Mining in Mexico Market Players Analysis¶

Products and Services¶

Here is a detailed report on the top 10 market players in the mining industry in Mexico, their main products and services, and available information on the growth or decline in volume and revenue for these products based on 2024 and early 2025 data.

Grupo México: A leading Mexican conglomerate with a significant presence in the mining sector through its Minera México division. Its main products are copper and zinc. In 2024, consolidated copper production reached 1,086,052 tonnes, and Q4 2024 zinc production was 43,148 tonnes. The Minera Division's sales in 2024 were US$12,397 million, contributing to consolidated sales of US$16,170 million. The company saw increased revenue in the fourth quarter of 2024, driven by sales of zinc and copper.
Industrias Peñoles: A prominent Mexican mining group and one of the world's largest producers of silver, also a significant producer of gold, zinc, and lead. Key production figures for 2024 from individual mines or consolidated annual volumes were not explicitly available in the snippets, but they are a major producer of silver (56.3 moz in 2023) and gold (610,646 oz in 2023). The company's full-year revenue for 2024 was US$6,650 million, with Q3 2024 revenue at US$1,730 million. Industrias Peñoles benefited in 2024 from increased metal prices, which helped more than quadruple its EBITDA in the third quarter.
Fresnillo plc: A Mexican-focused precious metals mining company, recognized as the world's largest producer of primary silver and Mexico's second largest gold producer. Their main products are silver and gold. In the first half of 2024, production included 28.2 million ounces of silver and 270,900 ounces of gold. Their 2024 production guidance is 55.0 to 62.0 moz of silver and 580 to 630 koz of gold. The Juanicipio mine, a joint venture where Fresnillo holds 56%, produced 18.6 million ounces of silver and 39,029 ounces of gold in 2024. Total revenue for H1 2024 was US$1,488.3 million. The company reported increased profitability in the first half of 2024.
Minera Frisco: A Mexican mining company involved in the exploration and exploitation of mining lots to produce and commercialize gold, silver, copper, lead, and zinc. In Q1 2024, they produced 17,848 ounces of gold, 1,277,928 ounces of silver, and 5,796 tonnes of copper, processing 1,573,458 tonnes of material. Total revenue for 2024 was P$10,458,572 million (approximately US$615 million). Specific year-over-year growth or decline in volume and revenue for 2024 was not explicitly available in the provided snippets.
Endeavour Silver Corp.: A mid-tier precious metals mining company with operations and projects in Mexico, focused on silver production. Their main products are silver and gold (reported as silver equivalent ounces). Full-year 2024 production was 7.95 million silver equivalent ounces (AgEq), comprising 4,471,824 ounces of silver and 39,047 ounces of gold. This production exceeded their revised guidance for 2024. Q1 2024 production was 2.3 million AgEq ounces. Revenue in 2024 was US$217.6 million. The company is developing the Terronera project, with initial production anticipated in late 2024 or early 2025.
First Majestic Silver Corp.: A mining company focused on silver production in Mexico. Their main products are silver and gold (reported as silver equivalent ounces). Full-year 2024 production was 21.7 million silver equivalent ounces (AgEq), consisting of 8.4 million ounces of silver and 156,542 ounces of gold. Q1 2024 production was 5.2 million AgEq ounces, and Q4 2024 production was 5.7 million AgEq ounces. They reported record silver production of 3.7 million ounces in Q1 2025. Specific revenue for 2024 was not explicitly available in the snippets. The company saw a 20% jump in Q4 silver output and achieved record silver production in Q1 2025. The acquisition of the Cerro Los Gatos mine is expected to significantly increase production in 2025.
Alamos Gold Inc.: A gold producer with operations in Canada and Mexico. Their main product in Mexico is gold from the Mulatos mine. The Mulatos District produced 205,000 ounces of gold in 2024 as part of the company's record annual global production of 567,000 ounces. This global production in 2024 represented a 7% increase from 2023. Specific revenue for 2024 was not explicitly available, but the company reported record free cash flow of $272 million in 2024. The Mulatos mine had a strong performance in 2024, contributing to the overall increase in production.
Agnico Eagle Mines Limited: A senior Canadian gold mining company with operations in several countries, including Mexico. Their main product is gold. Globally, they reported record payable gold production of 3,485,336 ounces in 2024, with Q4 2024 global payable production at 847,401 ounces. Specific production volume for Mexico in 2024 was not explicitly detailed in the snippets. Specific revenue for Mexico in 2024 was also not explicitly available, but the company reported record quarterly adjusted net income of US$632 million globally in Q4 2024. Agnico Eagle maintains a strategy of extending the life of existing mines and evaluating new growth opportunities. Globally, they saw record production and income in Q4 2024.
MAG Silver Corp.: A precious metals exploration and development company whose principal asset is a 44% interest in the Juanicipio mine in Mexico, operated by Fresnillo plc. Their main products are silver and gold from the Juanicipio mine. On a 100% basis, the Juanicipio mine produced 18.6 million ounces of silver and 39,029 ounces of gold in 2024. This represented a 10.5% increase in silver production year-over-year. MAG Silver received $53.85 million in cash flow from Juanicipio operations in Q4 2024 and experienced record revenue in 2024, primarily from Juanicipio. The company began paying dividends in 2025 based on 2024 performance.
Torex Gold Resources Inc.: A mid-tier gold producer operating in Mexico. They are developing the Media Luna project, a significant project with a substantial investment. First production from Media Luna was anticipated in late 2024. The provided snippets did not contain specific 2024 production volumes for Torex Gold overall or partial production from Media Luna in late 2024. A figure of 323,400 annual gold ounces is mentioned in relation to new gold mines starting in Mexico in 2024, which includes Media Luna. Specific revenue for 2024 was not explicitly available.

Comparative Table Showing Growth/Decline in Volume and Revenue (2024 vs. Previous Periods)¶

Company	Main Products/Services	Volume Growth/Decline (2024 vs. Previous)	Revenue Growth/Decline (2024 vs. Previous)
Grupo México	Copper, Zinc	Increased zinc sales, Consolidated copper production: 1,086,052 tonnes (2024).	Increased ingresos (revenue) in Q4 2024, driven by zinc and copper sales. Minera Division sales: US$12,397 million (2024).
Industrias Peñoles	Silver, Gold, Zinc, Lead	Major producer (2023 figures available, 2024 annual not explicitly stated).	Benefited in 2024 from increased metal prices. More than quadrupled EBITDA in Q3 2024. Full Year Revenue: US$6,650 million (2024).
Fresnillo plc	Silver, Gold	H1 2024 production figures available. Juanicipio silver production increased by 10.5% in 2024.	Increased profitability in H1 2024. Total revenue H1 2024: US$1,488.3 million.
Minera Frisco	Gold, Silver, Copper, Lead, Zinc	Q1 2024 production figures available.	Total ingresos (revenue) for 2024: P$10,458,572 million. Year-over-year trend not explicitly stated.
Endeavour Silver Corp.	Silver, Gold (AgEq)	Exceeded revised production guidance for 2024. Full year 2024 production: 7.95 million AgEq ounces.	Revenue in 2024: US$217.6 million. Year-over-year trend not explicitly stated.
First Majestic Silver Corp.	Silver, Gold (AgEq)	Q4 2024 silver output jump of 20%. Record silver production in Q1 2025. Full year 2024 production: 21.7 million AgEq ounces.	Specific revenue for 2024 not explicitly available.
Alamos Gold Inc.	Gold	Record annual global gold production in 2024 (7% increase from 2023). Mulatos District had strong performance.	Reported record free cash flow of $272 million in 2024. Specific revenue for 2024 not explicitly available.
Agnico Eagle Mines Limited	Gold	Record payable global gold production in 2024. Specific Mexico volume trend not explicitly stated.	Record quarterly adjusted net income globally in Q4 2024. Specific Mexico revenue trend not explicitly stated.
MAG Silver Corp.	Silver, Gold (from Juanicipio)	Juanicipio silver production increased by 10.5% year-over-year in 2024. Aiming for record production at Juanicipio in 2024.	Experienced record revenue in 2024 from Juanicipio. Received $53.85 million cash flow from Juanicipio in Q4 2024.
Torex Gold Resources Inc.	Gold	First production from Media Luna anticipated late 2024. Specific 2024 production volume trend not explicitly stated.	Specific revenue for 2024 not explicitly available.

References¶

RESULTADOS - Cuarto Trimestre 2024 - Informe del Director 4T05.
Grupo México incrementa ingresos en el cuarto trimestre de 2024, impulsado por el zinc.
Los resultados de las mineras mexicanas en 2024 - Mine Academy.
Alamos Gold reporta producción récord de oro en 2024 - Mining México.
REPORTE DE RESULTADOS - Minera Frisco.
There's no substitute for silver - Investors - First Majestic Silver Corp..
RESULTADOS - Tercer Trimestre 2024 -.::Grupo México::..
Mulatos y La Yaqui Grande impulsan producción récord de oro de Alamos Gold - Mining México.
First Majestic Silver Delivers 20% Jump in Q4 Silver Output, Reports New High-Grade Discovery | AG Stock News.
Alamos Gold eleva proyección del oro para 2024 gracias al notable desempeño de mina mexicana - BNamericas.
Ventas de zinc y cobre impulsan 12.8% ingresos de Grupo México durante el último trimestre de 2024 - El Financiero.
Endeavour Silver superaría expectativas de producción anual de plata - México Minero.
Alamos Gold incrementa previsión de producción para 2025-2026 gracias a Magino y Mulatos. - Mine Academy.
Producción de Endeavour Silver en 1T2024: Resultados Operativos en México - .:: Minería en Línea ::..
Ventas de zinc y cobre impulsan 12.8% ingresos de Grupo México - Mining México.
Careers - Endeavour Silver |. https://www.edrsilver.com/company/careers
Iniciarán actividad cuatro minas de oro en el 2024 - El Economista.
First Majestic Silver reporta producción de 5.7 millones de onzas de plata - Clúster Minero de Zacatecas.
Endeavour Silver aprueba construcción de mina en el proyecto Terronera, en Jalisco.
Invertirá Alamos Gold presupuesto histórico en exploración; US$19 millones se quedarán en Sonora - Mundo Minero MX.
Minera Frisco - HR Ratings.
Fresnillo Plc reporta resultados del primer semestre del 2024 - Mundo Minero MX.
Endeavour Silver superó sus previsiones de producción de plata en 2024 - Rumbo Minero.
Industrias Peñoles. de Resultados Año Completo 2024: BPA: 0,18 ...
Industrias Peñoles. de Resultados Tercer Trimestre 2024: BPA: US$0.10 (vs US$0.039 en 3T 2023) - Simply Wall St.
Estado de resultados de Minera Frisco, S.A.B. de C.V. (MFRISCOA-1.MX) - Yahoo Finanzas. https://finance.yahoo.com/quote/MFRISCOA-1.MX/financials?annual=true
Fresnillo plc proporciona una guía de producción para el año 2024 - Marketscreener. https://www.marketscreener.com/quote/stock/FRESNILLO-PLC-5707651/news/Fresnillo-plc-provides-full-year-2024-production-guidance-45811713/
Superaron mineras un billón de pesos en valor de mercado - La Jornada.
Principales estados productores de oro y minerales en México 2024 - Referente.mx.
Agnico Eagle aumenta reservas minerales y avanza en exploración para 2025.
First Majestic Silver reporta una producción récord de plata de 3.7 millones de onzas.
First Majestic Silver producción récord primer trimestre 2025 | Rumbo Minero.
MAG Silver publica guía preliminar del 2024 para Juanicipio - Mundo Minero MX.
Dos líderes de Agnico Eagle México recibirán Ostotakani - Mundo Minero MX.
Mina Juanicipio de MAG Silver y Fresnillo plc aumentó su producción de plata en 10.5 % interanual en 2024 - Clúster Minero de Zacatecas.
MAG Silver apunta a una producción récord en Juanicipio en 2024 - Mining México.
Minera Frisco SAB de CV (MFRISCOA2) Ingresos netos partidas ...
Fresnillo plc anuncia los resultados de producción del primer trimestre de 2024.
Industrias Penoles Sab De CV (PE&OLES *) Ingresos - Investing.com. https://mx.investing.com/equities/grupo-bal-c-report
MAG Silver da a conocer guía para 2024 - ProMineria.com tu fuente de información minera en México..
Mes: febrero 2025 - Revista Geomimet.
Peñoles más que cuatriplica su EBITDA en tercer trimestre - El Economista.
REPORTE TRIMESTRAL: PEÑOLES.
MAG Silver Launches Premium Dividend Plan with $0.18 Initial Payout - Stock Titan. https://stocktitan.com/news/MAG/mag-silver-launches-premium-dividend-plan-with-0-18-initial-payout-nv05b1143s1m.html
Declaración de misión, visión, & Valores centrales (2025) de Mag ...
Las mineras mexicanas alcanzan valor histórico en la Bolsa Mexicana de Valores en 2024 | Noticias de México | El Imparcial.
Agnico Eagle Mines reporta flujo de caja libre récord por cuarto trimestre consecutivo.
Agnico Eagle Mines Limited presenta los resultados del cuarto trimestre finalizado el 31 de diciembre de 2024 - Marketscreener. https://www.marketscreener.com/quote/stock/AGNICO-EAGLE-MINES-LIMITED-1464884/news/Agnico-Eagle-Mines-Limited-reports-Fourth-Quarter-ended-December-31-2024-Results-48744336/
Agnico Eagle Mines producción récord oro 3,485,336 onzas 2024 | Rumbo Minero.