Published: Tuesday, July 22, 2025
At least eight gold projects with combined capex of US$3.4bn are expected to start production in Mexico this year and next, according to local mining chamber Camimex and the BNamericas project database.
However, some of the projects still depend on the issuance of key permits, primarily environmental, as delays in approvals persist.
Camimex stated in its 2025 annual report that, as of the end of 2024, 116 procedures were pending with environment ministry Semarnat and 107 with national water authority Conagua, “which together represent investments totaling US$6.9bn and the creation of 50,000 new jobs.”
Mining companies operating in Mexico are focusing investments on expanding existing operations and covering maintenance costs, while the portfolio of new projects continues to shrink year after year following the suspension of new concessions at the end of 2018.
The halt in granting new concessions – implemented during the administration of previous president Andrés Manuel López Obrador and recently reaffirmed by current President Claudia Sheinbaum – has directly affected the pipeline of projects under development.
According to Camimex’s 2025 report, which summarizes 2024 figures, there are 574 mining projects with foreign participation across 30 states. Of these, only 27 are under development, 85 have been postponed and 12 have been closed.
In 2019, before the COVID-19 pandemic and the signing of the USMCA trade agreement with the US and Canada, Mexico had 1,177 mining projects, 49 of which were under development. This means there was a drop of nearly 45% in those under development over the past five years.
Mexico remains the world’s top silver producer and ranks among the top 10 for 16 other minerals: fluorspar, sodium sulfate, wollastonite, celestite, lead, molybdenum, barite, diatomite, magnesium sulfate, zinc, salt, gypsum, cadmium, gold, feldspar and copper.
Gold projects
The gold projects slated to start production this year are Terronera, Media Luna, Cerro Caliche and La Preciosa; while Cordero, Cerro de Oro, El Tigre and Los Ricos Sur are expected to come online in 2026, according to the latest update from Camimex. Together, these projects would add output of more than 489,000oz/y of gold.
Prices for the precious metal remain near record highs on global markets, having risen by more than 28% since the start of the year to just under US$3,400/oz in Monday trading.
1. Terronera (Endeavour Silver)
The US$332mn Terronera gold-silver project in Jalisco state reached 89.4% completion with US$302mn of its budget executed at the end of 2024, according to Camimex.
In May, Endeavour Silver began wet commissioning of the project, described by the Vancouver-based company as “a critical milestone on the path to full-scale production.”
The mine life is estimated at 10 years. During the commissioning phase, the company is focusing on increasing loading and operating times and gradually ramping up activities to full processing capacity.
2. Media Luna (Torex Gold Resources)
The US$950mn Media Luna project in Guerrero state reached 94% completion as of December 31, having finished engineering work and equipment procurement, according to Camimex.
After achieving commercial production on May 1, Torex said in July that the extraction rate averaged more than 5,300t/d in June. Output is expected to increase in 2H25 with the completion of two additional ore passes and the commissioning of the paste plant.
With development rates exceeding projections and 90% of the stopes planned for 2026 already drilled, the Toronto-based company continues to target the designed extraction rate of 7,500t/d by mid-2026, it said in a statement. The mine’s life is estimated at 11.8 years.
3. Cerro Caliche (Sonoro Gold)
Sonoro Gold submitted a revised environmental impact assessment (EIA) this month for its US$15.5mn Cerro Caliche gold project in Sonora, aiming to improve project design and environmental management.
The updated EIA, which replaces the 2022 version, details an open-pit, heap leach operation with a projected mine life of nine years.
The Vancouver-based company said the revision reflects its commitment to environmental standards and local communities. Sonoro holds full ownership of the mining and surface rights, and is moving the project forward based on a 2023 preliminary economic assessment showing strong financial potential.
On July 4, the company announced it had secured 100% of the surface rights for Cerro Caliche and the surrounding areas through its subsidiary Minera Mar de Plata.
4. La Preciosa (Avino Silver and Gold)
In February, Avino CEO David Wolfin said the company had reached a long-term land use agreement with the local community in La Preciosa, Durango state, in early 2024, enabling completion of surface works, facilities construction, and the transport and processing of surface reserves at the Avino mill.
The Vancouver-based company also reported that it secured the necessary equipment to develop the underground ramp and, by the end of 2024, had obtained all required permits and initiated development of the US$327mn gold-silver project, which has an expected 11-year mine life.
“As we begin 2025, we are excited to continue advancing our growth strategy by putting La Preciosa into production,” Wolfin said.
In 2025, the company plans to process 700,000-750,000t of material at the mill, sourced from both Avino and La Preciosa.
5. Cordero (Discovery Silver)
Discovery Silver published the feasibility study for its US$1.4bn Cordero polymetallic project in February last year. The project is expected to be among the industry’s leading assets and to generate 2,500 direct jobs during construction.
Cordero holds reserves of 302Moz of silver and is projected to produce an average of 37Moz/y of silver equivalent in its first 12 years, with a total mine life of 19 years, according to the company.
In March, the Toronto-based miner said it continued to de-risk the project and had reached a key milestone early that month with the acquisition of the final land parcel needed for development.
“The next major milestone for Cordero will be the approval of our environmental impact assessment. Given the improved political environment in Mexico, we are increasingly optimistic that Cordero will complete permitting and move into construction by year-end,” CEO Tony Makuch said in a release.
6. Cerro de Oro (Minera Alamos)
Minera Alamos is advancing exploration and development at its US$28.1mn Cerro de Oro gold project in Zacatecas, focusing on permitting and detailed engineering, according to Camimex’s 2025 annual report.
In May, the Toronto-based firm said permitting continues and the company is supporting all follow-up requests from relevant authorities. Greater clarity on government plans and timelines for mining-related permits is expected in the coming months.
Projected output is 58,400oz annually with a mine life of 8.2 years.
7. El Tigre (Silver Tiger Metals)
Halifax-based Silver Tiger Metals began work on the US$120mn El Tigre project in Sonora in 2017, planning both open-pit and underground operations. The company has drilled over 150,000m at the site, including 119,000m since 2020.
The open-pit PEA was published in November 2023, followed by a prefeasibility study in October 2024 showing strong economics: an after-tax NPV of US$222mn at a 5% discount rate, IRR of 40% and a 2-year payback.
Silver Tiger expects a 10-year mine life for the open-pit operation, according to an April release.
8. Los Ricos Sur (GoGold Silver & Gold)
GoGold said this month it is still awaiting final permits to begin construction of its US$227mn Los Ricos Sur polymetallic project.
In late February, the Canada-based firm submitted a feasibility study for the Jalisco project featuring a redesigned 2,000t/d underground mine plan, updating the September 2023 PEA and incorporating a revised mineral resource estimate.
The project is expected to yield 80Moz of payable silver equivalent over a 15-year mine life, comprising 41Moz of silver, 424,000oz of gold and 11Mlb of copper.
Average annual production in the first five years is projected at 7.3Moz silver equivalent, according to a company release.
