Camimex ranked the 19 main gold projects in Mexico with start-up years between 2025 and 2029.
Each of these projects provides investments of between US$15 million and US$1,377 million.
Gold comes to the market from three main sources. First, primary mining. Second, extraction as a by-product of base metals, especially copper. And third, recycling.
Gold projects in Mexico
World gold production continues to be dominated by formal mining companies. These may be public, private or state-owned. However, their capacity to react to economic changes is limited. High exploration, development, production and recovery costs limit their flexibility. In addition, they must operate under criteria of sustainability and financial viability.
In this context, several projects continue in Mexico.
Endeavour Silver reported 89.4% progress in its “Terronera” project in Jalisco. The accumulated investment through 2024 totals US$302 million. The installation of equipment, piping, electricity and instrumentation is expected to be completed by the first quarter of 2025. And the tailings dam will also be completed. Start-up is scheduled for the second quarter.
Torex Gold increased to 94% the progress of the “Media Luna” project in Guerrero. In 2024, it invested 449 million dollars. Procurement and engineering are already completed. Subway and surface development are 90 and 85% advanced, respectively. Although there was an eight-day pause, copper concentrate production is expected to start by the end of the first quarter of 2025. The paste plant will start up in the second quarter.
In 2023, the “Ana Paula” gold project, located in Guerrero, was acquired by Heliostar Metals. More than US$100 million was invested, which included permits for an open pit mine, a 53-person camp, surface rights, and some construction work. It redesigned the model towards a subway mine to increase its profitability. In 2024 it resumed drilling. In 2025 it will prepare a new feasibility study with a view to deciding on construction in 2026.
Inversiones
Minera Alamos extracted 3,801 ounces of gold in 2024 in phase 1 of its “Santana” mine in Sonora. Phase 2, underway, will increase capacity by 40% during the first half of 2025. At the same time, progress is being made at its “Cerro de Oro” project in Zacatecas. Permit approvals are expected in the first half of 2025 and a construction decision in early 2026.
GoGold Resources is progressing in the feasibility study of “Los Ricos Sur”, in Jalisco. The mine, with a useful life of 15 years, contemplates an initial investment of US$227 million. Los Ricos Norte» is projected to produce 222 thousand ounces of gold, 68 million ounces of silver and other metals. The investment will be US$221 million.
Finally, Vizsla Silver concluded the preliminary economic evaluation of its “Panuco” project in Sinaloa. This includes two subway mines and a plant with milling and leaching circuits. The mine life will be 10.6 years. In 2025 it will focus on permitting, financing and feasibility. Start-up is planned for 2027. The initial investment amounts to US$224 million.