MINING IN MEXICO S - ProMÃƒÂ©xico

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eport mining in mexico Growth Is The Goal Over a short period, Canadian Goldcorp has grown from a strong intermediate player to one of the top senior gold producers in the world. It is one of the companies with the strongest production growth profile among all senior gold producers and Mexico has played a key role in that. As Salvador García, Vice President of Goldcorp Mexico, puts it: “Mexico’s major advantages are its big mineral resources and its openness to foreign investment, in addition to an ideal environment for doing business.” Goldcorp has managed to take advantage of Mexico’s assets to become one of the world’s mining strongest players. The company began its golden business relationship with Mexico eight years ago, when it took control of Minas de San Luis (Luismin), a wholly owned subsidiary of Wheaton River Minerals who merged with Goldcorp to create a major new company in the gold mining industry. Goldcorp started producing 50,000 ounces of gold per year and now produces 650,000 ounces. Furthermore, the company expects to increase these figures to 1 million ounces per year, 55% of Mexico’s total production of gold. To date, Goldcorp employs 6,000 people in Mexico and its operating assets include El Sauzal, Los Filos, San Dimas (Tayoltita) and Peñasquito gold/silver mines. The latter is the largest open pit mine in Mexico and Goldcorp has invested around 1.5 billion usd in it. To reach its production goals, Goldcorp has a solid pipeline of projects. The company is currently working in two major mining projects: the second stage of Peñasquito mine and the recently acquired Camino Rojo mine. “Growing is one of our most important short-term goals in Mexico and the Camino Rojo mine will play an important role. The company is also investing in its operating units. Each year around 60 million usd are invested to prolong the life of the mines and to explore new reserves within the project portfolio we have throughout the country,” says Salvador García. The truth to be said, Goldcorp’s growth profile is unmatched in the mining industry and Mexico has a lot to say about this story of success.
24 Negocios infographic oldemar Mining projects <strong>IN</strong> <strong>MEXICO</strong> Value of Mining Production in Mexico in 2008 10.5 billion USD New Mining Pr 2006-2009 Production Investment Baja California El Arco Grupo México Advanced exploration, expects to start operations in 2012 Production by State 1.4 billion USD 190,000 tons of copper (expected production) Baja California Sur 29% Others 27% Sonora Exploration Projects 2009-2012 16% Zacatecas 15% Coahuila 13% Chihuahua El Boleo Baja Mining / Kores Under construction, expects to start operations in 2011 889 million USD 1,535 tons of cobalt 55,750 tons of copper 6,300 tons of zinc sulfate Sonora 692 Projects Companies involved 262 Mining companies 8.8 billion USD (estimated investment) El Crestón Moly Corp Advanced exploration, expects to start operations in 2011 512 million USD 10,000 tons of molybdenum 8,000 tons of copper Los Cedros ArcelorMittal Started operations in 2008 157 million USD Mexican Grupo México Peñoles Grupo Frisco Autlán Grupo Alfil Nemisa Minas de Bacis Las Encinas Materias Primas GAN Canadian Goldcorp Pan American Silver Farallon Mining Teck Resources Alamos Gold Gammon Gold Frontera Copper First Majestic US Hecla Mining Coeur d’Alene Mines UK Vane Minerals Arian Silver Australian Kings Minerals Indo Gold 2 million tons of iron ore Mulatos Alamos Gold Started operations in 2007 100 million USD 170,000 ounces of gold El Chanate Capital Gold Started operations in 2007 35 million USD 60,000 ounces of gold
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