Economic deposits of mineral commodities are rare geological phenomena that are difficult to discover and expensive to develop into operating mines. Mexico is a treasure trove hosting an abundance of viable mineral deposits, particularly, silver and gold.
Indeed, there is a rich precious metal mining history dating back to pre-Hispanic times. Since the arrival of the Spanish some 500 years ago, mining has been an important industry for both the national and local economy. Unlike some other counties, Mexico actually honors miners’ contributions and statues of miners can be found in mining centers such as Guanajuato, an important silver producing region.
During the 300 years of Spanish Rule, many mines were developed, producing silver, gold, copper, coal, lead and iron. The major production states are Zacatecas, Durango, Chihuahua, Guanajuato and Queretaro. For centuries, Mexico has been one of the world’s top silver producers with annual production of about 100 million ounces – in total some 10 billion ounces. The Penoles Proana (Fresnillo) Mine in Zacatecas has been ranked as the world’s second largest primary silver mine and the richest.
In the early 1990’s, Mexico overhauled its nationalistic mining laws to allow 100% foreign ownership of Mexican mining projects. This has resulted in hundreds of exploration and mining companies, many of them Canadian, viewing Mexico as a favourable place to explore and mine.
Significant mines in operation today include Filos and Penasaquito (Goldcorp Inc.), Gleichen Resource’s Limon-Los Guajes deposit, and First Magestic Silver Corp’s La Parilla and San Martin Silver mines.
Source: Resource World Magazine