Value Chain Report on the Mining Industry in Mexico

Abstract

This report provides a comprehensive analysis of the mining industry value chain in Mexico, a globally significant producer of various minerals, particularly silver, gold, and copper. It details the key stages: Exploration, Development, Mining (Extraction), Processing & Refining, and Marketing & Sales. Each stage is dissected into its core segments, main activities, and types of players involved. The analysis profiles major companies operating within Mexico, including Grupo México, Industrias Peñoles, Fresnillo plc, Minera Frisco, and others, providing estimates of their operational scale and market presence based on 2024 data. The report examines the intricate commercial relationships, the specific products and services exchanged, and the prevailing business models that define interactions between players across the value chain. Furthermore, it identifies and analyzes critical bottlenecks and challenges impacting the sector, such as regulatory hurdles, security concerns, social license issues, infrastructure limitations, and commodity price volatility. The interactions, business models, and transactional difficulties between the value chain stages are synthesized to provide a holistic understanding of the industry's operational dynamics. The findings indicate a robust industry dominated by large players but facing significant operational and external challenges that require strategic management for sustained growth and profitability.

Introduction

Mexico possesses a rich geological endowment and a long history of mining, positioning it as a major player in the global minerals market. It ranks among the world's top producers of silver, gold, copper, zinc, lead, and other minerals. The mining industry represents a significant contributor to the Mexican economy, generating substantial export revenue, investment, and employment, particularly in regions where mining activities are concentrated. The sector encompasses a wide array of activities, from grassroots exploration searching for new deposits to the complex processes of extraction, metallurgical processing, refining, and the global marketing of finished mineral products.

The purpose of this report is to present a detailed analysis of the mining industry's value chain in Mexico. It aims to provide a granular understanding of each constituent step, the diverse players involved, their scale of operations, and the commercial dynamics that govern their interactions. By examining the flow of activities, products, services, and value addition from exploration through to final sales, this report seeks to illuminate the structure and functioning of this vital industry. The scope includes defining the value chain stages, profiling key corporate actors with recent operational data (primarily from 2024), analyzing commercial relationships and business models, and identifying the primary bottlenecks and challenges that influence the sector's performance and future trajectory. This analysis is intended for industry stakeholders, investors, policymakers, and researchers seeking in-depth knowledge of the Mexican mining landscape.

Value Chain Definition

The mining industry value chain in Mexico comprises a sequence of interconnected stages, each essential for transforming potential mineral resources into marketable products. The primary steps are detailed below:

• Exploration: This initial phase focuses on discovering and evaluating potential mineral deposits. It is fundamental for sustaining the industry's resource base.

  • Segments:
    • Greenfield Exploration: Involves searching for mineral deposits in previously unexplored or under-explored areas, carrying higher risk but potentially higher reward.
    • Brownfield Exploration: Focuses on exploring areas adjacent to or near existing mines to discover extensions of known deposits or new deposits within the mine's footprint, generally involving lower risk.
  • Main Activities: Activities are data-intensive and require geological expertise. They include:
    • Data Collection and Analysis: Gathering and interpreting existing geological maps, satellite imagery (remote sensing), and historical data.
    • Geochemical Sampling: Systematically collecting samples of soil, rock, stream sediments, or vegetation to analyze for anomalous concentrations of target minerals.
    • Geophysical Surveys: Employing ground-based or airborne methods (e.g., magnetic, electromagnetic, gravity, seismic surveys) to detect physical property contrasts associated with mineral deposits below the surface.
    • Drilling: Physically penetrating the earth with drill rigs to obtain core or chip samples from depth, providing direct evidence of mineralization.
    • Core Logging: Detailed examination and recording of geological features, mineralogy, and structures within the drill core.
    • Resource Modeling and Estimation: Using collected data (assays, geological interpretations) to build 3D models of the deposit and estimate its size (tonnage) and mineral content (grade) according to recognized reporting standards.

• Development: Following the discovery of an economically viable deposit, this phase encompasses the planning, engineering, and construction necessary to bring a mine into production.

  • Segments:
    • Feasibility Studies: Conducting comprehensive technical, economic, environmental, and social assessments to determine the project's viability and optimal development strategy. This includes detailed resource/reserve calculations.
    • Mine Design and Engineering: Developing detailed plans for the mine layout (open pit or underground), selection of extraction methods, design of processing facilities (crushers, mills, flotation circuits, leach pads), and tailings storage facilities.
    • Infrastructure Development: Constructing essential support infrastructure, which may include access roads, power lines, water supply systems, pipelines, worker accommodation, and administrative buildings.
    • Mine Construction: The physical building of the mine site components, including excavation of pits or shafts/declines, erection of the processing plant, and installation of all necessary equipment.
  • Main Activities: This stage transitions from evaluation to tangible construction. Key activities involve:
    • Detailed Geological Modeling and Mine Planning: Refining the understanding of the orebody and developing optimized short-term and long-term mining schedules.
    • Metallurgical Testing: Conducting laboratory and pilot-plant tests to finalize the design of the most efficient mineral processing flowsheet.
    • Environmental and Social Impact Assessments (ESIA): Preparing detailed studies on potential impacts and mitigation measures, crucial for permitting and social acceptance.
    • Permitting and Licensing: Engaging with regulatory bodies (federal, state, municipal) to secure all necessary environmental, construction, operational, water use, and land use permits.
    • Civil Works and Facility Construction: Undertaking earthworks, concrete pouring, steel erection, and building construction according to engineering designs.
    • Equipment Procurement: Sourcing and purchasing major mining and processing equipment (e.g., trucks, shovels, drills, mills, flotation cells, thickeners).

• Mining (Extraction): This core operational phase involves the physical removal of ore (rock containing valuable minerals) from the ground.

  • Segments:
    • Underground Mining: Extracting ore from beneath the surface using shafts, ramps (declines), and tunnels (drifts, stopes). Methods vary based on deposit geometry (e.g., cut-and-fill, longhole stoping, block caving).
    • Open Pit Mining: Extracting ore from a large surface excavation. This method is suitable for large, near-surface deposits and involves removing overlying waste rock (overburden) to access the ore.
    • Ore Handling and Processing (Initial): Transporting the extracted ore to the processing plant and performing initial size reduction through crushing and grinding.
  • Main Activities: Daily operations focus on efficient and safe ore extraction:
    • Drilling and Blasting: Drilling patterns of holes into the rock face and loading them with explosives to break the rock.
    • Loading and Hauling: Using large shovels, excavators, or loaders to load the fragmented ore and waste rock into haul trucks for transport.
    • Crushing and Grinding: Reducing the size of the ore through multiple stages of crushing and grinding (milling) to liberate the valuable mineral particles from the waste rock (gangue).
    • Mineral Separation: Concentrating the valuable minerals using physical or chemical methods depending on mineralogy (e.g., froth flotation for sulfides, leaching for gold/silver/copper oxides, gravity separation for dense minerals).
    • Tailings Management: Disposing of the finely ground waste rock (tailings) slurried with water, typically in engineered tailings storage facilities, managing water recycle and environmental safety.

• Processing and Refining: This stage involves treating the extracted ore to separate and purify the valuable minerals into marketable products.

  • Segments:
    • Concentration: Increasing the percentage of valuable minerals in the material, producing a mineral concentrate (e.g., copper concentrate, zinc concentrate). Common methods include flotation, leaching, and gravity separation.
    • Smelting: Applying high heat to melt the mineral concentrate, causing chemical reactions that separate the desired metal from impurities (slag). This produces an impure metal (e.g., blister copper).
    • Refining: Further purifying the smelted metal or leached metal solution to achieve high levels of purity required by markets (e.g., electrolytic refining for copper, Merrill-Crowe process or electrowinning for gold/silver).
  • Main Activities: These activities involve complex chemical and physical processes:
    • Liberation: Ensuring mineral particles are physically separated from waste through crushing and grinding.
    • Separation Techniques: Applying specific processes like flotation (using reagents to make minerals attach to air bubbles), leaching (dissolving metals using chemical solutions like cyanide or acid), gravity separation, or magnetic separation.
    • Solid-Liquid Separation: Thickening and filtering processes to dewater concentrates or pregnant solutions.
    • Smelting Operations: Feeding concentrates into furnaces, managing fluxes and heat, tapping molten metal and slag.
    • Refining Processes: Employing techniques like electrolysis (passing electric current through solutions or molten salts) or chemical precipitation to remove final impurities and produce high-purity metal cathodes, ingots, or bars.

• Marketing and Sales: The final stage involves selling the refined metals or mineral concentrates to customers in domestic and international markets.

  • Segments:
    • Commodity Sales: Selling standardized, bulk refined metals (e.g., LME-grade copper cathodes, gold bullion) on global commodity exchanges or through direct contracts.
    • Concentrate Sales: Selling mineral concentrates (e.g., copper, zinc, lead concentrates) typically to smelters or refineries under long-term contracts that specify treatment charges and penalties.
    • Specialty Sales: Selling specific mineral products or non-metallic minerals directly to industrial users who require particular specifications (e.g., specific grades of limestone, gypsum, or industrial minerals).
  • Main Activities: Focuses on commercial transactions and logistics:
    • Contract Negotiation: Agreeing on terms of sale, including price (often based on benchmark prices adjusted for quality and treatment charges), volume, delivery schedule, and payment terms.
    • Logistics and Transportation: Arranging and managing the transportation of final products (often bulky) via truck, rail, or ship to customers globally.
    • Price Risk Management (Hedging): Using financial instruments (futures, options, forwards) to lock in prices and protect against adverse movements in volatile commodity markets.
    • Marketing and Distribution: Identifying customers, managing relationships, and ensuring efficient distribution channels.

Players Analysis

The Mexican mining value chain is populated by a diverse range of players, from small exploration outfits to large multinational corporations. Key players often participate in multiple stages of the value chain.

• Types of Players by Stage:

  • Exploration: Junior exploration companies (focused solely on discovery), Major mining companies (integrated, with exploration divisions), Geological consulting firms, Drilling contractors, Geophysical survey companies, Assay laboratories.
  • Development: Mining companies (project owners), Engineering, Procurement, and Construction (EPC) firms, Specialized engineering consultants, Construction companies, Heavy equipment manufacturers/suppliers, Financial institutions (banks, private equity, investment funds).
  • Mining (Extraction): Mining companies (operators), Mining equipment suppliers (OEMs), Contract miners, Drilling and blasting service providers, Tire suppliers, Fuel and lubricant suppliers, Explosives manufacturers.
  • Processing & Refining: Mining companies (with integrated facilities), Standalone smelting and refining companies, Chemical suppliers (reagents, acids, etc.), Technology providers (process control, equipment), Energy suppliers.
  • Marketing & Sales: Mining companies (sales departments), Metal trading companies (e.g., Glencore, Trafigura), Brokers, Industrial end-users (manufacturers, chemical companies), Banks and financial institutions (trade finance, hedging).

• Examples of Main Players and Activities (Based on 2024 Data):

  • Grupo México: A major Mexican conglomerate with substantial mining operations (Minera México). Primarily focused on copper, they are involved in extraction, processing (including smelting and refining), and marketing/sales. They operate large mines like Buenavista del Cobre and started the Buenavista Zinc project in 2024. Active in development (new projects) and ongoing extraction/processing.
  • Industrias Peñoles: One of the world's largest silver producers and a major producer of gold, zinc, and lead. They operate numerous mines (e.g., Fresnillo, Ciénega, Saucito) and are heavily involved in extraction, processing (including smelting and refining of multiple metals), and marketing/sales.
  • Fresnillo plc: The world's largest primary silver producer and Mexico's second-largest gold producer, spun off from Peñoles but operating independently. Focuses on precious metals extraction and processing (concentrates) from mines like Saucito, San Julián, and Juanicipio (JV). Engages in exploration and development.
  • Minera Frisco: Owned by Carlos Slim, involved in exploration, development, and extraction/processing of gold, silver, copper, lead, and zinc from multiple operating units in Mexico.
  • Alamos Gold Inc.: Primarily a gold producer, operating the Mulatos mine complex in Sonora. Active in exploration (significant budget allocated for Mulatos district), extraction, and processing (heap leaching, milling).
  • Agnico Eagle Mines Limited: A major global gold producer with significant operations in Mexico (e.g., Pinos Altos, La India). Active in exploration, extraction, and processing. Advanced exploration in 2024, increasing reserves.
  • Endeavour Silver Corp.: A mid-tier silver producer operating mines like Guanaceví and Bolañitos. Heavily involved in development with the Terronera project nearing production. Active in exploration, extraction, and processing.
  • First Majestic Silver Corp.: Focused on silver production from mines like San Dimas, Santa Elena, and La Encantada. Primarily involved in extraction and processing. Acquired Cerro Los Gatos mine in 2024.
  • Torex Gold Resources Inc.: Operates the El Limón Guajes mine complex and is developing the major Media Luna project in Guerrero. Focused on gold extraction and processing, with significant development activity.
  • MAG Silver Corp.: Primarily holds a significant interest (44%) in the high-grade Juanicipio silver mine, operated by Fresnillo plc. Benefits from the mine's extraction, processing, and sales, receiving cash flow. Primarily an investment/development player realizing production value.

• Estimates of Volumes and Sizes (2024):

  • Grupo México: Copper production > 1 million tonnes; Q4 Zinc > 43,000 tonnes; Minera Division Sales > US$12.3 billion.
  • Industrias Peñoles: Full Year Revenue > US$6.6 billion (significant silver, gold, zinc, lead producer).
  • Fresnillo plc: H1 Production: 28.2 moz silver, 270.9 koz gold; H1 Revenue > US$1.4 billion; Full Year Guidance: 55.0-62.0 moz silver, 580-630 koz gold. Juanicipio (100% basis) production: 18.6 moz silver, 39 koz gold.
  • Minera Frisco: Q1 Production: ~18 koz gold, ~1.3 moz silver, ~5.8 kt copper; Q1 Ore Processed: >1.5 million tonnes; Full Year Revenue: ~P$10.5 billion (~US$615 million).
  • Endeavour Silver Corp.: Production: 7.95 million AgEq oz (4.47 moz Ag, 39 koz Au); Revenue: US$217.6 million.
  • First Majestic Silver Corp.: Production: 21.7 million AgEq oz (8.4 moz Ag, 156.5 koz Au).
  • Alamos Gold Inc.: Mulatos District (Mexico) Production: 205,000 oz gold; Global Production: 567,000 oz gold; Record Free Cash Flow: US$272 million.
  • Agnico Eagle Mines Limited: Global Production: 3.49 million oz gold (Mexico contribution significant but not isolated in snippets).
  • MAG Silver Corp.: Share of Juanicipio production (44% of 18.6 moz Ag & 39 koz Au). Received significant cash flow (Q4: US$53.85 million).
  • Torex Gold Resources Inc.: Developing Media Luna, part of new mines expected to add >300 koz annual gold capacity.
  • Market Context: Total market value of Mexican mining companies on the Mexican Stock Exchange exceeded one trillion pesos in 2024.

Value Chain Summary Table

Value Chain Step	Main Activities	Segments	Types of Players	Examples of Main Players (2024 Activity)	Estimated Volumes/Sizes (Examples from 2024)
Exploration	Identifying and evaluating mineral deposits	Greenfield, Brownfield	Junior exploration companies, Major mining companies, Consulting firms	Alamos Gold (Sonora budget US$19M), Agnico Eagle (Reserve increase), Minera Frisco (3 units), Endeavour Silver (Project areas)	Continued investment by majors; Specific industry-wide exploration spend figures N/A in snippets.
Development	Planning, design, and construction of mine and infrastructure	Feasibility Studies, Mine Design, Infrastructure Development, Mine Construction	Mining companies, EPC firms, Construction companies, Equipment manufacturers, Financial institutions	Torex Gold (Media Luna US$874.5M project), Endeavour Silver (Terronera construction approved), Grupo México (Buenavista Zinc start-up), Minera Frisco	Substantial capital investment (e.g., Media Luna); New mines commencing operations contribute to overall capacity (e.g., new gold mines adding >300 koz/yr capacity).
Mining (Extraction)	Extracting ore from the earth	Underground Mining, Open Pit Mining, Initial Processing	Mining companies, Equipment suppliers, Service providers, Contract miners	Grupo México (>1M t Cu), Industrias Peñoles (Major Ag/Au/Zn/Pb), Fresnillo plc (H1: 28.2 moz Ag, 271 koz Au), Minera Frisco (Q1: >1.5M t ore processed), Endeavour Silver (7.95M AgEq oz), First Majestic (21.7M AgEq oz), Alamos Gold (205 koz Au - Mulatos), Agnico Eagle, MAG Silver (Juanicipio), Torex Gold	Significant ore volumes mined & processed (e.g., Fresnillo millions of oz Ag/Au; Minera Frisco millions of tonnes ore). Direct correlation to company production reports.
Processing & Refining	Concentrating and purifying valuable minerals/metals	Concentration, Smelting, Refining	Mining companies (integrated), Smelting/Refining companies, Chemical suppliers	Grupo México (Copper smelting/refining), Industrias Peñoles (Ag, Au, Zn, Pb refining), Most major miners have integrated concentration.	Output directly linked to extraction and processing capacity. Refined metal production volumes key indicator (e.g., Grupo México copper output, Peñoles refined metals). Concentrate production also significant (e.g., Fresnillo).
Marketing & Sales	Selling refined metals or mineral products to markets	Commodity Sales, Concentrate Sales, Specialty Sales	Mining companies, Metal trading companies, Brokers, Industrial end-users, Financial institutions	Grupo México (Minera Sales > US$12B), Industrias Peñoles (Revenue > US$6.6B), Fresnillo plc (H1 Revenue > US$1.4B), Minera Frisco (Revenue P$10.5B), Endeavour Silver (Revenue US$217.6M), Alamos Gold (Realizing cash flow)	Reflects the significant economic value of output. Driven by production volumes and prevailing commodity prices.

Commercial Relationships

The Mexican mining value chain operates through a complex network of commercial relationships that facilitate the flow of goods, services, capital, and information between diverse players at each stage. These relationships are crucial for the industry's functionality.

• Exploration Stage: Junior exploration companies often seek partnerships with major mining companies through joint ventures (JVs) or earn-in agreements, where the major provides funding and expertise in exchange for equity in the project. Both juniors and majors engage geological consultants, drilling companies, geophysical survey providers, and analytical laboratories based on service contracts. These contracts typically define the scope of work, deliverables (data, reports, samples), timelines, and payment terms (e.g., per meter drilled, per sample analyzed, daily rate for consultants).
• Development Stage: This stage sees large-scale commercial interactions. Mining companies contract Engineering, Procurement, and Construction (EPC) firms under comprehensive construction contracts (often lump-sum or cost-plus) to design and build the mine and processing facilities. Significant sales or leasing contracts are established with manufacturers for heavy mining and processing equipment. Crucially, mining companies establish financing agreements with banks, investment funds, or consortia to secure the substantial capital required, involving debt, equity, or streaming/royalty arrangements. Relationships with government agencies for permits, while regulatory, have commercial implications.
• Mining (Extraction) Stage: Mine operators maintain ongoing commercial relationships with numerous suppliers. Supply contracts are essential for consumables like explosives, fuel, lubricants, tires, spare parts, and processing reagents. Service contracts are used for specialized activities like contract mining, drilling and blasting services, and major equipment maintenance. Equipment itself is often acquired via purchase agreements or long-term leasing contracts from manufacturers or specialized leasing firms.
• Processing & Refining Stage: Integrated mining companies manage internal transfers but still rely on external supply contracts for critical inputs like chemicals (cyanide, flotation reagents, acids), energy, and water. Standalone smelters or refineries establish tolling agreements or concentrate purchase agreements with mining companies that produce concentrates but lack downstream facilities. These contracts are complex, specifying treatment charges (TCs), refining charges (RCs), payment terms based on metal content, and penalties for deleterious elements. Technology providers engage via licensing agreements or service contracts for specialized metallurgical processes or equipment.
• Marketing & Sales Stage: The primary commercial relationship is the sales contract between the mining company (producer) and the buyer (trading house, smelter/refinery, or industrial end-user). These contracts specify quantity, quality (metal purity), pricing mechanism (typically based on benchmark prices like LME minus discounts or plus premiums), delivery terms (Incoterms like FOB or CIF), and payment schedules. Producers engage logistics providers (shipping lines, trucking companies, rail operators) through transportation contracts. To manage price risk, producers enter into hedging contracts (futures, options, swaps) with financial institutions or specialized brokers. Metal trading companies act as intermediaries, maintaining relationships with both producers and consumers globally.

Bottlenecks and Challenges

The Mexican mining value chain, while productive, faces several significant bottlenecks and challenges that can impede efficiency, increase costs, and affect investment attractiveness.

• Regulatory and Permitting Complexity: Obtaining the necessary permits (environmental, land use, water use, construction, operational) from various levels of government (federal, state, municipal) is frequently cited as a major bottleneck. The process can be lengthy, bureaucratic, lack transparency, and subject to political influence or changes in administration. This uncertainty significantly impacts the Development stage, causing costly delays and potentially deterring investment in new projects. The commercial impact is felt in delayed contracts with EPC firms and suppliers.
• Security Issues: Operating in certain regions of Mexico presents significant security challenges due to the presence of organized crime. Mining companies face risks of extortion, theft of equipment or valuable materials (concentrates, doré), and threats to personnel. This necessitates substantial investment in security measures (personnel, technology, secure transport), increasing operational costs. It can disrupt logistics (transportation of goods and personnel) and, in severe cases, lead to temporary shutdowns, directly impacting the Mining, Processing, and Marketing stages. Commercial relationships with logistics providers and service contractors operating in high-risk areas are complicated by these security concerns.
• Social License to Operate and Community Relations: Gaining and maintaining acceptance from local communities and indigenous groups is critical but often challenging. Issues related to land access and ownership, water use competition, environmental impacts (real or perceived), distribution of economic benefits, and historical grievances can lead to protests, blockades, and legal challenges. Failure to establish constructive relationships can halt exploration activities, delay development projects indefinitely, or disrupt ongoing operations, representing a major non-technical bottleneck across the value chain.
• Infrastructure Deficiencies: Particularly in remote areas where many mineral deposits are found, inadequate infrastructure poses significant hurdles. Limited access to reliable and cost-effective electricity, insufficient water supply infrastructure, and poorly maintained or non-existent road and rail networks increase the capital and operating costs for Development and Mining. Bottlenecks in transportation infrastructure can hinder the efficient movement of bulk materials (supplies in, ore to processing, concentrates/metals out), impacting logistics costs and timelines in the Marketing stage.
• Access to Capital (Especially for Juniors): While large, established players like Grupo México or Fresnillo plc generally have good access to capital markets, junior exploration companies and developers of smaller projects often face difficulties securing financing. Exploration is inherently high-risk, and the aforementioned regulatory and social risks can further deter investors. This bottleneck primarily affects the Exploration and early Development stages, potentially limiting the pipeline of future discoveries and mines.
• Commodity Price Volatility: The mining industry is inherently exposed to fluctuations in global commodity prices. Sharp declines in the prices of metals like silver, gold, copper, or zinc can severely impact the profitability and cash flow of mining operations, particularly those with higher operating costs. This makes long-term planning, investment decisions, and managing commercial sales contracts (Marketing stage) challenging, even with hedging strategies.
• Water Management: Scarcity of water in many mining regions of Mexico, coupled with increasing demand from agriculture and communities, presents a growing operational and social challenge. Securing water rights, managing water use efficiently (recycling), and ensuring responsible discharge are critical. Water-related issues can constrain processing activities and become a source of conflict with local stakeholders, impacting the Mining and Processing stages.
• Labor Issues: While not highlighted as prominently in the 2024 snippets, labor relations can be a factor. Potential for strikes or disputes can disrupt operations. Additionally, attracting and retaining skilled labor (engineers, geologists, specialized operators) in remote locations can be a challenge, impacting operational efficiency across various stages.

Value Chain Relationships and Business Models

The steps and segments within Mexico's mining value chain are interconnected through specific commercial relationships, facilitated by distinct business models, and subject to particular transactional challenges.

• Exploration to Development: The transition often involves a junior exploration company (operating on a venture capital model) proving a resource and then partnering with or selling to a major mining company. The key exchange is the mineral property/data for capital/equity. This transaction can be bottlenecked by disagreements on valuation, difficulty in securing financing for the major to acquire or develop, or regulatory hurdles delaying the transfer or subsequent development permits. Majors might use earn-in agreements (staged investment for increasing equity) or direct acquisition models. Service providers (drilling, labs) operate on fee-for-service models, exchanging data/services for payment, with bottlenecks arising from access issues (land, security) or capacity constraints.
• Development to Mining: This linkage is primarily internal for the company developing the mine but involves extensive external relationships established during development. EPC firms operating on large contract models hand over the operational facility. Equipment manufacturers using sales or leasing models supply the necessary machinery. The key exchange is the constructed mine/equipment for large capital payments/lease agreements. Bottlenecks here are often construction delays (due to permitting, social issues, technical challenges, or supply chain disruptions) impacting the handover and start of mining operations, leading to cost overruns and potential contract disputes. Project financing models underpinning this phase face risks related to these delays.
• Mining to Processing: This relationship is often integrated within the same company. The product exchanged is raw ore. The business model is part of the integrated production model. However, the interface relies on efficient logistics (hauling) and consistent ore feed. Bottlenecks arise from operational disruptions in mining (e.g., equipment failure, ground instability, labor issues, grade variability) affecting the quantity or quality of ore delivered to the processing plant, or conversely, processing plant downtime impacting the mine's ability to dispatch ore. If mining is outsourced (contract mining model), bottlenecks can involve contractual disagreements over volumes, costs, or performance.
• Processing to Refining (If Separate): Companies producing concentrates sell to standalone smelters/refineries. The product exchanged is mineral concentrate for payment (net of TCs/RCs). The business model is concentrate sales for the producer and tolling/processing fee model for the refiner. Significant bottlenecks occur in negotiating complex concentrate contracts, securing shipping and logistics for the bulk concentrates, and managing impurities that can lead to penalties or rejection by the refiner. Price volatility for both the contained metal and treatment charges impacts the economics of this transaction. Integrated companies avoid this external transaction but manage the internal transfer based on their integrated production model.
• Refining/Processing to Marketing & Sales: The final link involves selling refined metal or concentrates to the market (traders, end-users). The business model is primarily commodity sales, based on global benchmark prices. The exchange is metal/concentrate for revenue. Key bottlenecks include managing logistics for delivering the final product to diverse global customers, securing favorable sales contract terms in competitive markets, and managing exposure to volatile commodity prices (addressed via hedging under a financial services model). Security risks during transport of high-value refined metals can also be a significant transactional bottleneck. Relationships with trading houses (operating on trading margin models) can facilitate market access but involve sharing margins.

Across these linkages, overarching challenges like regulatory delays, security issues, and social conflicts act as systemic bottlenecks, potentially disrupting transactions and relationships at any stage. Business models are adapted to manage these risks, for example, through stringent contract clauses, investment in security, community development programs linked to project financing, and sophisticated hedging strategies.

Conclusion

The value chain of the Mexican mining industry is a complex, multi-stage process encompassing exploration, development, extraction, processing, and marketing. It is characterized by the significant presence of large domestic and international corporations, such as Grupo México, Industrias Peñoles, and Fresnillo plc, alongside numerous mid-tier producers, junior explorers, and specialized service providers. These players engage in intricate commercial relationships governed by various business models, including service contracts, joint ventures, project financing, supply agreements, and commodity sales contracts, facilitating the flow of substantial volumes of minerals (notably silver, gold, copper, zinc, lead) and generating significant economic value, as evidenced by multi-billion dollar revenues and market capitalizations in 2024.

Despite its strengths and scale, the value chain faces considerable bottlenecks and challenges. Persistent difficulties with regulatory and permitting processes, significant security concerns in operating regions, the critical need to maintain social license through effective community engagement, and limitations in infrastructure remain key impediments. Furthermore, access to capital for smaller players and the inherent volatility of global commodity prices add layers of complexity and risk. These factors impact operational efficiency, project timelines, investment decisions, and overall profitability across all stages of the value chain.

In summary, Mexico's mining sector possesses a robust value chain structure and significant production capacity driven by major industry players. However, navigating the complex operational landscape requires continuous strategic effort to mitigate regulatory, security, social, and infrastructural challenges. Addressing these bottlenecks is crucial for sustaining the industry's competitiveness and contribution to the Mexican economy. Further research could delve deeper into the specific impacts of recent regulatory reforms, the effectiveness of different community engagement models, technological innovations in processing and water management within the Mexican context, and detailed logistical analyses of specific mineral supply chains.

References

1. RESULTADOS - Cuarto Trimestre 2024 - Informe del Director 4T05. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIHW4ueOGfvpGUxkjuG8KafzyvwnvBkXBomZOfz41nvK8T5NAX9EnjksiqQyov7Ajnef6ZzaPLCTB8AIIMd0rHyKioNiMNT_OD4thEVGCviTmPfqh-k4XkXstyGCsDFzv68Eio0MSzy2fSZJUj_dAx82_DXwvH3Xw5Dk9Yh
2. Grupo México incrementa ingresos en el cuarto trimestre de 2024, impulsado por el zinc. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJyQZZocYB1Jph_-8fTwyjGWZhfd1QwPamy6-SbqKA1niXvFpypZ2pifNeeQAxop8bJZ5BSkWxkgR7jNuNZEere0Wlc7WK68NkFAk11HCtFLhicEtBYX2KU_PmbstRPphBlBcPg3L7zl_-PKcMts9uVpQ7Qh58tnBgYKFexTxym58KMQGIdqSUdKpqGWupk3j1dAZ5HPFEVpCCNSsG_5NLZcjPo
3. Los resultados de las mineras mexicanas en 2024 - Mine Academy. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALelmNXiFWpZ0As0Si72Fb-u9bGjoeBXf8p79_z6ftN5aDvAtdXFUnwa3rkkuAERocCubBmAIuWtoc9vxLulzJu1As0vxP8qkyAoCHXA_owqAItvKYkxjpF8B5B91UykhyblIOZwNw8jf--mi_nIzGauLL51FeC7bYNVcLumg==
4. Alamos Gold reporta producción récord de oro en 2024 - Mining México. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKKp3hJWRFdCadWgAKgQjWRJCPEDosGyOhnmVqsznWMmEtGEqrWAJlI8yO-6yneHJb2fjPjZ6_EGvLuHxSDul30GcoqFSkYiQGoN1E2-nBYqDeSOIO1YUjJgtf3uFfCRWCecUGeYAhmnr5XCmSOJAqqtfljWYdwYHauALpm-IQHPsFD1SU=
5. REPORTE DE RESULTADOS - Minera Frisco. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALsC4L0Xjb1-csC2xKQI0YwlGcTie95Cc1VbEuVYywjNaQrNyYUqQzmYLhe2va6v6swawgFdP09DnJq9zQ-kJDLGWOK-28uJdqO00KcyWd6bTJ8pxKhbErpJ8wO6bCt-OJO4YPkhH7F2TRnJD_c4TH8IoiZlCeLEnku0Hd2W78efbCspydKGQtTfPdpfhAnFvlocE870lnkR4p250VrF_UlEpnbDjBir5pxgGjKPoQodTCsx3IkdKPGZIumm3rjzEs=
6. There's no substitute for silver - Investors - First Majestic Silver Corp.. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKjLlBPx1F_vPrgjC7XkhL0D4_jphDSIs9gbTKCq_bKrL4iYccQ9yURzTJ9w1Y6WIN2en6fqQugUqSyEo95oMVNScbXRzlEZw34CF4iZr8crJZzH9i1yhdB7l4s7jqRC96jaBj_j2-45Ul6Bgx-ZUbB1e7tm-njm70dVl4qXYqjlrHzxABVRYHgXk90sn-iZjE9AXw=
7. RESULTADOS - Tercer Trimestre 2024 -.::Grupo México::.. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJNlKrN4IzuGF-PntyHdsxi7uvaLXUT4ob3aLqhS-yVU_-h-JS7u_O9G9Xr5SrC5DtjEUvc3xRAPNBiIu0SDdHM95_trLJtQLRANjFA9xWkfzMfI0mHWYNaKAq_02CGtI5QSq5iRuyOtM-BAXeVkRCvh-xGkU6WCtfKcRPT
8. Mulatos y La Yaqui Grande impulsan producción récord de oro de Alamos Gold - Mining México. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALV-2MwGgfZ7SZhKdhE82srj7vFTQvvjlGz3aZFtS0jEfVt9PwfygkKRb8WvfzRC7lsMTAZCi64Z8Q1ZSefo2Yo2iARqeS0g3wfm1ofi6LmbDlP7Aoj3X8iywT1GHQLcg05QWX5le6leYb4A6khgOh4cXdcWSAlpOrN3m7hNkzmC9sQKpLYgqJG7dP8rPRozbUhNd_0QeibLFUZ
9. First Majestic Silver Delivers 20% Jump in Q4 Silver Output, Reports New High-Grade Discovery | AG Stock News. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALq_W7pD2A6x25vqXBe187h1OgEV6_4qhgnDXjXz7KRrOmnRg1EDpX1dqtntdx7VUHVEyW91jN3f0lwv-f5MvdGuyJTQyU6xLZlEZS623bBc0FFFCkqM_9AzdgR9om7Bey8GHtzf8_h0JVteQX9vxELCtr9eqMQxLZGf3F_jUanASSgUgBW_pzKGnCw0QjjMxIRI9-HQwzFTzrnjo_7DiHlnfpNIhA8URqvrFizUQ==
10. Alamos Gold eleva proyección del oro para 2024 gracias al notable desempeño de mina mexicana - BNamericas. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIn6mQpqglxFGI4JsZi2_Um7FI6KIINCXmLtwheegTfqLmmk2ryyWFW8MWWK2oNIpKGiUN9jHSFXNz-dPP1XwZbjmQOLYiBkJ0tsTvgxiFBYQSJaJ6vxl7u0yHivLWvObzgsk6ZWGYfh4oOdVahCIS4l9l9rYhzdh8SbZ6m6sqZ6RtWGEdiPmr7UX8DKNIwEBD0Y2zpZO_t5TJv3uTic3u2OpLnILI97TexkE9_zahlz31pjM5Fl0kXkLc=
11. Ventas de zinc y cobre impulsan 12.8% ingresos de Grupo México durante el último trimestre de 2024 - El Financiero. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKQIQOFwI0oWjg9Ww72LpWBXA2NeCc9sMSMKNWaKG0MYE0aqtL7MCGuIiL9rJYpKW4UUfE7vCR125bRtxdUV_JF87W3pqIcIlUOfRHXyTonBLOK-zUGWjFCbFGr8E3y2TFPHZprpCjjTsty-GS5RI3OQePEMt52aJshkxvqW5bcMR_FJLOYaXR07tj0e0yyPPclnmUdK4Bryp5bgrnfE7raWnk33F6lFJCh3dIZtj7N0SDLGY0PKfkFAvqs6DdAQSny15Cz3EHv6pml7I=
12. Endeavour Silver superaría expectativas de producción anual de plata - México Minero. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJC6S6yKbLTxSdLBLzIBmt7xd4qOTssPGjt25hUrs-HbxPGpe_OBzLJZEou-hGMN51nxXSnkiCbGRHkO7wtrUF62Z0RddC206qbi2xjg5gRjlhxEcNm9zITiQhYd44hQ51bh_ZciTDsX75hl5PFP4x0FJ8OpJmvspnJJlzRrm9Prwct96AmOp-F_iOM3d8zGyzx4dHF
13. Alamos Gold incrementa previsión de producción para 2025-2026 gracias a Magino y Mulatos. - Mine Academy. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALUrWRYubNUalfApP-B5k7fRAaLnuep7U_fDyS9TCCE7Oa0sjnxtWd0E-KOIbYhbFHWFAeF1aDWR7Ifm1PQCWB9tVjkVCjy8PTbRx5TqJ2KP3FjTo7xzphcdIseVc5UX-r2ZTfP81YEV80d8rKcy4MkjVUoOr3VfdSwQSFXdt3Ga18VulzYsUIolGWugHVeMs-beYF15reUYBwGh7ch0rMR_V3KvuxT
14. Producción de Endeavour Silver en 1T2024: Resultados Operativos en México - .:: Minería en Línea ::.. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAI-VJIw6me5t2jtKTcgFQB2JFwaUSN3Ba18My0JQv212-xl_q2iqxMlLjIDUn2Ptz5MS5d4W0aZ-BU3ueVkpI1b4b_CfloycOk_Wc0msAIrk_A2gla-FVFwNyIPee4whJ_HjXOmOqfI-KjO_I-d_-RRI2bz7-GobJivrXMlX96jjThmCdHs9Pr94AQHmWBkSE59-tMS8r1PMI79I9Gk0pr0830=
15. Ventas de zinc y cobre impulsan 12.8% ingresos de Grupo México - Mining México. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAITsGlT9bL_Y6Kqu9nDRRDG04Ux5mXhExrfnIpRlJqtEV3mVqvUwV9NyRYjvd_XMecdsObhx3TSJq_qg421TL1dFAw5OfsCmmJqE0ycWsNqp5shsrIw-gQU4ogkDMBfU_Tvbwng6QqkqGIcCbHXXybiYJIRGuERqbgRXO3PAhnkxNTkeBgZ2UYLZUCJS9I=
16. Careers - Endeavour Silver |. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAL_zDlpHUyBv59v7N96G1khRRFZeKr80SrP-kBzuOXf_IGuyLgWUUliMV6DzopBzGTuMh_Ojbe6XAO-Mo6QcMeklz3REAUum4kPBaSZ2YM06NTqej0lNJue0Ntce0==
17. Iniciarán actividad cuatro minas de oro en el 2024 - El Economista. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALcErOiO-CxhfmPG4tQSUNBLl3iwstnoev6ybGILgAUCNEbUjOiWh4L3n-8iVdXhfi4EMwgsSW9mnZSfSdO9KstfuiXVAbqoP6dJWCcgBskYGiSIXbQKUOtO6n9H53WzaLYMZYpaQAbFKaHYR0oQIYLxfleJAR0OwjoTW_8cqi05DFLnn3VKLYebh4YmOMdYyWrzC-OROtFDZjGmA1B5r9qViBlXA==
18. First Majestic Silver reporta producción de 5.7 millones de onzas de plata - Clúster Minero de Zacatecas. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALQYNbDU_K5NxtVJU1mWtpYRWAsAXFPzP8EIQ_WTb5WSOlQkD8e_FfX5j2mOBpvIHW2JooGaSlz-OseUvLusZ-92MqMiCcUf8st4ELSwX1mrpwAE3TeOaBwPfdxb4MUSwh1YTiRFI9_mer1vk1p4TzHBeSdyNDAK_ruW4a4szM5dASOFn7yWRaSS2asRCu7by0MjOA4Kw==
19. Endeavour Silver aprueba construcción de mina en el proyecto Terronera, en Jalisco. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKhoDWy9cHnfDT8QQk27AV1R0uZ60WTpyHTW4hzf8aV_xrWybsTRrqChNF25-3ZY7pGLiefOlS8a5KO_Cshhj_Dnj1PzEgCeS0aQQoyQPy9ujSmKLiyCAtAcNGLT5ojZCNc
20. Invertirá Alamos Gold presupuesto histórico en exploración; US$19 millones se quedarán en Sonora - Mundo Minero MX. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKOTTtE5wpfJixaGvmpSDMUdArub7exZZEo0hsGIiNs-MBSyvSMgg3SZ7bd82rsVN4fqVxXTNERR0lJUhvh5FqsoAoVcEutB_hg26fKF9mRq0Y0AmYt5N3DtEhSQXlw_4YGxNfxRVaFb3ex65b5O9OSTd0RUSorx0n4
21. Minera Frisco - HR Ratings. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJSYWyyP9rhsoWbWQ1bnWh4ivgKSbHYdNWmrTJROv9BqY4VQFaeVMMrJTxUj9H7qrgWcPaN0OkHW4etkY7IHztsgf1f2cKoItCumdqUcWn0V0xSIGgR3g2ZAjNUEZtqD092lsnHa1EzElIDJBKB8zdkKQKvv1V9pHlqAH82
22. Fresnillo Plc reporta resultados del primer semestre del 2024 - Mundo Minero MX. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJOMJHuX8gI8GIZRS2NR9U9ABjdW9kdHYYUubHjkLU0pepx7y5oIY18xhgewHPd-HMZ5Y31YHI4kVHMtI5fjSvqpeoXf_WuOhUTjQzlxPWqOSP1ga1-BeprJSsFqsknkoOyjxyIkVuozSK4MWOU7y9fHr-jxQCOQRgsWbjOH9Ypga2fRsB0yf2hsoBa
23. Endeavour Silver superó sus previsiones de producción de plata en 2024 - Rumbo Minero. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJ7j7LX1uut2UKU-nUKzDgQY1kcfxal2A4VgHicoRbx6eoVqVpEEoRp_kKQoLqSZPIiTnc_EXDH9En7iwomZcDIEZr9fNo_I6vYwUG6nspRGsS9kn2af3LLrV-4LLEg8R-PtD3urSFpXJ-lLQh26292yWL73DwsuCSfMdGE9PyphsD7Wm2mB2Vwg1lJyloKbxeO_DGm2g==
24. Industrias Peñoles. de Resultados Año Completo 2024: BPA: 0,18 ... https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKXGE7VXe3zhANrkzlduT-hMenr9zpcA2ihCg83U4YKSuQXLJ7NWV2IVAISP-3gfcgRjvDvOBFyMb7AHQx9gRwzUZAlCCPmmlvljTLCB9W-D_0SbSvK2NpjhBodNx4xiTKOxt62m7g-bu4i9G5Ch9tn3ADxjnnYCqIDKRSJ1UTtAYDEh_ituGzY9tlV0yg39wbd4KLWNBPSthut-QAUeS7kivhaEcir8yySO86zjLIYAIktw8y8_mgv5ysBwzfQ-cQtFIHeeKWGsX2L6K2UQ==
25. Industrias Peñoles. de Resultados Tercer Trimestre 2024: BPA: US$0.10 (vs US$0.039 en 3T 2023) - Simply Wall St. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKM-6b8VSBc2El8adchEgiq6af6kuCpOR_XlgRt3YsminXD0ert0apJlerMhXnL-OeTKnstPfpLxrhUoDpx5Ywuni7rt4RpCuvkgBAkg8O5gWUYj0z7hyT5MuvcDGz3F4WLwgH60BSCyaBWIrtwpg0tXTjHhnQESrUNAmtGmQlbZBkjFydZRpXOy8yRLmjhrl41CLkR3pa3Uzs-WBbnTYby3__UJq6NgwYXI5svA-c0m499am5WbFdPc35Zble15-CjETrGdUcR5FTSO5gDiA==
26. Estado de resultados de Minera Frisco, S.A.B. de C.V. (MFRISCOA-1.MX) - Yahoo Finanzas. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIi02SclF-itenDer0adUAaY-TsS30LphEfN3J2B2uysX-ygixTwBpRMJ3Jr3vzAa-hgTlRvaAFqKVx0ChFRPmHM6NBaVNcPrwq92_A5sQ6eB8-BvZ6Be-o9tdA1j5jIQKNUWHkJbwc2B2LLOJ7GzwwESOq9_e_
27. Fresnillo plc proporciona una guía de producción para el año 2024 - Marketscreener. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALpJ1uEIf3CXRsMerlejlVf18HDloxi6OrE3nfLehQj-Bw-6_zzDF3lNTnxUmihuiomZQsWQt_ZXMzueig0H8rHYcXMVk6olaFs4bzm4WUU00QwfbItUNZx7l5zFMhQxJrJARjDBoAsoOi-FucJZo7eB5RwF5wBwza-5olXNHBB0ZhxC2dt6_Tix5QHou53uZfAz9bJ2IndOQ7t7YEycZpCnbNmj6jfmQ5fcHFINMpkY2yRAtOdh4lwm3SRXDOHRWCir0EreLHjIK0LXfj03JQ
28. Superaron mineras un billón de pesos en valor de mercado - La Jornada. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALJVXZvX1gH6kKdYPrwXcLPckCMXa_0EjXwiwQPUCuwRoT5-lucxdWAl8m8zO5xNAX8Cdv5neUcwm5X66heBazT-Ln0kWH-z2yMaTt8C68GGmnADfa-3caLN_hraJWekANZVuiw8pXpippbgXfq
29. Principales estados productores de oro y minerales en México 2024 - Referente.mx. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALL2vXSViBjAkJ0WpuknyfsoVwrqz4nqquda3UuO2iuvi7n10NWFQnI5vsAF2zqH6xyBDUFPV4c4VcTnh-JWIL9xp-a0k5h3MlifMj6EguWiF0LVSo53zYZoDsKpFP9PcpjhX8342jOJIoz6fgw6UfPdzfP2TdMTH7bAkRY2x2AOImI49Ne8lzUAtxDxnI=
30. Agnico Eagle aumenta reservas minerales y avanza en exploración para 2025. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKYMAi2fp2HjQsLfEaicucqLeGm7WCAJQQTdIw53Uec70gWNvvwKzVohardb603lj4wtJNxtGmA0pdp6IjXhxv2vFmnjOrXbNAMJ4iHvHfI2QlXZA8KDIrG1zOfDsl-cXshcIvuAokcG2O33C2U_IbOKU8ku4kRQWQks5pISu6292RSsWte9ZcDuBfqDDaboYYMC6WRkJoX
31. First Majestic Silver reporta una producción récord de plata de 3.7 millones de onzas. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAL6V6LpOtjJ7-Q43GX4Nkn57BwCa7GRXULNfhDr7vNBv5lHoF_bY51vovl7sAYFMUDnIC7zWZQE-TrywMCk4026clw2jYJHEZj8KBE_lsvTqRXfwDcnBARx15DRLvhanKMrBG6UWCAlVej8zcrYm2CIsVYnoSTHZK2IF9i-N6k_r3T0lO73MlZf81uJLSIaCEXnMWDDztys5RXzxRJVAkGsHUG784k=
32. First Majestic Silver producción récord primer trimestre 2025 | Rumbo Minero. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALg0LQTsLh22vUmbzAqAd2fCXcz8uRvrT6QOAlx006u1iU4GyBFkB3ySURlBNwXQtV0IZRohTQBPZgu9grTk3HXqKdTMKlXSfAKj51O9wI2q5zcNQmIzAWs_wXPyfiX74jX7lRQjmVm39qtRO8RwvHpM3vnD8EdrTSiNkWaxwT_2vyU1mYrlRPA1C4af-xqSQXJvQbDMt61Q_4YLyrDbYi-HeHfFtC72iLl7ZQREN4=
33. MAG Silver publica guía preliminar del 2024 para Juanicipio - Mundo Minero MX. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALrYl1ph1tw0Dgqj-6-XOErFeZZqlaPBMvBjLFQ5UbQ97GhXM-7fEEAdWdWRnUym3QuuljWkObW97el0qth1bfiK6WnL-V8935MT3NMDRy9x7GQh2HeopyQxXKRi0bBY1OEOc1BdNxxNMc_O7eVM7PUm4515vjM1sAuCR3fMbYtNboF6qJNvKr1Hw==
34. Dos líderes de Agnico Eagle México recibirán Ostotakani - Mundo Minero MX. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIfjlkUmbDBCslSsDgVt5VO7OgPiSniSohLVzq3_CCgqDi1Ln8Ms0eYT77bguD56EXVw_VrGpuXqDLhRuouu42blsfmHyLTh2EismCNFIhctK5HYG55ncLQn4ZZahpvYpk339KqI-sm9iLLHbLEh1oc-A4S24AfHT7-ngq10ekmC3K7k3kR
35. Mina Juanicipio de MAG Silver y Fresnillo plc aumentó su producción de plata en 10.5 % interanual en 2024 - Clúster Minero de Zacatecas. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJoVUS6oyccET7epTswqjHLq0bFd3atvRbs0EPUkaKYbfPonRD-MiKVjONyhVfOckDlA6wUu0zPSkbuec4T15AGtZfM6GFAymMga0N33jwu9FSQCpV04Ng4Jf1UDHtSzysLx21qcx6IXKb4aO0j8HvJQRAj8ZRSuuRPM5Edm--ASvHQzfdCnnYUCiVcNVfRwSxuf09z3RGqDP2a7pxe2knctqE9LZXEskzqDO_8x3DkTu3l
36. MAG Silver apunta a una producción récord en Juanicipio en 2024 - Mining México. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIRl1zV8ZUwkvTSMwzZmIVIVVgTB2HkZ_XxTFu5C2bJKS_AZvPJpTclstQORc__CVUF89MbABy_6ZDS_eZMUXaYx-eq3vRaE5t0gwlpWe4ctVoHoPJ92LiVKXj0lP95ujvXkjoN3uqqq8Q98GgHPKxw1mq2yeV6659djTsAw9BW9e5jgVzMAZWeAQYZq4T6VQ==
37. Minera Frisco SAB de CV (MFRISCOA2) Ingresos netos partidas ... https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKVHVpPybbrzLf-5YpL8bb06tkL8WYL9w2LRWSNT_PPgIzaELH5G9JnERqtynhzKmeg4IdGJa9z7q-tEuqAr4csNtfWXLIKJ0pEjZEnQ_HxeR5KbOrs0dSbn1KlwmjMr-O-tEY7NU5BNny16-FVcuEe-OaAy3dqYfc=
38. Fresnillo plc anuncia los resultados de producción del primer trimestre de 2024. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJuf48niiSKMMOEiXlCx8A5UCz3hLQKxqN9TzXMnaj9VQoHCFeaR29B5AWx8Tgd_6eoh-4650aCuqzULOma92orPH_B3xRVULxakWK5XQUf7un-UCq0TcF728QbLFpFhLoBgc6IhowAlrk7zWYso2IjkdUBMyrkUzNIsfydOZAmtu_j8OTZD3prSHbbi9Q4cTrZCxm637BRXt9iNbo89jKDRzQq7mjQ5FDhBYbf61I15kh-OzTH5vjmwQXjBuYZ0Gu29KASIIYteDag8iJMULFOhXu7dBYKxYx9fEy8O00=
39. Industrias Penoles Sab De CV (PE&OLES *) Ingresos - Investing.com. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKUJfFWkbpWAqrcIK2WuXbcS1KOUUVvdvZIFSTrhNZtRyKSSW2bkp9glkoOF-J6Vb0WawV4bMQDe8vUhpiWQBGJSc4VNZxU8DsgWAKMVv9VDhgPHIYO6hcRvYKw--26U0tHcrl5IXo3sx1jSIstO8-MVCU=
40. MAG Silver da a conocer guía para 2024 - ProMineria.com tu fuente de información minera en México.. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALkvyXDvtZmW3Kfsikk9er6TzPyYZi4kx76li1-yWE1R2l6P5mBto4n0AcvfrdgQA-JH0FDmjpqSj5kaiuENOByWu2Fn_W2pwuHJhNnpGIOrfKEpwxcUeWekAAQf447eV4T
41. Mes: febrero 2025 - Revista Geomimet. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAI2BlID-3zFIC04muZqvr9zdm9QTRdnTDm0ro68pr6IkhF1JajR3CMxdEwzETzAKPR0c0RFrW0JPfADmVRLxeMYBpuNckilRgvbprjkkPAP9DXGTwkPUeNJTB7XO4bI=
42. Peñoles más que cuatriplica su EBITDA en tercer trimestre - El Economista. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIOfOCkcI7l7Unx_LUHA33XN16CivUIbuh3DDx-h8d9gsVLkJGG1HjZ4BMngrZxPPJMxrNbXO7dlk4Z6gIa11PxA5Ln57ajRSNRnuqmlOUo9mzXdP06TaYEXqXjhoAGxzVSp2s8-g9IVWvG1M5xciTXsrGLJ_6bcN5Uf4JYIgfnIorgeXca5cBghoyD5y4C-SH_mQqUaszUSkbj0c5_HPQ=
43. Minera Frisco - HR Ratings. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAImw8KyjxQto0J7It8fGAmRwrAn3u35p2Yx-0XbzaiDTQQM15psZPHPOkk1weLSYkVyRjsFEbRGfdYXYb83SnfkE3Gua3BRSDvoygcneToCGLm9dKOudVkjCm1PQLm3Zrybi7Fs4y4ccsBPBIPVqIbd4X1LdpzJHmGJ0z682T7MPIYE8oAMeg==
44. REPORTE TRIMESTRAL: PEÑOLES. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIj2eaJlx0SqUu7fiAvVAg1vidl29WUb_CYgiOizRvIs6lQaoKKi-IrKbFteYZF-2idSqPiMjNxohmzN_1GcMcVxAjE684cvWCa3qio3galXwo_NEPCtCLFE1J6q2I3LUG0SIuejozTBqwUxm8iPMLv_VMW6WM5LFL08pXK_adEnQguF3TFQzvWXRjMltOzwlELCdVyDIrjzfCbL6vF1xzv8bEhmLRfuA==
45. MAG Silver Launches Premium Dividend Plan with $0.18 Initial Payout - Stock Titan. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJfeWA4jw-Y0Xe4ioKaBVHLMHx0pRbg3N5MJOrx1agMgd_3nVFRtTmd89FllYMwrSJ7Z2EcvMj66c9N1i3yZk8vb9ktd58rft-kFjTty4SfYYGunAbNGV2u8C3ykZQApOk5fJFnNZRtCiChsSR2RAWJVlUOmIfDtYGi_dNU-GQ5zLRLftNdWi3It1RFVOcUpjemzrHYROdS
46. Declaración de misión, visión, & Valores centrales (2025) de Mag ... https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAI26TuRRV2iXcACBZpGdJbDmwYOKdocWklSeJW4F-JCCBJBMYpEsyyP-5hK4zBUGXd2yQbQKdFOc2lzMiNO-OM-8jZ8MMS8YwH6K_JdfxInjpkwKjRxZwDP9t_qdTwJBAjBzmgyvyVvcr2qZ3Hch2Pp
47. Las mineras mexicanas alcanzan valor histórico en la Bolsa Mexicana de Valores en 2024 | Noticias de México | El Imparcial. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKYEb9SbLe9hgyeoSdyOJhPqsJa3EDndZZmDS8zAtTjJTeE3WCoV4Xj9E4WynVLlyTwPIPZUM7eV-x4hM2rb2IuL7u4uCU-gJuhdLEwbKrQgoQ-Ve9bvHp7xcFZxtYhzM4s3FTNhoimzpjmtLRUHJcAdVH0yY3mgcYmcIjc37P-DuHaeMBulXBS483rpSW-ppqkQayXYXycjEU5ZCnTf8geqhxeEkwh-M03Os8pxr2VKFUa_Ate3ddSQa96XA==
48. Agnico Eagle Mines reporta flujo de caja libre récord por cuarto trimestre consecutivo. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKfUhq6q4VWgI1gA5bAee83ymQtoumwWID1VLj42fIq0NtFiYeXaE54lnu4Zo0BuYNbaGCmsEhJT3dH4uJzjHALq4MdGmTltAfPuWO1rgHM1j_vDi7mjf7Onc8i7rdCn2NTjDIzR4rJVmsIPAb9W4y2Lz_SMJwlq05kW80eJ1JsFzwa9Rov2HLCZydz14nZidOAlLvewqpXFiuu0lkH13sRTLDnHOug
49. Agnico Eagle Mines Limited presenta los resultados del cuarto trimestre finalizado el 31 de diciembre de 2024 - Marketscreener. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALbXdSfPV1m434F0YRMNafmjwLpnIehDrPIj6_sDJwV69mekhXWJVkgrYuRHFNh_ZEVYHARhfchJ00z-HzpoqWXBu5OIZWy0cy_LVUio60G1zYbFHgQ2912JUGNZ6m9NPINELIj323QLzvermISRBf7bRHRZc6EZGZvQvjH5DTIIZlcGbfA2gwPcyTP95aOj_vjSjLNwMhwl1FtQG2aFylmKvxDoNHFtmbnVXTdMGpcGeYUED0HS2guetDVEpZ2dj_sjo4jxP8dpdc3qu66K9012cQrJQUXHDgbnFkuys5J62l9_RU9BEaVccOVy0a7YmAK-Ev0wWmBuix1nzlT
50. Agnico Eagle Mines producción récord oro 3,485,336 onzas 2024 | Rumbo Minero. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKtHzwyT6OeE_3k8eYjVGodh6vhQX66itNatuuGomRF_KQnHw_A3soNz-gDzZRsnsGGoJ80P_I1GIbzRYwNfCMPT39NthUlS5N9L-ym0h7s3Eqa0E1AAf4yV20I9bsIjl7Sgj_V4891MSGV7HMDgsMaM_veIDFC9ZTGIQUsajtJ2u9UgmqzcJzzAUb9LDCnhExHfJPuig==