Mexico will not approve new mining concessions

On June 23 (Monday), Mexican President Claudia Sheinbaum stated that Mexico would not issue new mining concessions.

Sheinbaum added that the government would review existing environmental impact concessions to determine how much exploration could continue.

According to S&P Global Market Intelligence, Mexico is the world's largest silver producer and an important producer of gold, copper, lead, and zinc.

"There will be no new concessions—no, no new mining concessions," Sheinbaum said at a press conference.

"Mexico's Minister of Environment and Natural Resources, Alicia Bárcenas, is working to address pollution issues in mines."

Sheinbaum stated, "The environmental impact of existing mines will be examined."

The industry trade organization CAMIMEX did not respond to requests for comment, but the organization has previously stated that the industry lost $4.5 billion in investments during the administration of former President Andrés Manuel López Obrador.

The president emphasized the importance of producing lithium in Mexico, which involves open-pit mining and requires an environmental impact report for lithium mining in Sonora.

"If there are open-pit mines, efforts must be made to minimize environmental impact and comply with existing laws," Sheinbaum said.

"For example, copper has a significant impact, so we need to evaluate how to reduce this impact."

"We should produce copper products, all products derived from copper mining," Sheinbaum stated.

Earlier this week, Mexican Minister of Economy Marcelo Ebrard said at a mining conference that the industry is at the core of Mexico's economic security decision-making.

"The president wants us to make extraordinary efforts to enhance technological capabilities and consider new 21st-century mining in this new context, which must align with sustainability and community well-being," Ebrard said at a press conference on June 18.