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Mexico’s ‘shock’ new mining law hurts juniors most

Henry Lazenby | May 3, 2023 | 10:34 am

Canadian juniors in Mexico were blindsided by a new mining regime on Apr. 29, after the Mexican Senate rushed through a contentious bill that experts say will deter investment.

Mining entrepreneur Ross Beaty, who’s made a career of investing in high-risk jurisdictions across Latin America, including Mexico, tells The Northern Miner the “aggressive” move by the government is “extremely damaging” to Mexico’s mining industry. “It’s a very significant negative to Mexico’s previously good investment climate for mining,” he says.

The Senate unanimously and with little debate approved two constitutional reforms and a new mining law which the Mexican mining chamber and the Canadian federal government had as recently as April 26 admonished.

Jobs impacted
While juniors will be required to present more studies and work along with funds upfront to be held as bonds before obtaining the concessions amid the uncertainty of getting them due to the public auctions, Mexico’s national mining chamber, Camimex, has warned the reforms could cost the country some $9 billion in investments and up to 420,000 jobs.

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https://www.mining.com/mexicos-shock-new-mining-law-hurts-juniors-most/