Mexico’s mining production continues to wane. Data for the first four months of 2019 showed a 20 percent decrease in comparison with the same period last year. However, promising investments and government initiatives underlined the importance of the sector for the country’s economy. Also, gold’s bullish run appears to be slowing down, while the forecast for the copper market is favorable. Moreover, the future of deep sea mining is being questioned over its potential impact on the world’s ecosystem.
Do not miss this week’s Interview of the Week with Ian Telfer, Chairman of the Board at Goldcorp. We discussed Goldcorp’s growth strategy, Mexico’s place and potential in the global mining industry and mining’s transition to cleaner energy.
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While the forecast for Mexico’s mining production is to the downside, several heartening developments point to the importance of the industry for the country’s future. For instance, Kootenay is set to start drilling at its project in Chihuahua and Santa Cruz Silver acquired a 50 percent interest in Carrizal Mining. Moreover, Mexico’s government has made a priority of regulating informal mining. Also, Zacatecas, through its prime research center, Quantum, will link with Australia to innovate in mining research. Finally, Grupo México’s shares are regaining the ground they lost last year. The company’s share performance on the BMV outpaced that of other mining companies.
The yellow metal price waned after Chinese and US leaders had an amiable meeting at the G20 summit, easing global trade tensions. The positive U.S. jobs report also helped to rub off the shine on gold.
A comprehensive report on the global copper mining market was published this past week. Among other conclusions, it notes that the growing demand for copper used in manufacturing processes is expected to drive the market in the near future.
Deep sea mining