Precious metals still dominate the sector
Since the early 1500s, the prospects of boundless riches in the form of gold and silver drove Spanish conquerors to Mexico. Fast forward to the 21st Century, and precious metals are still some of the most important commodities in the Mexican mining sector. Despite a mostly continual decrease in gold production reported in the second half of the decade, the metal nevertheless contributes with the largest share in Mexico’s mining production value. In 2021, it accounted for nearly 30 percent of the nation’s output value. As global geopolitical tensions and uncertainties regarding economic development have led investors to search for more traditional and reliable investments, the industry worldwide has recently become more favorable, as the increase in demand led to a surge in gold prices.Meanwhile, in spite of reporting a much smaller share of production value when compared to gold, silver mine production in Mexico remains a force to be reckoned with. In 2021, the Latin American country was by far the largest silver producer worldwide, supplying almost one-quarter of global production that year. Silver production is largely concentrated in the central state of Zacatecas, where three out of the five biggest silver mines in Mexico are located.
Base metals also claim their space
Although historically the North American country’s mining sector was developed with a focus in precious metals, nowadays Mexico also stands out as a base metals powerhouse in the global arena. Holding the world’s fifth largest reserves, copper production in Mexico has nearly tripled since the beginning of the decade, becoming the second most important metal in the country in terms of production value. Furthermore, the production of zinc and lead has also increased in the last decade, accounting for nearly 10 percent of the mining sector’s production value, combined.
