MMF 2026 CDMX - Impact Report

IMPACT REPORT

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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

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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

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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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