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Camimex, head of the Mexican Chamber of Mining, predicted Monday that mining investment in Mexico will grow by about 42 percent in 2021 to more than
$5 billion after last year's pandemic-related economic slowdown.
Camimex Chairman Fernando Alanis told reporters at a webcast press conference that although the government eventually designated mining as an essential activity, the industry is expected to make significant gains
after investing just $3.
53 billion last year.
Mexico's mining sector accounts for about 2.
3%
of the country's overall economic activity.
"We think this could be a good year to invest," Alanis said
.
Mexico is the world's largest producer of silver, accounting for nearly a quarter of global production, and one
of the top ten producers of gold and copper.
The country also has large potential reserves of lithium that can be used in various rechargeable batteries, and demand is expected to surge
after 2025.
Alanis added that despite President Andres Manuel Lopez Obrador's policy of not allowing new mining concessions, exploration investment is expected to grow 14 percent this year to about $385 million
.
While Mexican mining production fell 1.
3 percent last year, production increased by nearly a quarter to about $13 billion
due to soaring metal prices.
Camimex, head of the Mexican Chamber of Mining, predicted Monday that mining investment in Mexico will grow by about 42 percent in 2021 to more than
$5 billion after last year's pandemic-related economic slowdown.
Camimex Chairman Fernando Alanis told reporters at a webcast press conference that although the government eventually designated mining as an essential activity, the industry is expected to make significant gains
after investing just $3.
53 billion last year.
Mexico's mining sector accounts for about 2.
3%
of the country's overall economic activity.
"We think this could be a good year to invest," Alanis said
.
Mexico is the world's largest producer of silver, accounting for nearly a quarter of global production, and one
of the top ten producers of gold and copper.
The country also has large potential reserves of lithium that can be used in various rechargeable batteries, and demand is expected to surge
after 2025.
Alanis added that despite President Andres Manuel Lopez Obrador's policy of not allowing new mining concessions, exploration investment is expected to grow 14 percent this year to about $385 million
.
While Mexican mining production fell 1.
3 percent last year, production increased by nearly a quarter to about $13 billion
due to soaring metal prices.
