As soon as the six-year term ends Andres Manuel Lopez Obradorthe terrible environment facing the mining industry is no secret: last year its production fell, as did investments.
This 2024 does not look better, especially the changes to the Mining Law, the absence of the regulation by Economy of Rachel Buenrostro and the Semarnat ban of Maria Luisa Albores.
In the latest report from the Fraser Institute, our country fell 23 places in the Investment Attraction Index.
It is therefore not surprising that the Canadian company New Gold, which is still in the process of closing Minera San Xavier (MSX) in Cerro de San Pedro in SLP, will no longer seek more projects in Mexico. Led by Patrick Godin has better preferred Canada, its country of origin, where it exploits two deposits.
As for the MSX, which began in 2007 and concluded in 2016 with the exploitation of gold and silver, the environmental remediation process continues, adding the social process for 900 direct employees and another 1,500 indirect employees so that they do not have to emigrate to the US.
Under the leadership first of the renowned executive Armando Ortega and after Marisol BarraganMSX was able to relocate many workers in the steel and automotive sectors and motivated others to undertake ventures in the tourism sector, a vocation that the traditional mining town has turned to.
After announcing the closure of the mine in 2014, came a training program that is estimated to have borne fruit, which is visible over the weekend. The place located 20 kilometers from the capital receives hundreds of visitors.
Barragán points out that MSX’s environmental and social remediation process has become a reference. 24 million dollars have been invested in the first concept and 400 million dollars in the second. Furthermore, until 2022, 107 million pesos have been contributed to the municipality in taxes, duties and licenses.
As appropriate, each year the progress of its closure is reported to Semarnat, certainly with limited receptivity. It is expected to be completed in 2025 and that New Gold can leave Mexico with a bang.
In its last 3 productive years from 2015 to 2017, 106, 75 and 34,000 ounces of gold and silver were extracted.
Perhaps they will wait for better times to resume their investments here.
SUGAR CANE FIELD, THIN COWS AND LOW 3RD HARVEST
Due to the drought, the 2023/2024 harvest would finally be 4.7 million tons, better than estimated. The third cycle will be linked to the decline in this crop. Hence the pressure on sugar prices last year. It was offset by imports, some 435,000 tons. The GCMA, which has been carrying out the Juan Carlos Anaya He believes that these would be discouraged by the revaluation of the peso, tariffs and more restricted prices. For now, there are lean years in the sugarcane sector.
SEARCH CNT RETURN OF TORTILLA TO BASIC BASKET
A basic product like tortilla continues to rise. This month it became more expensive again. Hence, an issue that the National Tortilla Council (CNT) has in its sights. Homer Lopez Garcia is to return said food to the basic basket. This could stabilize your situation.
BANXICO CAUTIOUSLY AND THE PESO DEPRECIATES FURTHER
As expected, Banxico Victoria Rodriguez The interest rate was left unchanged. The depreciation of the peso had an influence, given the uncertainty generated by the reforms and perhaps the additional pressure on prices. Yesterday the currency was devalued and closed at 18.44 per dollar.
ARCA REMOVES RAJA FROM “ALBERTO” AND RAIN FOR SCHOOLS
It turns out that Arca, the Coca Cola bottler that he presides over Jorge Santos Reyna took advantage of the storm “Alberto” and captured 420,000 liters of water, the equivalent of 42 trucks to be used by the children, through its program “Schools of Rain”. We all had to reproduce a similar effort.
