M. Garside
Research lead covering energy, chemicals & resources
Mining industry in Mexico - statistics & facts
Mexico is amongst the top ten global producers of more than 15 metals and minerals, including being the world's leading silver producer. A part of the country’s culture since pre-Colombian times, Mexico's mining industry saw a new era of development begin during Spanish colonization, with a particular focus on precious metals exploration. As of 2023, the mining sector represented 1.1 percent of Mexico’s GDP and boasted a production value of more than 261 billion Mexican pesos.
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 2023, 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 leading silver mines in Mexico are located.
In addition to gold and silver, several base metals are significant in Mexico's mining industry. Holding the world’s fifth largest reserves, copper production in Mexico has nearly tripled since the beginning of the 2010s, becoming the second most important metal in the country in terms of production value. Furthermore, the production of zinc in Mexico and lead has also increased in the last decade, accounting for nearly eight percent of the mining sector’s production value, combined.
Precious metals still dominate Mexico's mining 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 country's mining sector. Mexico's gold production accounted for the largest share of Mexico’s mining industry production value as of 2023, at nearly 30 percent of the nation’s output value, closely followed by copper.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 2023, 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 leading silver mines in Mexico are located.
In addition to gold and silver, several base metals are significant in Mexico's mining industry. Holding the world’s fifth largest reserves, copper production in Mexico has nearly tripled since the beginning of the 2010s, becoming the second most important metal in the country in terms of production value. Furthermore, the production of zinc in Mexico and lead has also increased in the last decade, accounting for nearly eight percent of the mining sector’s production value, combined.
Mexico's mining industry looking ahead
In 2022, Mexico's mining sector experienced a trade surplus of nearly 13 billion U.S. dollars, with mineral exports estimated to have a value of almost 18 billion U.S. dollars (based on anticipated market growth of two percent compared to 2022) in 2023. Overall, the market size of mining in Mexico was estimated to amount to 3.36 billion U.S. dollars in 2023. In 2024, the political party of Claudia Sheinbaum, the president-elect of Mexico, proposed a ban on open pit mining and fracking in the country, while also advocating for the increased production of critical minerals such as copper and lithium. Overall, mining investment in Mexico in 2024 is still expected to be mostly stable in comparison to 2023, however the proposed new regulations could limit the development of new mines and projects.
