Record Investment In Mining In Mexico

Record investment in mining in Mexico

14/10/2010 16:12



Mexico. The good time that is living the country’s mining by the international increase in metal prices of highest historic records and the strong recovery in production, triggered a boost in the profits of mining companies in Mexico to be transformed into a record, with investments over $13 billion dollars along 2010-2012.

Manuel Luevanos, president of the Mexican Mining Chamber (Camimex) announced that the mining companies in Mexico will invest $4,431 billion dollars during 2010, for 2011 will be $4,168 billion dollars and for 2012 were promised $4,484 additional billion dollars.

Mining grew at an annual rate of 4.7% until July, but in particular the metallic and nonmetallic minerals except oil and gas, in the same period grew an average of 24.5% according to official data.

On the other hand, analysts of Grupo Financiero IXE, the three companies that list their shares on the Mexican Stock Exchange (BMV), Grupo Mexico, Peñoles and Autlan, will increase 63.9% their annual earnings in the third quarter of 2010.

Ixe analysis indicates that net profits of these enterprises account for $6,889 billion pesos. The extraordinary growth of profits encourages companies to invest in the future.

Camimex reported that currently there are 738 mining projects handled by 279 companies. It added that in terms of production value, 60% are in Mexican hands and the remaining 40% are owned by foreign companies.

Regarding exploration projects 70% are held by foreign companies and 30% in Mexican mining companies.

Camimex data indicate that currently gold leads metal production nationally with 23% interest, silver is second by providing 18%; the third place is for copper, which accounts for 17% of metal production at the national level.

www.tibesarealty.com.mx