Mexico mining investment data increased this year
Mexico Mining Association said that this year, the country's mining investment data increased, mainly due to global metal prices rebound. Previously, Mexico mining investment has declined for four consecutive years.
Sergio Almazan, director of the Mexico Mining Association, said in a telephone interview that by the end of the year, Mexico's mining investment would be $5 billion, an increase of 33% compared to 2016. Nearly half of the money will come from overseas.
According to the Mexico economic department, foreign direct investment in the sector was $1 billion 300 million last year.
In 2012, mining investment in Mexico reached a high of $8 billion, but then began to decline, as international metal prices fell, and since then the mining sector has imposed a new tax regime (effective in 2014).
"Fortunately, metal prices are starting to rebound," says Mr Almazan."
Copper prices have risen by more than 23% so far in 2017, gold prices have risen by 16%, and silver prices have risen by 12%.
Almazan said it expects the Mexico authorities to revise the tax rate, and Almazan thinks the tax system has damaged the competitiveness of Mexico's industries.