Mining in Mexico Investment and VC Movements Analysis¶
Investment and VC Movements¶
Based on the analysis of the provided data for 2024 and 2025, the Mexican mining value chain has experienced significant corporate investment movements, primarily in the form of project development, exploration expenditure, and strategic acquisitions. While the available information does not detail specific corporate venture capital (CVC) investments in external startups, it highlights substantial corporate-led investments by major players aimed at expanding capacity, developing new resources, and optimizing operations across the value chain stages.
Major corporate investment movements identified include significant capital directed towards the development of new mining projects. For example, Torex Gold Resources is heavily invested in bringing the Media Luna project into production, an undertaking with a substantial estimated value of US$874.5 million, with first production anticipated in late 2024. Endeavour Silver Corp. has also approved construction and is advancing its Terronera project, with initial production expected in late 2024 or early 2025. Grupo México commenced operations at its Buenavista Zinc project in 2024, contributing to increased zinc sales, which represents the culmination of a significant development investment. Minera Frisco has also been focused on the exploration and development of some of its units in Mexico during 2024.
Exploration is another key area of corporate investment. Alamos Gold Inc. significantly increased its exploration budget for 2024, allocating a substantial portion (US$19 million) to the Mulatos District in Sonora to build on strong performance and identify new resources. Agnico Eagle Mines Limited has also been actively advancing exploration in Mexico, reporting notable findings and an increase in mineral reserves for 2025, indicating ongoing investment in resource identification and future potential.
Strategic acquisitions represent another form of corporate investment impacting the value chain. A notable example in the provided data is First Majestic Silver Corp.'s acquisition of the Cerro Los Gatos mine in 2024. This acquisition was a strategic move aimed at significantly increasing First Majestic Silver's production, with a notable impact expected in 2025.
These corporate investment movements have a direct impact on various stages of the mining value chain. Investments in project development (Media Luna, Terronera, Buenavista Zinc) directly affect the Development stage by funding engineering, construction, and infrastructure development, leading to the creation of new operational mines. These also subsequently impact the Mining (Extraction) and Processing & Refining stages by adding new production capacity and volumes. Exploration investments (Alamos Gold, Agnico Eagle) are crucial for the initial Exploration stage, aiming to discover and delineate new mineral deposits that will form the basis of future development and production. Acquisitions (First Majestic Silver's acquisition of Cerro Los Gatos) primarily impact the Mining (Extraction) and Processing & Refining stages by integrating existing operations and their associated production volumes under new ownership, leading to increased output for the acquiring company. The increased production resulting from these investments ultimately flows through to the Marketing & Sales stage, increasing the volumes of metals available for commercialization by the investing companies, impacting their revenues and market presence.
The table below summarizes the impact of these major corporate investment movements on the value chain stages based on the provided data:
| Value Chain Stage | Impact of Major Corporate Investment Movements (2024-2025) |
|---|---|
| Exploration | Increased investment in exploration budgets by companies like Alamos Gold and Agnico Eagle aims to identify new deposits, extend resource life, and build the pipeline for future development. Minera Frisco also active in exploration. |
| Development | Significant capital investment in major projects (Torex Gold's Media Luna, Endeavour Silver's Terronera) funds mine design, engineering, infrastructure, and construction, leading to new mines coming online. Grupo México completed Buenavista Zinc. |
| Mining (Extraction) | New projects entering production (Media Luna, Terronera, Buenavista Zinc) directly increase the volume of ore extracted. Acquisitions (First Majestic Silver - Cerro Los Gatos) integrate existing production into the acquirer's operations, boosting volumes. |
| Processing & Refining | New mines coming online add processing capacity. Acquisitions integrate existing processing facilities. These investments increase the volume of ore processed and metals produced. |
| Marketing & Sales | Increased production volumes from new projects and acquisitions lead to larger quantities of refined metals and concentrates available for sale, impacting company revenues and market share. |
These corporate investment activities underscore a strategic focus within the Mexican mining sector on growth through developing known resources, exploring for new ones, and consolidating assets to enhance production capabilities and capitalize on market opportunities.
References¶
- RESULTADOS - Cuarto Trimestre 2024 - Informe del Director 4T05. https://s22.q4cdn.com/971555611/files/doc_financials/2024/q4/05/RESULTADOS-4T05-web.pdf
- Grupo México incrementa ingresos en el cuarto trimestre de 2024, impulsado por el zinc. https://mexicomineria.com.mx/2025/02/07/grupo-mexico-incrementa-ingresos-en-el-cuarto-trimestre-de-2024-impulsado-por-el-zinc/
- Alamos Gold reporta producción récord de oro en 2024 - Mining México. https://miningmexico.com/noticias/oro/8415003/Alamos-Gold-reporta-produccion-record-de-oro-en-2024
- REPORTE DE RESULTADOS - Minera Frisco. http://www.minerafrisco.com.mx/es/informes/
- There's no substitute for silver - Investors - First Majestic Silver Corp.. https://www.firstmajestic.com/investors/
- Mulatos y La Yaqui Grande impulsan producción récord de oro de Alamos Gold - Mining México. https://miningmexico.com/noticias/oro/8371482/Mulatos-y-La-Yaqui-Grande-impulsan-produccion-record-de-oro-de-Alamos-Gold
- First Majestic Silver Delivers 20% Jump in Q4 Silver Output, Reports New High-Grade Discovery | AG Stock News. https://agoracom.com/lc/agoracom/newswire/FirstMajesticSilver/news/81673/first-majestic-silver-delivers-20-jump-in-q4-silver-output-reports-new-high-grade-discovery
- Alamos Gold eleva proyección del oro para 2024 gracias al notable desempeño de mina mexicana - BNamericas. https://www.bnamericas.com/es/noticias/alamos-gold-eleva-proyeccion-del-oro-para-2024-gracias-al-notable-desempeno-de-mina-mexicana
- Ventas de zinc y cobre impulsan 12.8% ingresos de Grupo México durante el último trimestre de 2024 - El Financiero. https://www.elfinanciero.com.mx/empresas/2025/02/07/ventas-de-zinc-y-cobre-impulsan-128-ingresos-de-grupo-mexico-durante-el-ultimo-trimestre-de-2024/
- Ventas de zinc y cobre impulsan 12.8% ingresos de Grupo México - Mining México. https://miningmexico.com/noticias/cobre/8415153/Ventas-de-zinc-y-cobre-impulsan-12-8-ingresos-de-Grupo-Mexico
- Iniciarán actividad cuatro minas de oro en el 2024 - El Economista. https://www.eleconomista.com.mx/empresas/Iniciaran-actividad-cuatro-minas-de-oro-en-el-2024--20240124-0160.html
- First Majestic Silver reporta producción de 5.7 millones de onzas de plata - Clúster Minero de Zacatecas. https://www.clusterminero.mx/noticias/detalle/first-majestic-silver-reporta-produccion-de-5-7-millones-de-onzas-de-plata
- Endeavour Silver aprueba construcción de mina en el proyecto Terronera, en Jalisco. https://factoramexico.com/mining/endeavour-silver-aprueba-construccion-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. https://mundominero.mx/noticias/alamos-gold-invertira-presupuesto-historico-en-exploracion-us19-millones-se-quedaran-en-sonora/
- Fresnillo Plc reporta resultados del primer semestre del 2024 - Mundo Minero MX. https://mundominero.mx/noticias/fresnillo-plc-reporta-resultados-del-primer-semestre-del-2024/
- Industrias Peñoles. de Resultados Año Completo 2024: BPA: 0,18 ... https://simplywall.st/stocks/mx/materials/bmv-penoles/industrias-penoles/news/industrias-peoles-sab-de-cvs-bmvpenoles-2024-earnings-a-dis
- 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
- Agnico Eagle aumenta reservas minerales y avanza en exploración para 2025. https://noticiasmineras.com/2025/02/19/agnico-eagle-aumenta-reservas-minerales-y-avanza-en-exploracion-para-2025/
- First Majestic Silver reporta una producción récord de plata de 3.7 millones de onzas. https://www.outletminero.org/first-majestic-silver-reporta-produccion-record/
- First Majestic Silver producción récord primer trimestre 2025 | Rumbo Minero. https://www.rumbominero.com/mexico/noticias/mineria-mexico/first-majestic-silver-produccion-record-primer-trimestre-2025/
- 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/