Investments in mining exploration in Mexico have registered ups and downs in recent years, according to data from the Mining Chamber of Mexico (Camimex).

After increasing from US$572 million in 2022 to US$607 million in 2023, investments in mining exploration in the country dropped to US$538 million in 2024.

“Investment in exploration fell back 11.5%, a fact that must be addressed as a priority if we want to guarantee the future development of the sector,” said Pedro Rivero González, president of Camimex.

This Chamber projects that investments in mining exploration in the country will rise to 564 million dollars by 2025.

Investments in mining exploration in Mexico

Only 25% of the Mexican territory has been thoroughly explored. Therefore, there is a great opportunity for new mining projects.

Mexico remains a key player in the sector. It is the world leader in silver production. In addition, each year it ranks between 12 and 19 minerals in the global top 10.

The greatest risk in mining appears in the exploration phase. However, this risk decreases as you move towards the operation.

It is not only large corporations that participate. Junior companies, mainly focused on the exploration of new deposits, are also involved.

Here is the trend of investments in mining exploration in Mexico, in millions of dollars:

• 2018: 596.
• 2019: 536.
• 2020: 338.
• 2021: 392.
• 2022: 572.
• 2023: 607.
• 2024: 538.

Mining concessions

During the six-year term of Andrés Manuel López Obrador, no new mining concessions were granted. However, the government never clearly explained the reasons behind this decision.

At the same time, the level of fiscal contribution of the sector was questioned. Possible environmental damage was also pointed out.

The new Mining Law opens the door to private participation in exploration. Now, they can submit information to the Ministry of Economy about possible deposits in unallocated or unlicensed lots.

Based on this information, the Ministry can request the Mexican Geological Service (SGM) to carry out exploration work. If deemed feasible, the SGM may sign a collaboration agreement with private parties to carry out such work.

For Camimex, this stage is crucial. It considers that mining exploration is not only strategic, but essential for the country’s economic development.

From its perspective, exploration is the first step towards new projects, more employment, technological innovation and regional growth.

For this reason, the Mexican Chamber of Mines insists on the need to reactivate exploration. It calls for this to be done under a clear, technical legal framework that provides certainty to both investors and communities.