Mexican mining industry revives: official

15:49, April 07, 2011      

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Mexico's mining industry has begun to revive in recent years, general director Sergio Almazan of the Mexican Mining Chamber told Xinhua on Wednesday.

Almazan said revenues of Mexico's mining industry for 2010 is expected to surpass 13 billion U.S. dollars, making it the country's third largest revenue-generating industry.

"The final figure in 2010 could be higher than the revenue generated by tourism which is estimated to be 11.3 billion dollars."

In 2009, the mining industry was Mexico's fourth largest revenue creator after oil, remittances and tourism.

After nearly 20 years of low prices, weak currency, strong market wobbles and terrorism, the international mining industry started to recover since 2003 and has been improving, he said.

Mexico is home to some of the world's finest mines. As a strategic industry for Mexico, the mining industry has been used to boost the country's economy for centuries.

"The biggest and richest silver mines of the world are in Fresnillo...the Cananea mine in Sonora state is the world's third biggest copper mine," he said.

Almazan said growing demand for metals from China, India, Russia and Brazil has boosted metal prices, helping Mexico's mining sector to recover.

Total investment in Mexico's mining industry is expected to be more than 21 billion dollars from 2007 to 2012, a historical high for the mining industry, he said.

By producing more metals, Mexico's metallurgical industry was also boosted last year.

The mining sector has the second largest geographical presence in Mexico, after agriculture, said Almazan. "If we include all the minerals and construction materials, there are mines in all 32 states of the country."

Source: Xinhua
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