TORONTO–(BUSINESS WIRE)– Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN: SMTS) (“Sierra Metals” or “the Company”) is pleased to report second quarter 2019 production results featuring the highest level of quarterly throughput to date at its Bolivar and Cusi Mines in Mexico.
By Jorge Cirett
During the 26th week of the year (June 24th to June 30th, 2019), at least 43 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, a resolution by the Supreme Court is awaited to learn how the Mining Fund resources are to be allocated, if for social and environmental infrastructure (as planned) or as direct allocations to the people of the communities, the preferred method of the president (a method the opposition denounces as vote buying). In Sonora a local congressman introduced a bill for a new state tax on dirt extracted from open pits, a measure that if implemented is to pose a further weight in the already heavy fiscal load for mining companies in Mexico. Furthermore, the Economy Secretariat (Secretaria de Economia) published a letter stating that the “Protocol of Good Practice of Mining for the Public Consultation” (Protocolo de buenas practicas de la Minería para la consulta pública) is under review by the agency. It is not possible to underrate the importance of the review of this protocol, because if it is implemented incorrectly the result would impact fast and catastrophically the Mexican exploration industry. One of the more pressing issues is the fact that placing the consultation process before exploration takes place, would end most exploration in one swipe. If in doubt, just take a look to Oaxaca, where, although not being in the law you have to make the community consultation process before exploring, and the result is that hardly any exploration work is nowadays conducted in one of the states with the best mineralization potential in Mexico. Trust is hard to earn, let’s not throw it away so carelessly. ON EXPLORATION, In Zacatecas, Galore continues to drill at Dos Santos; Alien Metals updated on its exploration of Donovan 2 and Los Campos. ON MINING, Alien Metals released its financial results for 2018. ON FINANCING, Santacruz signed an agreement to extend the payment of a US$2.3 M loan. Galore is making a $1.5 M financing. Goldplay closed an oversubscribed financing for $1.37 M. Leagold completed a debt refinancing for a $200 M term loan and a $200 M revolving credit facility. ePower intends to conduct a private placement for Cdn$6 M. Sable granted 2.8 M incentive stock options. Alien Metals raised £350 K. ON RESOURCES AND DEVELOPMENT, Mexus Gold is to start leaching at Santa Elena, in Sonora. Telson reported significant underground channel sample results at Tahuehueto. Orla presented the result of the FS on Camino Rojo. Premier Gold presented results of its 42,000 m drilling campaign at Mercedes. Southern Silver file a technical report with updated resources on Cerro Las Minas. Santacruz presented results of drilling at Veta Grande. GoGold released results of drilling at Los Ricos. SilverCrest informed the decline has intersected the Babicanora vein at Las Chispas. Minera Alamos informed on the permitting of Santana. Almaden updated on permitting and legal issues at its Ixtaca project in Puebla. ON DEALS AND CORPORATE ISSUES, Millrock sold its Sonoran portfolio to Riverside. ePower Metals entered into a definitive agreement with Minera Alamos to acquire the Los Reyes project in Sinaloa. Silver Viper renegotiated much better terms on the lease of two properties within its La Virgina project in Sonora. Golden Minerals entered into an agreement under which Minera Autlan is to buy its Velardeña properties. Bacanora Lithoum signed an investment agreement and an offtake agreement with Ganfeng Lithium on its Sonora lithium project. Canasil and Pan American agreed on terms for the acquisition of Pan American of the Sandra Escobar project in Durango.
ON MEXICO ISSUES
- The Economy Secretariat is awaiting the resolution of the Supreme Court on the change of rules to apply the Mining Fund, which this year is anticipated to be amounting to 3.2 billion pesos (3,200 millones) or approximately US$168.4 M. The proposal by the present Federal government (ie.- the president) is to deliver the resources directly to the people to “augment the capacities” of the mining communities. The aim would be to organize the community and the service providers to be part of the service chain for the mining industry. The resources on the Mining Fund to date are to be funneled according with the current rules, until a resolution by the Supreme Court clarifies the issue.
- In Sonora, local congressman Carlos Navarrete from the Encuentro Social party (allied to the Morena party) introduced a bill for a new State tax on dirt extracted from open pits (includes waste, sand, dimension stone, clays, limestone, lime, among others). The US$0.63 tax per cubic metre of material would be split 80/20 between the municipalities and the State. The resources would be utilized in physical investments and infrastructure with social impact, in the environment and urban development (The bill intends to use the resources thus gathered in the same way that those of the Mining Fund were supposed to be used, and for which a 7% federal royalty tax was imposed on mining a few years ago. Now that the current president Andrés Manuel Lopez Obrador intends to use the resources of the Mining Fund for his preferred programs, allied politicians are trying to make the mining industry pay even more taxes).
- The Economy Secretariat published a letter on the “Protocol of Good Practice of Mining for the Public Consultation”. In the letter the Economy Secretariat states that the protocol is under review by the agency. On the Letter: The consultation process is to be applied to all communities that can be impacted by the mining activity. Also, both exploration and exploitation should be consulted before their realization. The responsible authority is to be the Economy Secretariat, with aid by the Instituto Nacional de los Pueblos Indigenas and other authorities (SEMARNAT, CONAGUA, CFE, local municipal and state governments), as well as the state and federal Human Rights Commissions.
- Galore Resources Inc. informed its 2,500 m diamond core drilling program at the El Alamo target of its Dos Santos project in Zacatecas continues to progress well. The first hole “intersected multiple zones of alteration and brecciation …… silicified and brecciated limestone similar to those observed on the surface over a much wider zone than was anticipated”.
- Alien Metals Ltd. updated on its exploration activities at its Zacatecas properties Donovan 2, Los Campos and Don Celso. Sampling and mapping at Donovan 2 has resulted in high grade mineralisation in historic workings open along strike, and channel sample assays of up to 1.15% Cu and float samples of up to 0.45 gpt Au. Planned work includes a ground induced polarisation (IP) geophysical survey before the first phase of drilling. Surface mapping and sampling will be undertaken at Los Campos and Don Celso properties, as well as underground sampling and a geophysical survey at Los Campos.
- Alien Metals Ltd. released its audited financial results for 2018. The company owns the Donovan 2, Los Campos, San Celso and La Africana projects in Zacatecas. The company held US$0.7 M in cash and cash equivalents by the end of the period.
- Santacruz Silver Mining Ltd. reached an agreement to amend the repayment terms of the US$2.3 M short-term loan that it has borrowed from a private Bolivian mining company. The principal balance of US$2.3 million is now to be repaid by January 30, 2020. As consideration for the extension on the date of repayment Santacruz is to increase the issue of 2 M warrants to 2.5 M warrants (Veta Grande, Zacatecas).
- Galore Resources Inc. is to commence a non-brokered private placement to raise gross proceeds of up to $1.5 M (Dos Santos, Zacatecas).
- Goldplay Exploration Ltd. closed its over-subscribed previously announced financing, for gross proceeds of $1.37 M. A total of $28.9 K was paid and 231 K warrants were issued as a finder’s fee payment (San Marcial, Sinaloa).
- Leagold Mining Corp. completed the debt refinancing with a syndicate of lenders that includes a $200 million term loan and a $200 million revolving credit facility. These loans have been used to replace $238 million of existing short-term debt, and will aid in the development of the Bermejal underground complex, the Guadalupe open pit and the CIL plant construction at it Los Filos mine in Guerrero.
- ePower Metals Inc. intends to conduct a non-brokered private placement to raise up to Cdn$6 M (Los Reyes, Sinaloa).
- Sable Resources Ltd. granted 2.8 M incentive stock options to certain officers, directors, employees and consultants of the company. Such options are exercisable at a price of $0.15 for a period of five years (Margarita and Vinata, Chihuahua).
- Alien Metals Ltd. raised £350 K through the placement of shares (Donovan 2, Los Campos, Zacatecas).
ON RESOURCES AND DEVELOPMENT
- Mexus Gold US. is to start leaching at its Santa Elena mine in Sonora (not to mistake for First Majestic’s Santa Elena mine, also in Sonora). Leaching is programmed to start on June 27th, with ore grading 1.8 gpt Au, 8 gpt Ag, to later on add ore @ 4 gpt Au, 12 gpt Ag. By September the company expects to be mining 3,500 tonnes per week.
- Telson Mining Corp. reported significant channel sample assay results for underground mine development at its Tahuehueto project in Durango, where a 1,000 tonne per day mine is under construction. Highlighted results include: 2.42 m @ 5.76 gpt Au, 129 gpt Ag, 1.44% Cu, 3.8% Pb, 6.2% Zn; 5.50 m @ 3.31 gpt Au, 57 gpt Ag, 0.32% Cu, 0.9% Pb, 3.5% Zn; 5.38 m @ 4.41 gpt Au, 44 gpt Ag, 0.38% Cu, 1.5% Pb, 3.6% Zn; 7.0 m @ 5.12 gpt Au, 40 gpt Ag, 0.29% Cu, 1.0% Pb, 3.2% Zn; 6.45 m @ 5.69 gpt Au, 51 gpt Ag, 0.21% Cu, 2.3% Pb, 5.6% Zn; 4.42 m @ 8.70 gpt Au, 59 gpt Ag, 0.18% Cu, 1.7% Pb, 2.2% Zn; 4.08 m @ 9.27 gpt Au, 69 gpt Ag, 0.19% Cu, 0.6% Pb, 1.0% Zn; 3.56 m @ 7.95 gpt Au, 76 gpt Ag, 0.25% Cu, 3.3% Pb, 4.6% Zn. Individual assays are often above 5 gpt Au, and up to 28 gpt Au.
- Orla Mining Ltd. presented the results of a feasibility study on its Camino Rojo Oxide project in Zacatecas. The main points include 18 K tonnes per day operation, with 44 M tonnes of ore to be put on the leach pad @ 0.73 gpt Au, 14.2 gpt Ag, containing 1 M Oz Au, 20.1 M Oz Ag. The expected recovery is 64% Au, 17% Ag, with an annual gold production of 97 K Oz Au at by-product cash cost $515 per Au Oz and an AISC of $576 per Au Oz. The after tax net present value (5%) is $142 M, with an after tax internal rate of return of 28.7% and a payback period of three years, all this in the case scenario of $1,250 per Au Oz price. The proven and probable mineral reserves stand at 44 M tonnes @ 0.73 gpt Au, 14.4 gpt Ag, whereas the measured and indicated resources amount to 353.4 M tonnes @ 0.83 gpt Au, 8.8 gpt Ag, containing 9.46 M Oz Au, 100.4 M Oz Ag. Inferred mineral resources are 60.9 M tonnes @ 0.87 gpt Au, 7.4 gpt Ag, containing 1.70 M Oz Au, 14.5 M Oz Ag.
- Premier Gold Mines Ltd. presented exploration results of its 42,000 m drilling program at its Mercedes mine in Sonora. New mineralised veins have been confirmed at San Martin, opening the area 600 m to the west of the Lupita deposit. Drilling at San Martin returned multiple intercepts, including 7.2 m @ 4.64 gpt Au, 30 gpt Ag; 1.4 m @ 5.56 gpt Au, 38 gpt Ag. Ongoing delineation at Lupita includes intercepts of 3.9 m @ 10.3 gpt Au, 88 gpt Ag and 1.5 m @ 23.9 gpt Au, 71 gpt Ag. Exploration is to be activated at La Mesa area, adjacent to Agnico Eagle’s Santa Gertrudis project.
- Southern Silver Corp. filed a NI-43-101 report with an updated mineral resource estimate for its Cerro Las Minas project in Durango (previously disclosed). The indicated resources amount to 11.1 M tonnes @ 105 gpt Ag, 0.1 gpt Au, 0.16% Cu, 1.2% Pb, 3.7% Zn, containing 37.5 M OZ Ag, 35 K Oz Au, 40 M Lb Cu, 303 M Lb Pb, 897 Lb Zn, Inferred mineral resources comprise 12.8 Mt @ 111 gpt Ag, 0.07 gpt Au, 0.27% Cu, 0.9% Pb, 2.8% Zn, containing 45.7 M Oz Ag, 31 K Oz Au, 76 M Lb Cu, 253 M Lb Pb, 796 M Lb Zn. “The overall objective of the 2019-20 exploration program is to continue to increase the existing resource base and to identify and drill test new epithermal vein systems within the larger claim package.”
- Santacruz Silver Mining Ltd. released results from phase 1 of the current drilling program on the Veta Grande, Armados and Navidad veins on its Veta Grande project in Zacatecas. Highlighted true width intercepts comprise 0.55 m @ 761 gpt Ag, 0.2 gpt Au, 0.86% Pb, 1.84% Zn, 0.04% Cu; 1.94 m @ 65 gpt Ag, 0.75 gpt Au, 1.23% Pb, 3.84% Zn, 0.03% Cu at the Navidad vein; 2.40 m @ 227 gpt Ag, 0.88 gpt Au, 2.71% Pb, 2.64% Zn, 0.19% Cu; 1.59 m @ 280 gpt Ag, 0.61 gpt Au, 3.60% Pb, 3.24% Zn, 0.22% Cu.
- GoGold Resources Inc. released results from two more diamond drill holes at its Los Ricos property in Jalisco. Highlighted intervals comprise 5.0 m @ 0.52 gpt Au, 161 gpt Ag; 6.3 m @ 2.14 gpt Au, 337 gpt Ag and 32.0 m @ 0.80 gpt Au, 179 gpt Ag, including 11.3 m @ 1.46 gpt Au, 348 gpt Ag. The 10,000 m HQ diamond drill program “is focused on defining the mineralized halo around the historical high grade ore shoots as defined by the underground workings and the 65 historical RC drill holes on the property”.
- SilverCrest Metals Inc. informed the decline has intersected the Babicanora vein at the Las Chispas project in Sonora. The decline intersected the Babicanora vein and the newly identified Baby Vista vein, the first with 3.6 m true width and the second with 1.5 m true width. Additional highlighted infill results of the area 51 of the Babicanora vein include 7.6 m @ 26.6 gpt Au, 2,676 gpt Ag; 3.5 m @ 32 gpt Au, 3,417 gpt Ag; 5.6 m @ 13.6 gpt Au, 1,154 gpt Ag. The 51 in-fill drill holes totaling 18,488 m reported in this news release were “generally targeting mineralization on the outer edges of the current block model” have a weighted average true width of 2.2 m @ 7.17 gpt Au, 753 gpt Ag. An additional 40,000 to 50,000 m of infill and expansion drilling with 15 drill rigs on site focused on expanding mineralization and improving resource confidence. To date over 203,000 m of drilling have been sunk in the property. Ongoing work includes the Feasibility study expected in H1, 2020 development of the Babicanora Vein in Area 51 zone, stockpiling of high-grade material, an extensive metallurgical test program, geotechnical work and permitting for project development.
- Minera Alamos Inc. received notification by SEMARNAT (Mexican environmental agency) confirming the successful completion of the technical review phase of the application (Estudio Tecnico Justificativo – “ETJ”) for the change of land use to allow the construction of mining and processing facilities at the Santana project area in Sonora. Phase 2 exploration will continue on the coming months, focusing to “demonstrate the potential of the project to host multiple “Nicho-style” mineralized systems that could be combined to supply feed material for an expanded regional production facility”.
- Almaden Minerals Ltd. current focus at its Ixtaca property in Puebla relates to permitting and financing activities. “Review by Mexican authorities of Almaden’s environmental permit application (Manifestación de Impacto Ambiental, or “MIA”) continues in the normal course, and recently SEMARNAT, Mexico’s environmental authority, completed its public information meeting in the town of Santa Maria”. Almaden is engaged with several potential financing parties to secure funds for the development of the project. Regarding a decision by a lower court in Puebla State concerning Mexico’s mineral title system, Mexico’s Federal Congress, Senate, and Ministry of the Economy each filed appeals against the decision, as well as Almaden.
ON DEALS AND CORPORATE ISSUES
- Ridgestone Mining Inc. entered into an agreement to acquire 100% interest in ten mining concessions adjacent to its Rebeico project in Sonora. The concessions cover 3,292 ha west of the Ridgestone claims, in an area with “numerous artisanal workings and mineralized outcrops”. Ridgestone has to make a $83 K payment and issue 5 M shares to the vendor.
- Millrock Resources Inc. entered into an agreement to sell the La Union, Los Cuarentas, El Pima, El Valle and Llano del Nogal claim blocks to Riverside Resources Inc. The Santa Rosalia option from the Los Cuarenta project will also be transferred. The deal, that includes a geological database and exploration equipment, involves Riverside paying $35 K and issuing 150 K shares to Millrock, as well as a 0.5% net smelter royalty (NSR) on the El Pima and El Valle claims, and in the Santa Rosalia option.
- ePower Metals Inc. entered into a definitive agreement with Minera Alamos Inc. and Vista Gold Corp. under which ePower has the right to earn 100% interest in the Los Reyes project in Sinaloa. In connection with the Transaction, the Company intends to change its name to “Prime Mining Corp.”, and will focus its resources on the immediate development of Los Reyes. ePower has to complete a $1.5 M cash payment to Minera Alamos, and assume the remaining option payments to Vista Gold of US$1.5 M on October 2019 and US$1.5 M on October 2021, as well as issuing Minera Alamos 9.45 M post-consolidation shares and 3.35 M warrants. ePower has to consolidate its common shares capital on a two-for-one basis and complete a financing of at least Cdn$6 M. The Los Reyes project has an historical estimate of 427.2 K Oz Au, 7.5 M Oz Ag in indicated resources and 196.7 K Oz Au, 4.8 M Oz Ag of inferred resources.
- Silver Viper Minerals Corp. renegotiated the terms of the Rubi-Esperanza option agreement to purchase three mineral concessions within its La Virginia project in Sonora. The overall agreement reduced the total cash payments from $4.49 M to $3 M, augmented in one year the term of the option and crucially reduced the amount on the first three payments by $1.46 M, enabling Silver Viper to direct maximum expenditures to advancing the project. According to the new agreement the company has to pay US$50 K on June 2019 (paid), US$75 K on June 2020, US$100 K on June 2021, US$200 K on June 2022 and US$2.575 M on June 2023. A 2% NSR can be purchased for US$2 M within 5 years of the original agreement remains unchanged. “Surface geochemistry and prospecting have identified targets to the north, south and east of the El Rubi discovery (6 m TW @ 3.16 gpt Au, 228 gpt Ag) which will be tested during the next phase of drilling. In addition, Silver Viper has contracted Geotech Ltd. to conduct a 720 line-kilometer magnetic and radiometric survey over the El Rubi and La Gloria targets for a total coverage of 4,900 hectares”.
- Golden Minerals Co. entered into an agreement to sell its Velardeña properties to Compañía Minera Autlán S.A.B. de C.V. for $22 M. The deal comprises the Velardeña properties, including the Velardeña and Chicago mines (currently in care and maintenance) and other adjacent exploration properties, and the lease agreement under which Golden Minerals has the oxide plant with Hecla thorough 2020. The proposed transaction also would include the sale of the Rodeo and the Santa Maria project concessions. Upon execution of this agreement, Autlan paid a deposit of US$1.5 million to Golden Minerals, which will be applied to the purchase price upon closing.
- Bacanora Lithium PLC. signed an investment agreement and off-take agreement with Ganfeng Lithium Co. (a key player in the lithium industry globally). Once completed this agreement would form a major part of the financing package needed to develop the initial 17,500 tonnes per year production of lithium carbonate. The £14.4 M strategic investment provides Ganfeng with 29.99% of Bacanora, pre-emption rights and a director on the board. Another project level investment of £7.56 M in Sonora Lithium Ltd. (the holding company of the project) accrues Ganfeng 22.5% of the holding company, with an option to increase its interest to 50% within 24 months and the appointment of a director to the board. GFL will provide a plant and process commissioning team to assist Bacanora in delivering first production in 2021.
- Canasil Resources Inc. and Pan American Silver Corp. signed the definitive agreement under which Pan American has the right to acquire Canasil’s interest in the Sandra Escobar project, in Durango. The transaction was closed for a payment of CDN$2 M and grant of a 2% NSR, with Pan American being able to buy 1% of the NSR by the payment to Canasil of CDN$4 M.
Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.
On the image below, conglomerate with well-rounded quartz vein and silicified rock fragments in the coastal plain in Veracruz. Picture by Jorge Cirett.
Hermosillo, Sonora.- La aprobación del impuesto para quienes extraigan algunos de los más de 16 materiales pétreos que se dan en la región, haría menos atractiva la inversión y serían afectados hasta los compradores de vivienda con bajos ingresos, asegura el dirigente de la Coparmex.
Carlos Navarrete, presidente de la Comisión Minera en el Congreso, presentó una iniciativa de Ley que propone cobrar 12 pesos por metro cúbico en la extracción de este tipo de minerales y sus derivados. Se prevé captar 6 mil 570 millones de pesos anuales. En Sonora se extrae 1 millón 500 mil toneladas de estos minerales por día.
En caso de que se aplique ese gravamen, será una de las iniciativas más dañinas para el sector empresarial, asegura Arturo Fernández Díaz González, líder de Coparmex. El impuesto además restaría la competitividad, porque al ser comparadas con otras regiones se irán de Sonora al ser más cara la extracción.
Manifestó que aparte del ‘golpe’ a las futuras inversiones y a la industria minera será afectado también el sector de la construcción y con ello se incrementarán los precios de vivienda, siendo al final de todo una afectación directa al ciudadano.
“El sector minero y de construcción serán los más afectados, como por obvias razones a los ciudadanos porque esto encarece la vivienda”, expresó el líder empresarial.”
Para finalizar, dijo que el diputado Carlos Navarrete podría tener la creencia de que los únicos afectados o que pagarán por el impuesto será la industria minera pero no es así.
Pese a que la Secretaría de Economía espera la resolución de la Suprema Corte de Justicia sobre el cambio de reglas de operación del Fondo Minero, para este año se anticipa un monto cercano a los 3 mil 200 millones de pesos, estimó el subsecretario de Minería, Francisco Quiroga.
“Estamos esperando la guía y la orientación de la Suprema Corte de Justicia solo para determinar que efectivamente se puede entregar directamente los recursos a los habitantes de las comunidades”, señaló en entrevista.
By Jorge Cirett
During the 14th week of the year (April 1st to April 7th, 2019), at least 24 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, an initiative with anti-mining tones was discarded by the Senate. The undersecretary of mining stated that no changes to the mining law, or tax increases in mining are envisaged by AMLO’s administration, and that the focus is to be in decreasing the regulatory load to incentivize the sector. On the other hand, he stated that regulations have to be actualized, highlighting community consultations. ON EXPLORATION, In Sonora, Minaurum presented drilling results from several vein systems at its Alamos Silver property; Aloro submitted a new environmental permit for its Venados project. In Chihuahua, Sable Resources released a thick, good grade intercept from one hole at its Margarita project. In Veracruz, Azucar Metals disclosed good Au-Cu results from one more hole at its El Cobre property. ON MINING, Consolidated Zinc has a new toll agreement for its Plomosas mine in Chihuahua. Endeavour Silver achieved commercial production at its El Compas mine in Zacatecas. Telson Mining released historic metallurgical test results that support higher precious metal recoveries for its Campo Morado mine in Guerrero. Alamos Gold has produced 2 M Oz Au at the Mulatos mine in Sonora. Torex Gold produced 77.8 K Oz Au during the last quarter at its Limon-Guajes mine in Guerrero. GoGold produced 288.7 K Oz Ag in Parral, Chihuahua. Arcelor Mittal invested over US$1 B on its Michoacan plant in 2018. ON FINANCING, Sonoro Metals raised $650K. Defiance Silver closed the second tranche of its financing, raising $1.06 M. Sable Resources announced an offering to raise up to $1.5 M. ON RESOURCES AND DEVELOPMENT, Mag Silver disclosed development advances at Juanicipio, Zacatecas. Sierra Metals disclosed positive drill results from testing of a geophysical anomaly at Bolivar, Chihuahua. Evrim informed on the increase in resources by First Majestic at the Ermitaño project in Sonora. ON DEALS AND CORPORATE ISSUES, Alamos Gold sold a portfolio of non-core royalties. Bacanora Lithium continues to negotiate with Oman for funding of the Sonora Lithium project. Premier Gold divested of several properties, including the Santa Teresa property in Baja California. American Silver and Pershing Gold continue on its path to business combination. GoldCorp’s shareholders support the business combination with Newmont.
ON MEXICO ISSUES
- An initiative with anti-mining tones was discarded by the senate. The initiative presented on November 2018 by the now deceased senator Angelica Garcia, caused a fall in the value of mining companies in the Mexican stock market at the time of its presentation. The Comisiones Unidas de Mineria y Desarrollo Regional y de Estudios Legislativos discarded the proposal on March 27th, based on multiple deficiencies regarding operational overlapping of several government organisms and the lack of well-defined procedures on environmental and negative social impact issues.
- Francisco Quiroga, undersecretary of mining, in an interview with El Financiero Bloomberg, stated that the Federal Government is not to realize changes to the Mining Law, nor to impose a tax increase in the mining industry. The priority, he said, is to reduce the regulatory load and to augment the financing of projects. He added that regulations have to be actualized in maters like community consults, but that there is no need to change the Mining Law. He also pointed that there are not going to be legal changes on the direct foreign investment in mining.
- Minaurum Gold Inc. informed that three of the new vein systems at its Alamos Silver project host significant mineralisation at depth, and drilling has intersected five previously unknown blind veins. To date, 9 of the 15 vein systems identified have been drilled, and Minaurum plans to put at least one hole on each of these before turning to follow-up phase III drilling. Highlighted results from phase II drilling of new veins comprise: 9.6 m @ 198 gpt Ag, 0.17% Cu, 0.2% Pb, 0.9% Zn (or 269 gpt AgEq); 0.9 m @ 302 gpt Ag, 0.21% Cu, 0.5% Pb, 0.8% Zn (or 383 gpt AgEq); 2.05 m @ 181 gpt Ag, 0.15% Cu, 1.6% Pb, 1.5% Zn (or 338 gpt AgEq); 2.85 m @ 25 gpt Ag, 2.3% Pb, 10.6% Zn (or 618 gpt AgEq); 0.9 m @ 391 gpt Ag; 0.11% Cu, 0.4% Pb, 0.3% Zn (or 548 gpt AgEq). Good drill core mineralised intercepts have been obtained from the Minas Nuevas, Promontorio, San Jose, Europa-Guadalupe, Nueva Europa, Amalia, Tigre, Ana, Travesia and El Creston vein systems.
- Sable Resources Ltd. announced results from one more drill hole at its Margarita project in Chihuahua. This drill hole is on the same section line than a deep hole from the previous drilling campaign, and extends mineralisation 350 m NW from other holes. Highlighted intervals comprise 37.35 m @ 117 gpt Ag, 0.7% Zn, 0.2% Pb, 0.17 gpt Au (or 177 gpt AgEq), including 0.90 m @ 353 gpt Ag, 0.6% Zn, 0.1% Pb (391 gpt AgEq) and 5.50 m @ 400 gpt Ag, 3.0% Zn, 1.1% Pb, 1.07 gpt Au (or 689 gpt AgEq), including 1.65 m @ 790 gpt Ag, 0.4% Zn, 2.0% Pb, 2.92 gpt Au (or 1,122 gpt AgEq). “This hole was intended to test close to surface mineralisation above low-grade mineralisation intercepted at depth in Hole 3 and we are delighted at hitting such strong, thick mineralisation.”
- Aloro Mining Corp. submitted to SEMARNAT a new environmental permit for approval of drilling and road construction at its Los Venados property in Sonora. “Aloro was able to apply for the new permit after recently negotiating a new 3 year – 50 drill hole surface access agreement with the Mulatos Ejido.” The new permit is focused on the blind target in the SE corner of the concession, where a drill hole from the last campaign intersected 32 m of strong silicic alteration with brecciated vuggy quartz and sulfides, and 4.5 m @ 1.57 gpt Au.
- Azucar Minerals Ltd. released results from one more drill hole at its El Cobre project in Veracruz. The hole, drilled on the Raya Tembrillo target in the northern edge of the Villa Rica zone, intercepted hypogene porphyry mineralisation from surface, with 168.1 m @ 0.56 gpt Au, 0.29% Cu, including 77.5 m @ 0.78 gpt Au, 0.35% Cu, which in turn include 27.95 m @ 1.53 gpt Au, 0.43% Cu and 12.1 m @ 2.04 gpt Au, 0.58% Cu.
- Consolidated Zinc Ltd. announced the execution of a new toll agreement for its Plomosas mine in Chihuahua, whilst still negotiating new offtake agreements for the concentrates. On March 22, CZL received the notification of termination of its toll agreement with Grupo Mexico (60-day termination notice), and by March 29 a toll agreement was executed with Triturado y Minerales La Piedrera S.A. de C.V. for processing of the ore at its Aldama concentrator facility. The Aldama plant has a 300 tonnes per day (or tpd) capacity that Plomosas can fully utilize. The contract is for 18 months with 6 months extension for CZL. “CZL will process Plomosas ore at both the Aldama Plant and Grupo Mexico Santa Eulalia concentrators for approximately a month under its contracts”. Negotiations are ongoing with a number of parties, “including Industrias Penoles S.A.B. de C.V. and Trafigura Beheer BV, to sell the Plomosas Zinc and Lead Concentrates”.
- Endeavour Silver Corp. informed that commercial production was achieved in mid-March at El Compas mine in Zacatecas, its fourth mine in Mexico. “El Compas has a nominal plant capacity of 250 tonnes per day (tpd) at estimated recovery rates of 83% gold and 50% silver. From February 18 to March 17, the operation processed development ore from stockpile at an average production rate of 232 tpd (93% of design rate) and recovery rates of 73.5% gold (88% of design rate) and 45.5% silver (63% of design rate but only 13% of revenue)”.
- Telson Mining Corp. released results of historic Leachox Process testing to try to increase Au and Ag recoveries on its Campo Morado mine tailings material, in Guerrero. The 2013 report by Maelgwyn Mineral Services for Nyrstar (then the mine operator) stated a maximum recovery of 65% Au, 75% Ag for 20 microns grinded material, and 45% Au, 81% Ag for 40 microns grinded material. “We could improve recoveries from current levels of gold at 15-20% and silver 30-40%, which would significantly increase the mines profitability by increasing the ounces of gold and silver produced at Campo Morado.”
- Alamos Gold Inc. announced that its Mulatos mine in Sonora produced its two millionth ounce of gold in March 2019. “This milestone also marks the end of the 5% NSR royalty that the operation has been paying since the start of production in 2005. At the current gold price, this represents a savings of approximately $65 per ounce, which has already been incorporated into previously disclosed guidance…… The Mulatos operation has been an incredible success story. It started producing gold in 2005 with approximately a seven-year mine life and 14 years later, the mine still has six years of reserves ahead of it.”
- Torex Gold Resources Inc. reported that in Q1, 2019, a total of 77,800 Oz Au were produced at its El Limon-Guajes mine in Guerrero. “Debt principal was reduced by $18.6 million, and cash balances at the end of the quarter were $119 million, including $26.8 million of restricted cash.” Field trials are underway for the first piece of equipment for the proprietary Muckahi mining system.
- Gogold Resources Corp. announced record production of 288.7 K Oz Ag and 1,613 Oz Au (or 424.2 K Oz AgEq) from its Parral tailings operation in Chihuahua.
- Arcelor Mittal. invested $1,635 M during 2018 in Michoacan, while looking to expand its production capacity in Mexico, including a new line of sheeted steel plate, mining, and the modernization of its production plant. The new installations are located in Lazaro Cardenas, Michoacan, to take advantage of the Economic Special Zones to produce 5.3 M tonnes of steel, focusing on the higher aggregate value of sheet steel plate in the automotive and aerospace industries.
- Sonoro Metals Corp. completed a non-brokered private placement, for gross proceeds of $650 K (Cerro Caliche, Sonora).
- Defiance Silver Corp. closed the second tranche of its previously announced private placement, for gross proceeds of $1.06 M, paying $21.3 K finder’s fees and emitting 106.5 K non-transferable broker warrants (San Acacio, Zacatecas).
- Sable Resources Ltd. announced a non-brokered offering that could raise up to $1.5 M (Margarita, Chihuahua).
ON RESOURCES AND DEVELOPMENT
- Mag Silver Corp. disclosed audited consolidated results for 2018. At Juanicipio, in Zacatecas, operated by partner Fresnillo PLC, mine construction continues with “developing the three internal spiral footwall ramps at depth to access the full strike length of the Valdecañas Vein system; excavating and constructing the underground crushing chamber; advancing the conveyor ramp from both ends to and from the planned mill site….. integrating additional ventilation and other associated underground infrastructure, and progressing the construction of surface infrastructure facilities”. During 2018, 6,636 m of underground development were completed, taking the total to date to over 18.5 km. Some highlighted intersections of the 46,060 m of drilling during the year comprise: 11.6 m (true width, or TW) @ 783 gpt Ag, 2.57 gpt Au, 6.5% Pb, 9.5% Zn (Deep Zone West); 6.3 m @ 246 gpt Ag, 1.78 gpt Au, 7.2% Pb, 11.6% Zn, 0.4% Cu (Deep Zone East); 3.2 m @ 472 gpt Ag, 0.31 gpt Au, 0.4% Pb, 0.4% Zn (New Pre-Anticipada vein); 3.0 m (core length) @ 392 gpt Ag, 5.6 gpt Au. Mag remains well funded, with cash and cash equivalents of $130 M by the end of the year.
- Sierra Metals Inc. reported positive results from drill testing a geophysical anomaly at the Bolivar West zone of their Bolivar mine in Chihuahua. Drilling of the Titan 24 chargeability target identified and defined a new zone named West Extension to the Bolivar West zone, which is an extension of the Bolivar West structure. Highlighted drill intercepts comprise: 4 m @ 140 gpt Ag, 2.29% Cu, 7.6% Zn, 0.09 gpt Au (or 6.56% CuEq); 20 m @ 15 gpt Ag, 1.32% Cu, 1.16 gpt Au (or 2.42% ZnEq); 3 m @ 36 gpt Ag, 0.87% Cu, 8.5% Zn (or 4.63% CuEq).
- Evrim Resources Corp. informed that First Majestic Silver Corp. announced a 20% increase in inferred resources over the maiden resource estimation of 2018 at the Ermitaño property in Sonora. A total of 8.81 M AgEq Oz (or 119 K AuEq Oz) were upgraded to indicated status, while 48.98 M AgEq Oz (or 659 K AuEq Oz) are defined as inferred resources. First Majestic is planning to complete 16,000 m of drilling during 2019.
ON DEALS AND CORPORATE ISSUES
- Alamos Gold Inc. reported entering into an agreement for the sale of a portfolio of non-core royalties to Metalla Royalty & Streaming Ltd., for proceeds of USD$8.0 M in Metalla common shares with the right to receive additional an additional USD$0.6 M upon Metalla’s exercise of the La Fortuna option. The portfolio of 18 royalties being sold is all on assets not owned by Alamos in several countries. This includes a 2% NSR royalty on the El Realito property, adjacent to the La India mine in Sonora.
- Bacanora Lithium PLC. Announced “that it remains in active discussions with the State General Reserve Fund of Oman (“SGRF”), the sovereign wealth fund of the Sultanate of Oman, to conclude the proposed US$65M Strategic Investment Agreement and Offtake Agreement for Bacanora’s flagship Sonora Lithium Project in Mexico……. the Company remains focused on completing the funding package in Q2 2019 with a view to commissioning a chemical processing plant and commencing first production at Sonora in H2 2021”.
- Premier Gold Mines Ltd. announced the divestment of several properties in Canada, and the Santa Teresa property in Baja California. The divestment of the properties is the result of four transactions that accrued US$1.23 M to Premier. No information was provided on the parties involved on the transactions.
- Americas Silver Corp. and Pershing Gold Corp. announced that the Committee on Foreign Investment in the United States (CFIUS) has completed its review of the companies’ previously announced business combination and that they expect their business combination transaction to be completed by April 3rd.
- GoldCorp Inc. informed that GoldCorp’s shareholders have voted overwhelmingly in favour of the combination with Newmont Mining Corp.
Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.
On the image above, quartz druse from a breccia in a Michoacan project. Picture by Jorge Cirett.
By Jorge Cirett
During the 12th week of the year (March 18th to March 24th, 2019), at least 20 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, a worrisome statement from the Mexican president regarding the mining concessions makes evident the need to augment the interaction of the mining industry with all levels of government. ON EXPLORATION, in Sonora, Riverside Resources disclosed initial results from exploration work at its recently staked Sandy project; In Chihuahua, Sable released exciting drill results from its Margarita project; Kootenay presented results from surface sampling at its Mecatona property; Evrim and Harvest Gold released final drill results from Cerro Cascaron; Silver Spruce is defining shallow targets for an incoming drill program. In Durango, Gainey Resources indicated that the main vein system at its Las Margaritas project is over 3 Km long. In Veracruz, Azucar Minerals presented long and favorable results from one more hole at El Cobre. ON MINING, Torex Gold paid US$11.9 M in taxes during 2018. Excellon reported financial results for Q4 and full year 2018. ON FINANCING, Sonoro Metals is to undertake a financing round to raise up to $650 K. First Majestic is to extend its share repurchase program. Solaris Copper closed a C$3.9 M placement. ON RESOURCES AND DEVELOPMENT, Almaden Minerals. Issued a Report on Corporate Social Responsibility for its Ixtaca project in Puebla, and submitted an environmental report for permitting. VVC Exploration updated its resource estimate for the Samalayuca project in Chihuahua. Gold Resource reported on a high-grade result from sampling a new crosscut during development at its El Aguila project in Oaxaca. ON DEALS AND CORPORATE ISSUES, Silver One hired Strata-Star Group for investor relations.
ON MEXICO ISSUES
- On a worrisome statement for the Mexican mining industry, during one of his daily press conferences the president of Mexico, Andres Manuel Lopez Obrador, expressed that although no mining concession is to be revoked, no more mining concessions are to be granted. The only requisites are that mining companies, “specially the Canadian ones”, conduct a clean mining operation, that miners are well paid and that they pay the same tax rates than in Canada. He added that the concessions delivered by past governments in the last 36 years were about 40 to 50 M hectares, meaning 30% of the national territory “and they wouldn’t finish with it in a thousand years”.
- Note from editor. In the view of this letter editor, the president words express a lack of knowledge about the rigid guidelines under which exploration and mining international companies, and Canadian ones in particular, obtain financing, explore, interact with the communities, develop, mine and reclaim the used land. On his other remarks, mining companies pay salaries above average in Mexico, and if Canadian companies followed the Mexican president words, they would be paying fewer taxes, not more. Mexico needs more land under mining concessions, not less, as these concessions, besides paying hefty duties, are the basis for investments that feed a long chain of service providers that benefit hundreds of thousands of Mexicans. It is clear and evident that we, as part of the mining industry, need to invest the time and resources to educate the different levels of government about the benefits of mining.
- Gainey Resources Capital Corp. reported that mapping and sampling of its newly-optioned Las Margaritas project in Durango has extended the strike of the main vein system to 3.5 Km, collecting grab samples with assays of up to 73.7 gpt Au. The best mineralization is along a 1,750 m section where 15 of 25 samples assayed more than 1 gpt Au, and six of those more than 5 gpt Au. “Gold mineralization occurs within druzy quartz veins, veinlets and stockworks with up to 3% disseminated pyrite”, with variable widths of up to two metres.
- Evrim Resources Corp. along with exploration partner Harvest Gold Corp., released final results from the recently finished ten-hole drill program at its Cerro Cascaron project in Chihuahua. Highlighted results comprise: At Serpiente Dorada, 1.0 m @ 20.10 gpt Au, 22.5 gpt Au, within 6.5 m @ 3.29 gpt Au, 6 gpt Ag; 11.5 m @ 0.48 gpt Au, 4 gpt Ag and 1 m @ 1.57 gpt Au, 1 gpt Ag. At San Pedro, 4.8 m @ 1.02 gpt Au, 13 gpt Ag; 0.35 m @ 5.39 gpt Au, 24 gpt Ag; 2.4 m @ 0.98 gpt Au, 37 gpt Ag.
- Sable Resources Ltd. released results from two more drill holes collared at its Margarita project in Chihuahua. Highlighted core length results comprise: 20.6 m @ 83 gpt Ag, 0.08% Zn (or 102 gpt AgEq), including 5.1 m @ 222 gpt Ag, 0.47% Zn (or 252 gpt AgEq) in one drill hole and 48.65 m @ 102 gpt Ag, 0.43% Zn, 0.1% Pb (or 130 gpt AgEq), including 1.0 m @ 198 gpt Ag, 0.30% Zn, 0.18% Pb (or 222 gpt AgEq) and 2.85 m @ 376 gpt Ag, 0.75% Zn, 0.28% Pb (or 428 gpt AgEq) and 2.6 m @ 156 gpt Ag, 3.09% Zn, 0.72% Pb (or 351 gpt AgEq) in the other hole. All intercepts are between 47 and 98 m from the surface.
- Kootenay Silver Inc. released results from exploration at its Mecatona property in Chihuahua. Assays of 51 surface samples on a 200 m by 400 m zone of pervasive skarn-altered Lower Cretaceous turbidites of the Mezcalera Group returned an average of 110 gpt Ag, 1.7% Cu, with 12 of the 51 samples grading >100 gpt Ag. “Mineralization associated in the new zone is oxidized to assorted limonites with most of the copper mineralization hosted in the limonites. Depth of oxidation remains unknown. Mineralization occurs as a range of textures that includes bedding replacement, fracture/stockworks and disseminations, patches and hairlines. Quartz veins are not common with one dump sample showing anomalous gold (0.84 gpt), silver (373 gpt) and 16% lead and zinc. One location of unoxidized material, from an underground working showed chalcopyrite, bornite, arsenopyrite, pyrrhotite, galena, sphalerite in quartz and carbonate fracture/vein/gash system. The skarn is all fine grained marked by dense hard white to greenish beddings with local garnets and marble noted“.
- Silver Spruce Resources Inc. informed it is currently defining shallow drill targets for a 1,500 m program at its Pino de Plata project in Chihuahua. At El Terrero, a target comprises a zone of disseminated epithermal mineralization in igneous rocks within 15 hectares of strong argillic to advanced argillic alteration, where high Ag and anomalous Au, Pb, Zn, Cu results have been obtained. At Theodora, veins with high Ag and anomalous Pb, Zn, Cu are to be tested, whereas the Santa Elena Gossan area is a replacement Ag-Pb-Zn-Cu target.
- Azucar Minerals Ltd. reported results from one more drill hole of its ongoing program at its El Cobre project in Veracruz. The drill hole was collared on the Norte zone, where it cut 253.5 m @ 0.72 gpt Au, 0.30% Cu (from 373.50 to 627.00 m); including 64.5 m @ 1.1 gpt Au, 0.40% Cu; and 44.5 m @ 1.34 gpt Au, 0.47% Cu and 13.0 m @ 2.04 gpt Au, 0.70% Cu. Other deeper intervals between 638 and 732 m comprise 14.65 m @ 0.73 gpt Au, 0.28% Cu, and 53.10 m @ 1.00 gpt Au, 0.40% Cu.
- Riverside Resources Inc. disclosed initial results from its recently staked Sandy project in Sonora. Sampling of the structures in the strongly foliated granitic intrusive rocks returned gold values of up to 38.8 gpt Au, associated to a set of felsic dikes. “Silicification and minor quartz veining is noted associated with the structures and with through-going vein mineralization. The wall rock associated with these structures often shows sericitic and silica alteration”.
- Sable Resources Ltd. Released assay results from one more drill hole from the current drilling campaign at its Margarita project in Chihuahua. The highlighted intervals comprise 12.50 m @ 63 gpt Ag, 0.14% Zn, 0.05% Pb (or 73 gpt AgEq), including 4.80 m @ 126 gpt Ag, 0.24% Zn, 0.10% Pb, and a second interval of 12.80 m @ 97 gpt Ag, 1.19% Zn, 0.36% Pb (or 176 gpt AgEq), including 1.90 m @ 213 gpt Ag, 4.52% Zn, 1.81% Pb (or 529 gpt AgEq).
- Torex Gold Corp. informed of the payment of US$11.9 M on taxes from its mining activities in 2018 (El Limon-Los Guajes, Guerrero)
- Excellon Resources Inc. reported financial results for the last quarter and full year 2018. During the year Excellon had $24.3 M of revenue, producing silver at cash cost $9.48 per ounce and an AISC of $20.69 per ounce. Also during the year, at its Platosa mine in Durango, 57.5 K tonnes were mined, 81 K tonnes processed (24 K tonnes from stockpiles) @ 391 gpt Ag, 3.88% Pb, 5.42% Zn, recovering 89.2% Ag, 79.4% Pb, 80.8% Zn, to produce 917.7 K Oz Ag, 5.45 M Lb Pb, 7.89 M Lb Zn (or 1.93 M Oz AgEq). The company also informed on a concentrate theft scheme from 2016 to October 2018 involving material in transit from Miguel Auza in Zacatecas to the port in Manzanillo, Guerrero. It is estimated that said scheme impacted revenues by approximately 10% per year.
- Impact Silver Corp. entered into a concentrate sales contract with Samsung CT Corp. for off take from the Royal mines of Zacualpan, Estado de Mexico. “Based on current production of 400 tonnes per day, 2019-2020 sales of silver lead-zinc concentrate should top 800,000 ounces silver with revenues over 95% attributable to pure silver (no equivalents)”.
- Sonoro Metals Corp. intends to undertake a non-brokered private placement with the aim of raising up to $650K (Cerro Caliche, Sonora).
- First Majestic Silver Corp. informed it has extended its share repurchase program for another 12 months. The program proposes to repurchase up to 5 M common shares, or 2.5% of the outstanding shares of the company (Six operating mines in Mexico).
- Solaris Copper Inc. closed a C$3.9 M non-brokered private placement financing, with no fees or commissions paid (60% interest on La Verde, Michoacan).
ON RESOURCES AND DEVELOPMENT
- Almaden Minerals Ltd. informed of the issuing of a Report on Corporate Social Responsibility describing the community-related activities in which the company has engaged for over 15 years at the Ixtaca project in Puebla. Also, an environmental permit (Manifestación de Impacto Ambiental) has been submitted to Mexican authorities, including within it topics like water usage, tailings process details and acid drainage evaluation.
- VVC Exploration Corp. disclosed and updated resource estimate for its Samalayuca property in Chihuahua. With a 0.30% Cu cut-off, the indicated resources comprise 3.16 M tonnes @ 0.42% Cu and the inferred resources 4.68 M tonnes @ 0.44% Cu, containing 13,375 tonnes Cu and 20,683 tonnes Cu respectively.
- Gold Resource Corp. reported that ongoing development work at its mirador mine (in its El Aguila property in Oaxaca) crosscut 6 m of the Independencia vein, which assayed 992 gpt Ag, with the opposite wall assaying 5 m @ 572 gpt Ag. Earlier drilling result of this area included 13.3 m @ 1,055 gpt Ag and 2.70 m @ 1.67 gpt Au, 901 gpt Ag.
ON DEALS AND CORPORATE ISSUES
- Silver One Resource Inc. entered into an investor relations agreement with Strata-Star Group, LLC. “Strata-Star will provide investor relations services to Silver One including communicating with members of the financial community as well as shareholders”.
Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.
On the image above, chalcopyrite crystals in a quartz druse from a project in Michoacan. Picture by Jorge Cirett.
Large barite crystals
By Miguel A Heredia
During the nine week of the year (March 11th to March 17th, 2019), at least 33 press releases were announced by companies working in Mexico, with eight announcing financial rounds, seven communicating financial and production results, six informing on exploration results, six disclosing deals and corporate issues, four reporting on resources and development of their properties, and 2 discussing Mexican news. ON MEXICO ISSUES, Compañía Minera Cuzcatlán recognized the contribution of women in mining and declared it is committed to continue promoting its inclusion. Ternium re-activated the ore transport from its Aquila mine in Michoacan after the highway was blocked by an indigenous community for 16 days. ON EXPLORATION, In Sonora, Aztec Minerals reported positive metallurgical results from its Cervantes project. In Chihuahua, Sable released drilling results from its Margarita project. In Coahuila, Prize Mining announced plans for the next phase of exploration at its Manto Negro project. In Sinaloa, e-Power staked three new mining claims. In Zacatecas, Excellon reported drilling results from its Evolution project. ON MINING, Alio, Consolidated Zinc, Fortuna, Impact, Leagold and Starcore presented production results from their Mexican mining operations for the periods Q4 and full year 2018. ON FINANCING, Aura announced that is undertaking a non-brokered private placement to raise up to $0.5M (East Taviche project, Oaxaca). Defiance closed the first tranche of its non-brokered private placement for $1,229,500. Mexican Gold closed the final tranche of its non-brokered private placement for $2,143,000 (Las Minas project, Veracruz). McEwen announced its voluntary termination of the equity distribution agreement to offer shares from its common stock. Vangold has arranged a non-brokered private placement for gross proceeds of up to $0.5M, and announced a shares consolidation plan (Pinguino project, Guanajuato). Xtierra announced its intention to raise up to $1M by way of a non-brokered private placement (Bilbao project, Zacatecas). Sierra Metals closed a senior secured corporate credit for up to US$100M (Cusi mine, Chihuahua). ON RESOURCES AND DEVELOPMENT, SilverCrest updated mineral resource estimate for its Las Chispas project in Sonora, effective February 8, 2019. Orla Mining reported that it is advancing its Camino Rojo Oxide project in Zacatecas towards a construction decision. Leagold announced a mine expansion FS for its Los Filos mine in Guerrero. Telson released significant assay results from underground development at its Tahuehueto mine in Durango. ON DEALS AND CORPORATE ISSUES, Aura appointed new CEO, entered in a definitive agreement with Minaurum on its East Taviche project in Oaxaca, and the shareholders approved the change of name to Aura Resources Inc. Coeur appointed former Nevada Governor to its Board of Directors (Palmarejo mine, Chihuahua). Mako Mining announced the resignation of its CEO and the appointment of its interim replacement (La Trinidad mine, Sinaloa). Tamino announced that it has retained the services of an experienced consultant geologist (El Volcan project, Sonora). Goldcorp announced fully support for the Nevada JV between Barrick and Newmont. Southern Copper showed interest to invest in a lithium project in Sonora.
ON MEXICO ISSUES
- Minera Cuzcatlán S.A. de C.V., the Mexican subsidiary of Fortuna Silver Mines Inc., recognized the contribution of women in mining and declared it is committed to continue promoting its inclusion.
- Ternium, re-activated the ore transport from its Aquila mine in Michoacan after a group of indigenous people from the community of Santa Maria Ostula blocked the Mexican Federal Highway # 200 for 16 days.
- Aztec Minerals Corp., and Kootenay Silver Inc., announced positive bottle roll gold metallurgical results from its Cervantes project in Sonora. Drill core samples were grouped into 4 separate types of mineralization: oxide 1, oxide 2, mixed oxide/sulphide, and sulphide, showing metallurgical recoveries of 85.1%, 87.7%, 77.9%, and 51.2% respectively on 2mm material, and 94.3%, 94.2%, 89%, and 78.5% on 75 micron material.
- Sable Resources, released drilling results from holes M-DDH-19-18 and M-DDH-19-19 from its Margarita project in Chihuahua. Hole M-DDH-19-18 intersected 71 g/t Ag and 0.13% Zn (80 g/t AgEq) over 30.8m, including 174 g/t Ag and 0.15% Zn (186 g/t AgEq) over 3.7m, and 171 g/t Ag, 0.4% Pb, and 0.12% Zn (199 g/t AgEq) over 1.55m, while hole M-DDH-19-19 intersected 24 g/t Ag, 0.08% Pb, and 0.3% Zn (44 g/t AgEq) over 55m, including 94 g/t Ag, 0.3% Pb, and 2.4% Zn (238 g/t AgEq) over 2.05m. “The mineralized Margarita structure can now be traced continuously with drillholes for 1,400m along strike including a central core of high-grade veins and silicified fault zones surrounded by a wide, close to surface, low-grade Ag halo, hosted by silicified and fractured volcanic rocks.”
- Prize Mining Corporation, announced plans for the next phase of exploration at its Manto Negro project in Coahuila “to further define the scale, grade, and potential of this district scale property”. The plan is to locate structural and geological traps where there is increase thickness in mineralization to test them with a 3,000 to 5,000 m core drilling program. “Following positive results, metallurgical testing will be completed as well as 3D interpretation on key areas”.
- e-Power Metals, staked three new mining claims totaling 4,400 ha, located south of the Company´s high grade Magenta Au-Ag-Co project, where historical sampling on veins and skarn style deposits at the La Prieta old showings have returned results of 180.4 g/t Au, 202 g/t Ag, and 5.54% Co over 0.61m in Zone # 1; 194 g/t Au, 203 g/t Ag, and 8.14% Co from an adit dump; and 8.1 g/t Au, 53 g/t Ag, and 3.27% Co over 0.5m in Zone #2.
- Excellon Resources Inc., reported first drilling results since 2010 from its Evolution property in Zacatecas. Significant drilling results are in hole EX18MAZ-251 with 22 g/t Ag, 0.4% Pb, 1% Zn, and 0.1 g/t Au (101 g/t AgEq) over 154m, including 188 g/t Ag, 4.4% Pb, 2.9% Zn, and 0.1 g/t Au (532 g/t AgEq) over 2.4m, and 48 g/t Ag, 0.7% Pb, 2.8% Zn, and 0.1 g/t Au (238 g/t AgEq) over 7m; hole EX18MAZ-253 with 14 g/t Ag, 0.3% Pb, 0.7% Zn, and 0.1 g/t Au (70 g/t AgEq) over 219m, including 70 g/t Ag, 1.3% Pb, 2.2% Zn, and 0.4 g/t Au (274 g/t Ag) over 12.6m; hole EX18MAZ-257 with 175 g/t Ag, 4.3% Pb, 5.4% Zn, and 0.4 g/t Au (663 g/t AgEq) over 3.4m; and hole EX18MAZ-258 with 64 g/t Ag, 1.4% Pb, 2.2% Zn, and 0.3 g/t Au (259 g/t AgEq) over 24.9m.
- Alio Gold Inc., presented Q4 and full year 2018 production results from its San Francisco mine in Sonora. Alio produced 10.3K Oz Au and 4.2KOz Ag in Q4 2018 at AISC of $1,558 per Oz Au produced. Alio produced 54K Oz Au and 24.8K Oz Ag in 2018 at AISC of $1,258 per Oz.
- Consolidated Zinc Limited, provided February 2019 production results from its Plomosas mine in Chihuahua. It reported 4,158 tonnes processed with Zn recoveries of 89% to Zn concentrates. Consolidated Zinc mined 3,873 tonnes of 9.6% Zn and 2.7% Pb to produce 815.4K Lb Zn and 235.2K Lb Pb.
- Fortuna Silver Mines Inc., released Q4 and full year 2018 financial and production results from its San Jose mine in Oaxaca. It reported Q4 sales of $59.6M, net income of $2.2M, adjusted net income of $4.4M, and adjusted EDITDA of $22.7M. For the full year 2018 Fortuna reported sales of $263.3M, net income of $34M, adjusted net income of $38.4M, and adjusted EBITDA of $113.9M. The company milled 256,181 tonnes of 1.58 g/t Au and 230 g/t Ag to produce 11.8K Oz Au and 1.72M Oz Ag with metallurgical recoveries of 91% for both metals. Fortuna also reported an AISC of $7.1 for Oz Ag or $9.9 for Oz AgEq.
- Impact Silver Corp., announced its financial and operating results for Q4, 2018. It reported $13.1M in revenues for 2018. Impact milled 173,217 tonnes of 170 g/t Ag to produce about 947K Oz Ag.
- Leagold Mining Corporation, presented financial and production results from its Los Filos mine in Guerrero for the period Q4 and full year 2018. It reported revenues of $376.5M, and an adjusted EBIDTA of $89.5M for the full year 2018.Leagold produced 58,201 Oz Au in Q4 and 195,362 Oz Au for the full year 2018 at an AISC of $985 per Oz Au sold.
- Starcore International Mines Ltd., announced financial and production results from its san Martin mine in Queretaro for the Q3 period ended January 31, 2019. It reported revenues of $6.6M and an EBIDTA of $335M for the nine months ended January 31, 2019. Starcore milled 71,100 tonnes of 1.8 g/t Au and 33 g/t Ag to produced 3.4K Oz Au and 46.2K Oz Ag (4K Oz AuEq).
- Aura Minerals Inc., announced that is undertaking a non-brokered private placement to raise up to $0.5M.
- Defiance Silver Corp., closed the first tranche of its non-brokered private placement for $1,229,500. The first tranche is part of the non-brokered private placement for total gross proceeds of $4M (San Acacio, Zacatecas).
- Mexican Gold Corp., closed the final tranche of its non-brokered private placement for $2,143,000. Gross proceeds will be used on its Las Minas project in Veracruz.
- McEwen Mining Inc., announced its voluntary termination of the equity distribution agreement on March 13, 2019 to offer shares from its common stock from time to time for up to $90M (Fenix project, Sinaloa).
- Vangold Mining Corp., has arranged a non-brokered private placement for gross proceeds of up to 0.5M. It also announced a consolidation of their shares in which the company will trade 2 old shares for 1 new share (Pinguino project, Guanajuato).
- XTierra Inc., announced its intention to raise from a non-brokered private placement up to $1M. (Bilbao project, Zacatecas).
- Sierra Metals Inc., closed a six year senior secured a corporate credit facility for up to US$100M effective on March 08, 2019 (Cusi mine, Chihuahua).
ON RESOURCES AND DEVELOPMENT
- SilverCrest Metals Inc., updated mineral resource estimate for its Las Chispas project in Sonora, effective February 8, 2019. The infill drilling program at Las Chispas has delineated an initial indicated mineral resource estimate of 1M tonnes of 6.98 g/t Au and 711 g/t Ag (1,234 g/t AgEq), containing 39.8M Oz AgEq. Inferred mineral resource are estimated at 3.6M tonnes of 3.32 g/t Au and 332 g/t Ag (581 g/t AgEq), containing 68.1M Oz AgEq.
- Orla Mining Ltd., filed a PEA amended technical report on its Camino Rojo project in Zacatecas. “The PEA supports a technically simple open-pit mine and heap-leach operation that offers low capital and operating costs, rapid payback, and strong financial performance. The PEA is based on near-surface oxide and partly oxidized (transitional) material within the overall resource, all located within Orla’s mineral concessions”. Highlights of the PEA are a pre-tax NPV (5%) of USD$231 and an IRR of 38.1% or after-tax NVP (5%) of USD$121M and an IRR of 24.5%; production rate per day of 18K tonnes; total material to leach pad of 42.5M with grades of 0.71 g/t Au and 13.6 g/t Ag (966K Oz Au and 18.5M Oz Ag contained) with metallurgical recoveries of 67% and 15% respectively; and an annual gold production of 97.5K Oz Au. It also reported that it is advancing its project towards a construction decision later this year and ensuring the company remains on track with the development of its first mine. Orla is also advancing the feasibility study on its Camino Rojo project which is expected to be completed by the end of Q3, 2019. Construction is expected to start during H2, 2020 following receipts of all necessary permits.
- Leagold Mining Inc., announced a mine expansion FS in March 2019 which incorporates “the potential for developing the Bermejal underground mine, enlarging the Los Filos open pit mine, re-phasing the Bermejal open pit into two distinct sections (Bermejal and Guadalupe), and building a 4,000 tonne per day (tpd) carbon-in-leach (CIL) plant to complement the existing heap leach facilities”.
- Telson Mining Corporation, released significant assay results from underground development on the Creston Zone at its Tahuehueto mine in Durango. Significant channel sampling results are 8.48 g/t Au, 104 g/t Ag, 0.85% Cu, 5.8% Pb and 11% Zn (20.9 g/t AuEq) over 4.95m; 5.66 g/t Au, 62 g/t Ag, 0.26% Cu, 3.6% Pb, and 7.4% Zn (13.24 g/t AuEq) over 3m; 8.89 g/t Au, 88 g/t Ag, 0.34% Cu, 2.3% Pb, and 6.3% Zn (15.54 g/t AuEq) over 3m; 11.87 g/t Au, 78 g/t Ag, 0.54% Cu, 2.7% Pb, and 4% Zn (17.59 g/t AuEq) over 3.35m; and 8.12 g/t Au, 134 g/t Ag, 0.44% Cu, 2.4% Pb, and 4% Zn (14.13 g/t AuEq) over 3.25m.
ON DEALS AND CORPORATE ISSUES
- Aura Resources Inc., appointed new CEO and made changes of its Board of Directors. The company also entered in a definitive agreement with Minaurum Gold Inc., in which Minaurum can acquire an 80% interest on its East Taviche project in Oaxaca.
- Coeur Mining Inc., appointed former Nevada Governor to its Board of Directors.
- Mako Mining Corp., announced the resignation of its CEO and the appointment of its interim replacement (La Trinidad mine, Sinaloa).
- Tamino Minerals Inc., retained the services of an experienced geological consultant to assist them to achieve its goals within its mining exploration projects in order to meet corporate milestones (El Volcan project, Sonora).
- Goldcorp Inc., announced fully support for the Nevada JV between Barrick Gold Corporation and Newmont Mining Corporation.
- Southern Copper Corp., showed interest to invest in a Canadian owned lithium project in Sonora, on which a Chinese company seems to be also interested. Southern Copper has not made an offer yet and did not reveal the name of the lithium project.
On the picture above, large barite crystals and manganese oxides in a low-intermediate sulphidation epithermal system in Chihuahua, Mexico. Photo by Miguel A Heredia.
By Jorge Cirett
During the 10th week of the year (March 4th to March 10th, 2019), at least 16 press releases were announced by companies working in Mexico. ON MEXICO ISSUES, The cancellation of the Los Cardones project in Baja California Sur was announced by the president of Mexico. According to the Fraser Institute, Mexico climbed several positions on its ranking, although security and taxation remain dragging down its overall ranking. On PDAC’s Mexico Mining Day, the participation of Francisco Quiroga, Pedro Haces and the governors of Durango and Sinaloa left a bittersweet message, as an invitation for investment was mixed with the government impulse for community consultations, the reviewing of mining concessions, labor issues and environmental revisions. ON EXPLORATION, In Sonora, Sonoro Metals commenced a second phase of RC drilling at its Cerro Caliche property. In Chihuahua, Radius Gold informed is working on a revised geological model of the previous drilling campaign as it prepares for the next at the Amalia project. In Durango and Veracruz. Chesapeake Gold is to focus its 2019 exploration program in properties near its flagship Metates project, and in the Tatatila project in Veracruz. ON MINING, Americas Silver, Avino Silver and Premier gold reported operating and/or financial results for the Q4 and full year 2018. ON FINANCING, Minera Alamos corrected a previous financing press release, Kootenay Silver increased the size of its placement to $7 M. McEwen Mining suspended distribution of its dividend. Mako Mining raised CAD$4.5 M. ON RESOURCES AND DEVELOPMENT, Mag Silver reported on 46,000 m of drilling and the discovery of a new vein trend at Juanicipio, in Zacatecas. ON DEALS AND CORPORATE ISSUES, Oroco informed on the status of legal actions regarding its intention to acquire the Santo Tomás project in Sinaloa. Alio Gold changed CEO and Great Panther Silver Ltd. changed its name to Great Panther Mining Ltd. as it diversifies into gold mining.
ON MEXICO ISSUES
- The Durango and Sinaloa governors, Jose Rosas Aispuro and Quirino Ordaz, respectively, attended the PDAC convention in Toronto, looking to strengthen the ties with Canadian companies and promote investment in the local mining sector.
- The president of Mexico, Andres Manuel Lopez Obrador, announced the cancellation of the Los Cardones open pit mining project in Baja California Sur (on the bright side, the cancellation could be the result of negotiations with the project owner, which has multiple government contracts in other industries. On the other hand, the president said he took the decision because he has the authority to do so).
- The Fraser institute released its annual survey on mining jurisdictions of the World, Mexico climbed several positions to reach the 29th on the ranking, from the 44th on the previous year. Our Latin American competitors on the foreign investment race, Chile and Peru, also raised to the 6th (from the 8th) and 14th (from the 91th) position respectively. The categories on which Mexico can improve significantly are: “Disputed Land Claims” (58th position), “Socioeconomic Agreements/Community Development” (59th position), “Labor Regulations” (58th position), Security (80th position, regrettably) and “Taxation Regime” (71st position, just 13th places from the bottom). To download the report: https://www.fraserinstitute.org/sites/default/files/annual-survey-of-mining-companies-2018.pdf.
- In PDAC, Francisco Quiroga, undersecretary of Mining on the Secretaría de Economía (Ministry of Economy) asked Canadian mining companies to accept public consultations to avoid harmful effects on society and the environment. He also solicited fiscal observance, environmental protection and human rights respect by the companies to avoid the closure of mines. He offered an administrative simplification to miners by the implementation of a sole attention desk to reduce paperwork.
- Also in PDAC, and during the Mexico Mining Day, Pedro Haces Barba (Morena senator) stated that Canada is a strategic partner on the mining sector. He expressed the Congress and Senate support to stimulate the development of the industry, giving form to a legal framework in the leading edge, with the participation of experts, producers, environmentalists, workers and all other involved. Haces also stressed the compromise to impulse significant changes to the mining law to benefit from the sustainable exploitation of natural resources in pace with the regional dynamics and global challenges.
- Radius Gold Inc. informed on the review and re-logging of five holes drilled to test the Campamento structural corridor (now called San Pedro) at its Amalia project in Chihuahua. Only the deepest hole intercepted the structure within the lower volcanic group andesitic rocks, returning 26 m @7.1 gpt Au, 517 gpt Ag, including 5 m @ 14.7 gpt Au, 517 gpt Ag. Access agreements with landowners have been secured, and a new environmental permit has been applied for the second drill stage. Pan American Silver is funding the project with Radius as the operator.
- Sonoro Metals Corp. commenced the phase two drilling campaign at its Cerro Caliche property in Sonora. This 4-month program is to consist of approximately 5,000 m of reverse circulation drilling. The goal is to enlarge the gold mineralization inventory, test deeper zones and extend the high-grade gold intercept at El Colorado zone, which returned 12.2 m @ 11.21 gpt Au. If results support it, a phase 3 drilling campaign of approximately 7,000 m of infill drilling will follow. “The Company anticipates that it will commission and publish an NI 43-101 technical report, including an initial resource estimate, within two months”.
- Chesapeake Gold Corp. informed this year its exploration programs will focus on the under-explored region of its Metates project in Durango. At Crisy, close to Metates, a quartz breccia and stockwork that runs for over 2 km hosted in shales, produced 24 m @ 1.5 gpt Au; 13 m @ 1.1 gpt Au, 14 gpt Ag; 4 m @ 2.5 gpt Au, 49 gpt Ag, in channel samples. At Cerro Pelon, Durango, a 3 km long, 750 m wide zone of epithermal veins and stockworks returned 40 m @ 42 gpt, 0.2 gpt Au; 25 m @ 57 gpt Ag; 15 m @ 1.0 gpt Au in surface sampling. At San Javier, Durango, “Silver mineralization is hosted within clay altered sandstone, mudstone and local intrusive dikes and has been traced continuously on surface for over 500 meters. Previous samples returned 60 meters of 71 g/t silver and 0.6% lead. In January, a trench channel sample collected 200 meters further along strike returned 25 meters of 46 g/t silver and 0.5% lead”. At Yarely, Sinaloa, A channel sample returned 30 m @ 1.6 gpt Au, 38 gpt Ag, on quartz breccias and stockworks associated to a rhyolite flow-dome complex. At Tatatila, in Veracruz, skarn bodies developed along the contact of intrusive dikes and sills and older limestones returned 2 m @ 28.9 gpt Au, 0.5% Zn; 6 m @ 0.4 gpt Au, 5.6% Zn; 2 m @ 0.14 gpt Au, 65 gpt Ag, 2.3% Pb, 3.1% Zn.
- Americas Silver Corp. reported consolidated financial and operational results for the fourth quarter and full year 2018. The company had a revenue of $68.4 M from its operations in Mexico and the USA, without entering in details by unit (Cosalá Complex, Sinaloa).
- Avino Silver & Gold Mines Ltd. announced consolidated financial results for the fourth quarter and year 2018. During the year revenues were $34.1 M from 708.8 K tonnes milled to produce 1.28 M Oz Ag, 8,092 Oz Au, 4.81 M Lb Cu or 2.86 M Oz AgEq, at cash cost $9.63 and AISC $10.67 (Avino, San Gonzalo mines, Durango).
- Premier Gold Mines Ltd. released operating results for Q4 and full year 2018, including figures from its operations in Mexico. At Mercedes, in Sonora, during the last three months of the year 183.1 K tonnes were milled @ 3.96 gpt Au, 44.8 gpt Ag, recovering 96.3% Au and 45.2% Ag, to produce 22,465 Oz Au, 119 K Oz Ag. For the year, 665.5 K tonnes were milled @ 3.34 gpt Au, 35.3 gpt Ag, recovering 96% Au, 40.9% Ag to produce 68,719 Oz Au, 309.2 K Oz Ag. By product cash cost and AISC were $609 and $795 per Au Oz, respectively. “Exploration drilling continued during the fourth quarter with 1,972 meters completed for a total drilling of 40,721 meters for the year”.
- Minera Alamos Inc. issued a correction to its previous press release, where it stated $4.93 M of gross proceeds on a non-brokered placement. In fact, Minera Alamos raised aggregate proceeds of $4.99 M, paying $280 K in commissions (La Fortuna, Durango; Santana, Sonora).
- Kootenay Silver Inc. increased the size of its non-brokered private placement, originally for gross proceeds of $2.5 M, to $7 M (La Negra, Sonora; La Cigarra, Chihuahua).
- McEwen Mining Inc. suspended the distribution of its dividend, stating lower revenues from operating issues at a couple of mines as the cause (El Gallo, Sinaloa).
- Mako Mining Corp. closed its non-brokered private placement for gross proceeds of CAD$4.5 M (Trinidad, Sinaloa)
ON RESOURCES AND DEVELOPMENT
- Mag Silver Corp. reported on results from a 48-hole diamond drilling program with a total of 46,060 m completed in late 2018 at the Juanicipio JV property (Fresnillo PLC 56% / Mag Silver 44%), designed to expand and infill the wide high-grade deep zone mineral resource. The program confirmed continuity to depth of high-grade mineralization in the East and West Valdecañas vein deep zones and in the Anticipada vein, discovering the new Pre-Anticipada vein in the hangingwall above the system. Highlighted intercepts include 11.6 m @ 783 gpt Ag, 2.57 gpt Au, 6.5% Pb, 9.5% Zn, 0.32% Cu at the deep west zone; 6.3 m @ 246 gpt Ag, 1.78 gpt Au, 7.2% Pb, 11.6% Zn, 0.40% Cu at the deep zone east; 6.2 m @ 275 gpt Ag, 4.02 gpt Au, 7.3% Pb, 9.2% Zn at the Anticipada vein; 3.2 m @ 472 gpt Ag, 0.31 gpt Au, 0.4% Pb, 0.4% Zn, 0.03% Cu at the Pre-Anticipada vein.
- Mag Silver Corp. announced the discovery of the northeast trending Venadas vein at the Juanicipio property in Zacatecas. The vein was inferred from the alignment of fifteen previously unconnected intercepts before being cut in an underground development working as a 1.1 m vein @ 116 gpt Ag, 3.16 gpt Au. The first hole designed to test the Venadas vein cut 3.0 m (core length) @ 392 gpt Ag, 5.54 gpt Au. “Venadas is the first ever mineralized vein in the overall Fresnillo District oriented at a high angle to the historically mined NW oriented veins. Notably, other much larger NE structures with intense surface alteration are known farther afield within the Juanicipio property and are now priority exploration targets. None have ever been directly drilled.”
ON DEALS AND CORPORATE ISSUES
- Oroco Resource Corp. informed on the legal actions being taken to acquire interest in the Santo Tomás project in Sinaloa. “At present, the following initiatives, amongst others, are expected to validate and maintain the status quo of the titles and eventually remove any unwarranted ownership claims to the Santo Tomas Concessions as are currently being made by Aztec Copper Inc., an Arizona company, and its Mexican subsidiary, Prime Aztec Mexicana S.A de C.V.” (Santo Tomas, Sinaloa).
- Alio Gold Inc. informed its chief executive officer, Greg McCunn is resigning to pursue other opportunities. The board of directors appointed Mark Backens as CEO, position which he has served previously on an interim basis (San Francisco, Sonora).
- Great Panther Silver Ltd. completed the acquisition of Beadell Resources Ltd., owner of the Tucano mine in Brazil, with 1.3 M Oz Au in reserves. As part of the evolution in strategy, the company name has been changed to Great Panther Mining Ltd (Topia, Durango).
On the image above, weathered intrusive rock with oxidized quartz-sulphide veinlets in a Michoacán project. Picture by Jorge Cirett.
México escaló del noveno al quinto lugar entre los países y estados mineros más inseguros del mundo, informó el Instituto Fraser en su reporte anual de la industria a nivel global.
Venezuela es el lugar más inseguro para la minería, seguido por Filipinas, Nicaragua y Mali, mientras que la ‘nación azteca’ ocupa el quinto sitio.
Cabe destacar que el organismo considera como inseguridad la vulnerabilidad que tienen las empresas mineras para sufrir ataques por grupos de la delincuencia organizada y terroristas.PUBLICIDAD
El organismo internacional muestra que incluso en naciones como Turquía, Guatemala, República del Congo y Rusia son más seguros que México.
La Cámara Minera de México (Camimex) refiere que el apoyo de la Gendarmería Nacional y el cuerpo de élite de la Policía Federal a las empresas mineras, para brindar atención directa a emergencias, es de vital importancia para enfrentar y disminuir cualquier hecho delictivo y determinar el plan de acción entre la federación, el estado y la industria.
“La falta de certeza jurídica y la inseguridad, son los principales elementos disuasivos para invertir en el país”, dijo Daniel Chávez Carreón, presidente de la cámara.
A pesar de esta situación, México creció en el ranking global de atractivo de inversiones para la industria minera, al pasar de la posición 44 a 29 del ranking global. Incluso es considerado el tercer país con más atractivo para inversión en América Latina.
Alfredo Phillips, presidente del Clúster Minero de Guerrero, comentó en entrevista previa que en el estado trabajan de la mano con el Gobierno local y federal, para que sigan invirtiendo en el lugar.
“Tenemos una gran colaboración con las autoridades y reconozco el trabajo realizado (…) no significa que se acabó la inseguridad, pero vemos interés de las autoridades”, explicó el directivo al salir del Mexico Mining Forum.
Canadá es un socio estratégico para México en el sector minero con el que es necesario “ensanchar la relación de cooperación y mutuo crecimiento”, dijo el senador Pedro Haces Barba al participar en el México Mining Day 2019, en Toronto.
“Por ello desde el Congreso acompañaremos al gobierno del presidente López Obrador en el diseño de una nueva política de Estado que estimule el desarrollo de la industria en condiciones de competitividad internacional”, señaló.
El senador por Morena destacó la Inversión Extranjera Directa (IED) y la generación de empleos bien remunerados que forman parte de esta relación. Precisó que tan sólo en el 2018, el sector minero-metalúrgico representó para el país el 8.3 por ciento del PIB industrial y el 2.5 por ciento del PIB total, además de que al cierre del año se contabilizaron más de 371 mil empleos directos.
El también líder nacional de la CATEM, expresó por ello el compromiso del Senado mexicano por impulsar reformas sustanciales a la Ley Minera que estén a la altura de las dinámicas regionales y los retos globales del siglo XXI, que permitan un aprovechamiento estratégico y sustentable de los recursos naturales de nuestro país.
“En el Senado de la República uno de los objetivos principales es conformar un marco legal de vanguardia con la participación de expertos, académicos, productores, ambientalistas, así como del sector laboral y todas aquellas personas que estén involucradas en la materia”, expresó Haces Barba.