Investment in Mexico Mining Rising
Investment in Mexico Mining Rising

Investment in Mexico Mining Rising

Investment in Mexico Mining Rising

Investment in Mexico’s mining industry is expected to rise this year due in large part to a global recovery in metal prices after four years of declines, according to projections from the sector.
Mexico’s mining chamber predicts mining investments will total $5 billion by the end of the year, a 33% increase from 2016, Sergio Almazan, the group’s director, said in a telephone interview. Nearly half of the funds would come from overseas, Reuters reported.
Last year, foreign direct investment in the sector, which represents 3.9% of the gross domestic product, amounted to $1.3 billion, according to data from the Mexican Economy Ministry.
Investments in the industry reached $8 billion in 2012, but began to fall due to declines in international metal prices and, later, new taxes on the sector, which took effect in 2014.
“Fortunately, the prices are beginning to respond in a positive way,” said Almazan. “There are many projects that are in development from years ago due to the good cycle that our country experienced.”
So far in 2017, the price of copper has risen more than 23%, the price of gold has climbed 15% and the price of silver has increased by 11%.
Almazan said that the industry is hoping that authorities will revise the tax rates that, in his view, have hurt the competitiveness of the Mexican industry relative to its peers in the region. “We have been converted into one of the most expensive countries to invest in,” he said.

Short URL : https://goo.gl/KqSgnv
  1. https://goo.gl/hxcPS7
  • https://goo.gl/MSsc22
  • https://goo.gl/HrbJuo
  • https://goo.gl/zHG9yF
  • https://goo.gl/XkmxdM

You can also read ...

While China tries to alleviate its demographic crunch, the aging society means a pension shortfall.
Forget that image of sweatshops making all kinds of cheap...
Russia Economic Recovery Underway
Retail sales in Russia picked up in April, while real wages...
In 2017 banks had total mortgage lending of around $352 billion.
High levels of household debt are the greatest risk to Sweden’...
Saudi Gov’t Told Not to Boost Spending
The International Monetary Fund urged the Saudi government not...
Greece at Crucial Point
Discussions are heating up over future debt repayments for...
Brazil CB Keeps Rates on Hold
Brazil’s central bank considered cutting interest rates last...
Peru Economy Strengthens
Economic growth in Peru strengthened in the first quarter...
EU Tells Italy to Cut Debt, Warns of Euro Spillover
Italy’s incoming government should aim to cut its heavy public...

Add new comment

Read our comment policy before posting your viewpoints