AND COMMUNITY IMPACT IN MODERN MINING Mexican mining companies face a regulatory
Estudio Legal; Marisol Barragán, Director
gap in which the 2023 mining law’s social
General, Minera San Xavier; Doris Vega,
obligations remain legally binding while the
President, México Minero; and Diego Gómez,
implementing regulation defining community
Vice President, Vizsla Silver, examined how
participation mechanisms and mine-closure
the sector must adapt its social engagement
requirements has yet to be published. This
playbook in the absence of a complete
uncertainty forces operators to build internal
legal roadmap.
social-license standards ahead of formal rules, affecting concession-stage financial guarantees, community documentation
Constructing Internal Frameworks Amid Regulatory Uncertainty
practices, and long-term municipal economic planning. The shift primarily
The May 2023 mining law reform introduced
affects mining companies, legal advisors,
mandatory community consultations, social
and local governments in mining-dependent
impact assessments, and social closure plans
municipalities across Mexico.
directly into the concession process. However, secondary regulations establishing technical
Mexican mining companies face a regulatory
standards, minimum financial guarantee
gap in which the 2023 mining law’s social
amounts, and formal execution mechanisms
obligations remain legally binding while
remain pending.
the implementing regulations defining community participation mechanisms and
Cereceres emphasized that companies
mine-closure requirements have yet to be
cannot wait for official guidelines to
published. This uncertainty forces operators
establish their operational standards.
to build internal social-license standards
Instead, operators must adopt international
ahead of formal rules, affecting concession-
best practices to shield themselves against
stage financial guarantees, community
future regulatory shifts. “Forget about
documentation practices, and long-term
paternalism. Host communities now want to
municipal economic planning.
be business partners with mining companies, and traditional practices like giving out gifts
In a panel moderated by Pablo Mendez,
no longer apply. Communities always ask
Partner at EC Rubio, industry leaders Rafael
themselves what will happen to their land,
Cereceres, Managing Partner, Cereceres
25
what benefits they will receive, and, of course,
Marisol Barragán highlighted that
what happens when the mine leaves,” he said.
communities seek measurable transformation and active participation rather than traditional
Cereceres pointed out that a legal vacuum
philanthropy. “Social responsibility has
currently exists because while the 2023
evolved significantly over the years. We are
reform introduced new forms of social
moving away from paternalism and corporate
participation and mine closure, the lack of
philanthropy toward generating genuine
implementing regulations leaves the exact
positive transformation and development
rules undefined. To navigate this gap, he
within communities,” Barragán explained.
advised companies to strengthen their internal structures immediately so they can
Barragán added that host populations
satisfy formal requirements once published.
want a voice in managing crucial shared
Elevating internal standards as high as
resources like water availability and waste
possible, he noted, provides the best defense
treatment, emphasizing that local community
against ongoing regulatory uncertainty.
development must never be compromised. “To narrow information gaps, we must be
Vega echoed this view, noting that building
completely honest regarding the technical
community trust begins long before
and operational details of the projects we
production starts and that missing regulations
intend to execute, identifying risks and
create vulnerabilities for both operators and
mitigation strategies with absolute clarity,”
host regions. “While regulatory gaps persist,
she added, noting that to build trust, it
trust is something that is built from the very
is always beneficial to invite community
first day an employee steps foot on the
members to participate in environmental
ground, not once we are already operating
monitoring.
or producing,” Vega observed. “At Minera San Xavier, we invite them to
Shifting From Corporate Philanthropy to Active Transformation
participate in soil monitoring and slope stability checks, which gives them confidence that we are protecting their home,” Barragán
The panel agreed that traditional social
exemplified.
responsibility practices, such as one-off donations or local infrastructure sponsorships,
Gómez emphasized that because every
are no longer sufficient to secure a social
ejido and community operates under
license to operate. Host communities now
distinct dynamics, companies must establish
demand active participation, environmental
permanent channels for active listening
transparency, and genuine economic
rather than transactional negotiations. “Every
inclusion.
community or ejido is completely different. In that sense, active listening is critical: creating
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permanent spaces where communities can
Barragán emphasized that social closure
communicate their needs to the mining
strategies must begin prior to mine
company,” Gómez noted.
development to foster community independence. “Mining operations often strive
Planning for the Mine’s Final Day from Day One
to make local populations dependent on their projects without considering that one day the operation will cease. The strategy must be
The lack of formal mine-closure regulations
reversed: upon entering a community and
presents a significant structural challenge
before initiating a project, operators must
for municipal planning. Panelists argued
establish a social closure plan,” she said,
that a closure plan must serve as a social
stressing that communities must be made
and economic transition strategy to ensure
independent and self-sufficient, showing
local economies remain viable after mineral
them that they can achieve sustainable
extraction ends.
growth with or without the mine.
Cereceres pointed out that sustainable
Vega concluded that an operation’s true
closure plans must focus on multi-use
legacy is determined by the long-term
infrastructure and diversification beyond
resilience of the host municipality once
mining skill sets. “We must build a vibrant
mining activities cease. “A mine’s reputation is
local economy and plan for what happens the
not measured during its production years, but
day after the mine leaves. The mine should
when the mine departs and the municipality
build multi-use infrastructure and foster
continues to thrive. That is true legacy. Today,
transferable knowledge, not just training
companies are focused on leaving a positive
people to operate machinery directly tied to
legacy. Communities will not remember what
mining. Creating a closure trust fund funded
is written in a brochure; they will remember
by mine contributions during operating years
how the company treated them,” Vega stated.
could also ensure long-term maintenance of local infrastructure,” Cereceres suggested.
DECARBONIZING MEXICAN MINING: SOLUTIONS FOR ENERGY SOVEREIGNTY Mining companies in Mexico are transitioning
impending regulatory deadlines, and strict
towa rd hy b r i d e n e rg y a rc h i te c t u re s ,
decarbonization targets are forcing industrial
combining solar generation, battery energy
operators to fundamentally rethink traditional
storage, and virtual natural gas pipelines to
energy supply models.
mitigate grid instability and comply with changing market regulations. With electricity accounting for 20–40% of total mining operating costs and over 44% of sector operations facing migration from legacy selfsupply contracts to the Wholesale Electricity Market, flexible Power Purchase Agreements and modular on-site supply models have become crucial to guarantee 24/7 operational reliability. Operating at the intersection of remote geography and heavy energy consumption, Mexico’s mining sector faces a critical inflection point in securing reliable, costeffective power. Escalating grid instability,
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During the Mexico Mining Forum 2026,
generation essential for continuity. Without
energy executives mapped out the strategies
expanding transmission infrastructure,
transforming mine site power. Experts
generation cannot reach isolated industrial
examined how mining companies can deploy
consumers.
hybrid generation, virtual gas pipelines, and flexible Power Purchase Agreements
In addition, mining power demands change
to maintain operational continuity amid
significantly across an operation’s lifecycle,
market shifts.
requiring scalable supply models. Gustavo Pastor Vega, Director General, Grupo México
Bridging Grid Deficits With Hybrid On-Site Solutions
Energía, notes that operations located near existing distribution lines require firm energy backup, while isolated mines must evaluate
Energy is one of the principal inputs for
local land conditions before deploying
mining, but being located near an existing
infrastructure like solar plants.
transmission line no longer guarantees available grid capacity or voltage quality,
“To address grid instability, mining companies
says José Zavaleta, Vice President of
are moving away from single-source energy
Sustainability, Discovery Silver.
models,” says Juan Pablo Cervantes, Business Development Director, Solenza. Cervantes
Zavaleta emphasize that, as operations
highlights that the sector targeted 4,600MW
integrate advanced technologies, overall
of renewable power generation with a goal to
power consumption will rise, requiring mining
reach 40% renewable consumption by 2030.
companies to secure reliable backups to
Achieving this target requires hybrid systems
prevent costly operational downtime.
that combine solar power, battery storage, and natural gas generation to guarantee
“Energy costs represent between 20–
uninterrupted power. Virtual gas pipelines
40% of total operational expenditure in
delivering compressed or liquefied natural
mining, compared to 3–5% in automotive
gas also allow remote operations to displace
manufacturing,” says Cecilia Alvarado,
diesel in thermal applications like boilers,
Commercial Director of Energy Sales, ENGIE.
kilns, and dryers, delivering cost reductions and lower carbon emissions.
Alvarado says that remote mine locations make connection to national transmission
Navigating Regulatory Shifts From Legacy
grids or gas pipelines difficult, making on-site
Self-Supply
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Regulatory modifications are altering how
Designing Flexible Contracts for Mine
mining companies structure power contracts
Lifecycles
and manage operational compliance. More than 44% of CAMIMEX members
Power purchase agreements must adapt
currently operate under legacy self-supply
to the operational reality of mining, which
schemes that face transition deadlines, says
includes project commissioning, peak
Pastor Vega.
production, and eventual decommissioning. “Rigid power purchase contracts with fixed
Under recent regulations published by energy
volume commitments can inflate energy
authorities, self-supply permit holders face
expenses during low-production phases,” says
sharp increases in transmission wheeling
Cervantes. He adds that power agreements
tariffs, prompting companies to evaluate
must be modular and flexible, combining
voluntary migration to the Wholesale
grid supply, on-site thermal generation, and
Electricity Market.
renewable energy to match mine production curves. To manage regulatory uncertainties,
Pastor Vega notes that migrating allows
energy contracts now regularly include
companies to stabilize tariffs for two years
change-in-law clauses to re-evaluate pricing
while negotiating new supply agreements
structures when legal frameworks shift,
with qualified suppliers or adapting to
says Alvarado.
new frameworks like self-consumption permits. Meanwhile, Alvarado says that
Alvarado says that new government tenders
recent regulatory schemes, including self-
offering mixed private and public investment
consumption permits granted to large
opportunities require long-term contracts
industrial data centers, demonstrate viable
spanning 15–20 years, structured with
paths for energy-intensive sectors like mining.
operational flexibility to ensure long-term competitiveness.
MINING LEADERS’ PRIORITIES FOR THE NEXT 18 MONTHS Panelists at Mexico Mining Forum 2026,
to commit, according to panelists at Mexico
Sandro Ferrarone (Coeur Mining), Hernán
Mining Forum 2026.
Dorado (Heliostar Metals), and James Barron (KPMG), assessed Mexico’s risk-return profile
“Regulatory uncertainty is still hindering
amid record gold, silver, and copper prices.
investment. Mexico needs to follow other
Barron said regulatory uncertainty still
countries’ leads in terms of speed, permitting,
discounts Mexico’s capital deployment case
concessions, water, and energy,” said James
relative to competing jurisdictions. Dorado
Barron, Global Mining Lead, KPMG. Barron
highlighted security and community relations
said Mexico continues to carry a valuation
as operator-managed risks, while Ferrarone
discount tied to capital deployment certainty
cited inflationary cost pressure, SAT disputes,
despite strong geological upside, pointing
and limited fresh exploration concessions
to Canada’s advancing critical minerals
as internal constraints. All three affirmed
strategy, faster US federal engagement
Mexico’s continued priority within their
on permitting, and a newly signed critical
portfolios, allocating between 25% and 70%
minerals framework among Chile, Argentina,
of a hypothetical capital pool to the country.
Peru, and Bolivia as competing jurisdictions moving faster on regulatory predictability.
Mexican mining executives are reassessing the country’s risk-return profile as gold, silver,
Security emerged as a parallel concern
and copper post record 2026 highs, even as
operators are managing directly, independent
regulatory uncertainty, security concerns,
of federal permitting timelines. “Security is
and permitting delays continue to shape
not just a consideration for external investors.
how much new capital the sector is willing
Local communities also demand safety, and
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that is one of the key risks we have been keen to
On capital rotation toward critical minerals,
address,” said Hernán Dorado, Vice President
Ferrarone said Coeur’s focus as a primary
Operations, Mexico, Heliostar Metals. Dorado
silver producer in Canada, the US, and Mexico
said permitting and community relations
already aligns with the critical minerals thesis,
remain Heliostar’s primary operational risks,
keeping Mexico a top priority. Dorado said
and that a reliable geological model and
critical minerals do not yet drive Heliostar’s
mine plan help the company lock in supply
core gold and silver business in Mexico,
chain pricing while creating opportunities the
though the company’s recent acquisition
surrounding communities can share over the
of the Goldstrike asset in the US, which
life of the mine.
carries high antimony content alongside
Sandro Ferrarone, Senior Vice President
gold, reflects an openness to diversifying
Operations, Coeur Mining, said Mexico
into other minerals and jurisdictions. Barron
remains a preferred destination due to
said that rather than waiting on government-
its geological richness and experienced
to-government frameworks such as USMCA,
talent pool, with regulatory interpretation
mining companies are increasingly taking
representing the company’s primary
the lead themselves, arriving prepared for
headwind. Ferrarone credited an improved
permitting and community engagement
working relationship with the Ministry of
processes and pursuing acquisitions of
Economy and SEMARNAT over the past two
brownfield and near-production assets,
years, and said Coeur is using current prices
including mothballed projects, across
to mine previously uneconomic marginal
the Americas.
ore while pursuing a long-term investment strategy. Asked what internally controllable
Asked how they would allocate a hypothetical
factor most limits Coeur’s ability to unlock
US$100 million in growth capital between
the full value of its Mexican assets, Ferrarone
Mexico and other jurisdictions, Dorado said
pointed to rising inflationary cost pressure
Heliostar would direct 60-70% to Mexico,
across cyanide, diesel, and labor, along
Ferrarone said Coeur would direct 45% given
with recurring interpretation disputes with
its three-country portfolio spanning Canada,
Mexico’s tax authority (SAT), and a shrinking
the US, and Mexico, and Barron said that from
pool of unclaimed exploration concessions
a personal perspective he would lean toward
near Coeur ’s existing properties that
25% for Mexico given comparatively higher
limits opportunities for junior exploration
valuations in Canada and the US. On budget
companies to bring in fresh projects.
priorities for the coming year, Dorado said Heliostar is directing spending toward capital investment, exploration to ensure operational
30
continuity, process and technology upgrades, community legacy programs, and workforce training, which he described as the company’s most important asset. Closing the panel, Ferrarone said Mexico’s two Coeur-operated assets have consistently delivered results, giving the country a premium tied to reliability and reputation rather than speculation. Barron said investors weigh what a jurisdiction will deliver next more than what it has already built, citing Equinox Gold’s Los Filos mine as an asset investors have largely discounted pending its return to operation, and said Mexico’s deep mining ecosystem and talent pool position it well globally provided the government can accelerate regulatory certainty around copper and other critical minerals, particularly as global majors such as BHP sharpen their focus on copper assets across the Americas. The panel’s assessment reflects broader dynamics MBN has tracked throughout 2026. More than 160 mining projects remain stalled for lack of environmental permits and clear secondary regulations, even as Minister of Economy Marcelo Ebrard has pushed to streamline approvals tied to a project pipeline reportedly worth US$11 billion. Territorial security, meanwhile, has increasingly become a financial variable for mining investment decisions rather than a purely reputational one, reinforcing the panel’s emphasis on community relations and security as factors operators can manage directly regardless of the pace of federal permitting reform.
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