The Mexican mining industry: more than diamonds in the rough

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1 Guest Opinion Federico Kunz The Mexican Mining Law The Lifestyle Mexico s Unique Mining Towns Negocios para exportadores The Mexican mining industry: more than diamonds in the rough V

2 Mexico is experiencing a positive moment. The structural reforms, designed to increase economic growth and improve well-being of millions of Mexicans, are already being implemented and their benefits are beginning to reflect in the daily lives of our population. The opening up of the energy sector to both domestic and foreign investment, as well as joint ventures, has awakened a spirit of trust and innovation among the main players of the industry. The modern and dynamic country that all Mexicans are building is characterized by strong industries in constant expansion, like the manufacturing, automotive, aerospace, information technologies, and creative sectors. Mexico has a rich territory, vast natural wealth and a well-known vocation for mining. The sector offers a wide range of opportunities for exploration and extraction, always combined with a commitment to protect and preserve the environment through improved technological development and innovation. Undoubtedly, this historic energy reform should be complemented by a strong mining industry with the necessary capabilities for maximum exploitation. This edition of Negocios ProMéxico presents important investment and export opportunities in the Mexican mining sector: a key industry for economic growth and regional development. Enrique Peña Nieto President of the United Mexican States

3 Table of Contents April 2015 Special Report Guest Opinion 38 Mexican Geological Survey By Servicio Geológico Mexicano Mining clusters boost the industry Mexican Mining Law by Federico Kunz Cover Feature 21 st Century Mining in Mexico By Coordinación General de Minería, secretaría de economía 11 photo archive From ProMéxico Briefs figures Mexico s Partner 22 Agnico Eagle By Agnico Eagle 24 Torex Gold Interview with Fred Stanford 26 Goldcorp Intervieu with Michael Harvey Special Report 28 Processes and acquisitions in the mining sector By Raquel Rivas Guest Opinion 37 World Class Mining by Marcos Gluyas Solórzano 41 Energy reform by Rodrigo Cansino 43 Fifomi By Fideicomiso de Fomento Minero 46 Mining: Strategic lever for growth in Mexico By Sergio Almazán Esqueda

4 photo archive The Lifestyle The Complete Guide to the Mexican Way of Life 51 Mining Museums From mining deposits to the preservation of memory ProMéxico Francisco N. González Díaz CEO Karla Mawcinitt Bueno Communication and Image General Coordinator Felipe Gómez Antúnez Director of Publications and Content Jorge Arturo Morales Becerra Contreras Editorial coordination Teresita García Editorial collaboration Advertising Cover Photo Archive Editorial Council consejo editorial photo archive 53 Mines and Balls The story of football in Mexico Ildefonso Guajardo Villarreal Francisco de Rosenzweig Mendialdua Enrique Jacob Rocha Francisco N. González Díaz Embajador Alfonso de Maria y Campos Castelló Luis Miguel Pando Leyva Francisco Javier Méndez Aguiñaga Rodolfo Balmaceda Guillermo Wolf Jaime Zabludovsky Gabriela de la Riva Adolfo Laborde Carranco Silvia Núñez García María Cristina Rosas González Ulises Granados Quiroz Karla I. Mawcinitt Bueno photo courtesy of mexico tourism board Mexico s unique mining towns By Mexico Tourism Board 55 Negocios ProMéxico es una publicación mensual editada por ProMéxico, Camino a Santa Teresa número 1679, colonia Jardines del Pedregal, delegación Álvaro Obregón, CP 01900, México, DF Teléfono: (52) Portal en Internet: correo electrónico: Editor responsable: Felipe Gómez Antúnez (alta en trámite). Reserva de derechos al uso exclusivo No Licitud de título: 14459; licitud de contenido: 12032, ambos otorgados por la Comisión Calificadora de Publicaciones y Revistas Ilustradas de la Secretaría de Gobernación. ISSN: Negocios ProMéxico año 8, número V, mayo de 2015, se imprimió un tiraje de 7,000 ejemplares. Impresa por Cía. Impresora El Universal, S.A. de C.V. Las opiniones expresadas por los autores no reflejan necesariamente la postura del editor de la publicación. Queda estrictamente prohibida la reproducción total o parcial de los contenidos e imágenes de la publicación sin previa autorización de ProMéxico. Publicación gratuita. Está prohibida su venta y distribución comercial. ProMéxico is not responsible for inaccurate information or omissions that might exist in the information provided by the participant companies nor of their economic solvency. The institution might or might not agree with an author s statements; therefore the responsibility for each text is the writers, not on the institution, except when stated otherwise. Although this magazine verifies all the information printed on its pages, it will not accept responsibility derived from any omissions, inaccuracies or mistakes.. Download the PDF version and read the interactive edition of Negocios ProMéxico at negocios.promexico.gob.mx. This publication is not for sale. Its sale and commercial distribution are forbidden.

5 Para exportadores From proméxico foto archivo foto archivo Australia en la industria minera mexicana Exploración de oportunidades Por Rodolfo Esaú Garza De Vega 66 breves infografía Rusia y México 125 años de relaciones diplomáticas Por Jaime Eduardo Juárez Arias foto archivo foto archivo Compromiso sostenible Por Óscar Hernández Innovaciones que revolucionan al sector minero Por Raquel Rivas Camimex en la cultura Por Camimex Panorama económico de China y su relación bilateral con México 71 Welcome to Negocios ProMéxico! Francisco N. González Díaz CEO ProMéxico Throughout the history of our country the dynamism and productivity of the mining industry has been a constant presence. Mexican mining is grounded in the mineral wealth that is distributed across much of the country s territory. The extraction of mineral resources has led not only to the creation of a significant amount of employment, but also to the development of infrastructure, technology and logistics, which in turn has benefited other productive sectors. The mining sector in Mexico principally comprises state-owned companies, although the competitive advantages of the country attract growing numbers of foreign mining firms every year. In fact, in 2014 Mexico received over 2.2 billion dollars of foreign direct investment in this sector. The Mexican mining sector offers free flow of investments and legal certainty, which is a clear reflection of the productive policies of the present government. In addition, it is noted for the sustained growth maintained over the past few years, and for up to 500 prospective sites with potential for mining principally of gold, silver, copper, and zinc. In this sector, Mexico is among the leading producers worldwide. Indeed, we are the global leader in silver production and among the top ten in zinc, gold, and copper. In addition, Mexico is considered the fourth most attractive destination for investment in prospecting worldwide, and the first in Latin America. Also of note is the current maturity of the sector, visible in the fact that increasing numbers of companies are prospecting for and extracting these resources with a longterm perspective of sustainability and social responsibility, operating in accordance with the highest standards of respect and care for ecosystems, as well as establishing robust ties with the communities where they operate. In short, the mining industry in Mexico continues to shine with a light all its own.

6 BRIEFS BRIEFS OIL Mining cluster approaches Weatherford and Shell MANUFACTURING Essilor will invest 40 million dollars in Baja California BEVERAGES photo archive Clúster Minero-Petrolero de Coahuila A. C. (the mining & oil cluster of Coahuila) has been meeting with Weatherford and Shell in the hope that these companies will participate in civil engineering activities, high-pressure machining, tanks, assembly and environmental impact studies, among other tasks required by the manufacturing area of these international firms. About eleven companies working in the mining & oil cluster have already been interviewed by Shell Mexico, although only four are already in the process of certification, while the other seven are in the drafting stages. The French manufacturer of prescription lenses announced the construction of a manufacturing plant in Tijuana, Baja California, where it will invest forty million dollars and create five hundred jobs. From these installations located on the border between the two countries, the company intends to serve the west coast market of the USA. The Mexico Essilor plant will be one of the largest worldwide. MINING Timmins Gold invests 200 million dollars in Coahuila Timmins Gold Mining Corp will invest 200 million dollars in the next four years for the expansion of mining projects in the states of Sonora, Guerrero and Veracruz. The Canadian company recently acquired the Caballo Blanco (White Horse) project on Mexico s east coast, and Ana Paula in the country s southeast. The aim is to exploit the mining group s synergies to generate a higher production of gold. With these two new projects, Timmins will increase its production, from 115,000 ounces of gold annually to 320,000 ounces by photo archive photo archive Constellation Brands will invest in Coahuila This American beer company will invest over 2.2 billion dollars in its installations in the northern state of Coahuila. With this investment the company will expand its brewery, as well as increase the capacity of its subsidiary, Industria Vidriera. These investments will create 3,500 jobs. Constellation Brands is the third largest brewer in the USA. Currently the company s Mexican affiliate operates in the state of Coahuila and produces one billion liters of beer per year. By 2016 the company expects to duplicate that volume, by producing two billion liters, rising to 2.5 billion liters in photo archive photo archive MINING Mining Company will invest in eight projects Minera Fresnillo, the main producer of silver worldwide, will invest 2 billion dollars in the expansion of its operations in Mexico. The investment will be channeled through eight projects in states like Chihuahua, Durango and Zacatecas. This year, Minera Fresnillo allocated 7 million dollars to mine maintenance and new projects, and million dollars to exploration. Later this year the company will start operations at the San Julián mine, located on the border between Chihuahua and Durango. The company has a portfolio of twenty exploration projects in Mexico, Peru and Chile. AUTOMOTIVE Neapco Mexico s new plant in Coahuila Neapco Group Mexico, a manufacturer of accessories and components for the automotive industry with its headquarters in Michigan, USA, announced that it will invest 1.27 billion pesos in a plant that will be located in the Mencorsa Industrial Park of Saltillo, Coahuila. The company will manufacture components for power transmissions required by the automotive industry. With these facilities, the firm expects to create 445 direct jobs in the next five years. Coahuila is one of the leading states for the automotive industry. It currently has four production plants and ranks third nationwide in the production of light vehicles. photo archive 8 9

7 BRIEFS photos archive Cover Feature Negocios ProMéxico ENERGY Mexico could receive up to 4 billion dollars in renewable energy According to Fatih Birol, chief economist at the International Energy Agency, Mexico could receive up to four billion dollars in renewable energy. This investment could begin this year and continue until 2030, and would translate into installing 2,000 megawatts of capacity annually. According to experts, Mexico s electricity sector will require about ten billion dollars of investment, of which close to four billion will be for renewable energy and other low carbon sources of energy. Mexico s effort to reduce emissions of greenhouse gases is also related to the increased use of natural gas in the electricity sector, which implies lower emissions than burning coal or oil. photo archive 21 st Century Mining in Mexico HEALTH The Mexican mining sector is dynamic and competitive, generating wealth and welfare. It faces significant challenges as it evolves towards socially and environmentally responsible methods that can allow it to become a stronger core activity for the prosperity of the country and its inhabitants. photo archive Medtronic, a company focused on exports This American producer of medical devices is building on Mexico s potential in terms of health, as this country is the second largest market in Latin America. The company has six plants in Mexico, located in Chihuahua, Sonora and Baja California, which take advantage of the proximity to the USA, the main destination of its exports. Each year Medtronic sells around 28 billion dollars, of which Latin America represents 10%. The company became the world s largest medical device manufacturers in fifteen therapeutic lines, such as diabetes and surgery, following the acquisition of Covidien a firm that manufactures surgery equipment in January With this operation, the company is now the largest producer of medical devices in the world, with 53,000 patents, and 88,000 employees in the 160 countries where it operates. / by coordinación general de minería, secretaría de economía Today, the Mexican industry devoted to the extraction of mineral resources continues to occupy a central place in the national economy. We know it has been a productive activity with a leading role throughout our history and now has become one of the most dynamic, productive and competitive industries in our country. Mining activities contribute 1% of GDP and an overall participation of 4%, combined with mineral processing. Furthermore, it employs over 351,000 workers and is the fourth generator of foreign currency. This industry has gone through several stages of evolution, which have enabled it to develop and grow by adapting to the needs that our development has required at several junctures. Currently, we are entering a new phase, which poses particular challenges. This stage still in the process of consolidation includes the following features: new fiscal conditions in the sector; the formation of mining clusters; the regional reconfiguration of the country, strengthening the south and west in relation to mining activities; consolidating perspectives for social responsibility and sustainable development; strengthening the multinational sector of Mexican companies; the closer relationship with the hydrocarbon industries brought about by the energy reform; and, of course, the strategic rethinking of mining policy, including a realignment of priorities in terms of exploration of the national territory, funding for the industry, investment promotion Participation in the 2014 GDP (Extractive mining and mineral processing) Primary Sector, 3.1 Oil, 5.8 Electricity and Water, 2.2 Construction, 7.3 Manufacturing, 14.2 Expanded Mining, 4.0 Services, 60.8 Source: INEGI and US Geological Survey. Preliminary data

8 Negocios ProMéxico Cover Feature Cover Feature Negocios ProMéxico Surface Concessions by State 2015 No. State Total Current Concessions Source: DGRM, SE. and modernization of procedures and paperwork related to the activity. (For more details on this, see the Mining Development Program.) This whole process is coming together in the reconfiguration of a more modern and mature mining sector. For this process to be consolidated, the industry must face and solve challenges brought about by new circumstances. The agenda includes, among other issues, innovation, efficiency, scientific and technological development; an initiative on transparency; the deepening of environmental commitments, and productive articulation for generating higher value added products. In order to meet these challenges, it is essential to consider that, broadly speaking, the mining sectors composed of companies, the public sector, associations and social organizations, the workforce and communities in mining settlements. Therefore, this new phase also includes a renewed strategic vision of public policy and governance, such as a more horizontal government that shares responsibility with traditional and emerging actors of civil society. Only from this perspective will it be possible to provide a comprehensive agenda for building Mexican mining in the 21st century. The challenge of competitiveness Mexico, as an emerging economy, provides a competitive general framework. It is currently the 15th largest economy in the world and the second in Latin America; it provides high stability in its macroeconomic indicators, including a record level of international reserves close to 200 billion dollars, in addition to a strategic geographical position as a global platform for exports. Surface Concessions (Millions of Hectares) Surface Concessions/ Total State Surface (%) 1 Sonora 4, Durango 3, Chihuahua 3, Zacatecas 2, Coahuila 1, Jalisco 1, Sinaloa 1, Other States 6, Total 25, This context enhances the competitive advantages of the Mexican mining industry, allowing it to position itself as one of the most attractive destinations for investment. According to the 2014 Behre Dolbear Report, Mexico ranked as the fifth country with the best conditions for investment in the mining industry and, according to SNL Metals and Mining, the country was the first recipient of exploration investment in Latin America and the fourth worldwide. One of the advantages of Mexico as a mining country is its vast geological potential. It is upon this foundation that our country has been able to consolidate as one of the leading producers of minerals on a global scale. It is the largest producer of silver in the world, the second producer of bismuth and fluorite, and the third in celestite and wollastonite. This stock of resources is enhanced by the work of the Mexican Geological Survey, in terms of exploration, cartography and systematization of geological information of the territory, making the availability of this data another advantage of our country. It is worth noting that 100% of the national territory is covered by 1:250,000 scale maps, and 37.9% at 1:50,000. Also, a total of 25,315 mining concessions covering an area of 24.8 million hectares (12.6% of the national territory) are registered. Seven states concentrate 72.4% of these concessions and 66% of the concession area. In the latter, the states of Sonora and Coahuila stand out, with a participation of 17% and 11%, respectively, followed by the states of Durango and Chihuahua, with 9% each. The Canada-based Fraser Institute recognizes this information internationally. Every year it publishes a global survey on the perception of investors regarding the territories and advantages for investing in mining activities. In the 2014 report, Mexico ranked as number 33 out of 122 jurisdictions, with a score of 67.6 out of a maximum of 100 possible points. In the context of our closest competitors in terms of attracting investment, Mexico ranked as the third country with the best conditions for investment, behind Chile, which had a score of 77.2, and Peru, with As a reference, it is important Fraser Report 2014: Variable Comparison (Place) Uncertainty regarding existing regulations Chile 14 Mexico 18 Uruguay 28 Peru 31 Colombia 55 Brazil 75 Ecuador 110 Bolivia 114 Mexico 34 Peru 40 Chile 46 Uruguay 68 Brazil 69 Colombia 79 Ecuador 90 Bolivia 112 Geological Databases Source: Fraser Institute, Regulatory Duplication and Inconsistencies Uruguay 7 Chile 8 Mexico 26 Colombia 45 Peru 58 Brazil 94 Bolivia 99 Ecuador 108 Environmental Regulations Mexico 23 Peru 42 Chile 54 Uruguay 65 Colombia 71 Brazil 99 Bolivia 102 Ecuador 117 Fraser Report 2014: Variable Comparison (Place) Chile 29 Colombia 49 Peru 55 Uruguay 58 Mexico 103 Brazil 105 Ecuador 117 Bolivia 122 Uruguay 27 Chile 47 Mexico 61 Brazil 88 Colombia 92 Peru 93 Ecuador 111 Bolivia 117 Source: Fraser Institute, Taxation Land Disputes to consider that the best placed country in the global arena was Finland, with a rating of From these results it can be concluded that our country offers competitive advantages in some of the variables that are evaluated, but undoubtedly has a big challenge ahead to improve other key aspects to ensure a better environment for the investor, and for the performance of the sector s productive activity. In addition to its potential and its geological information, Mexico is well positioned in the assessment of environmental regulations, regulatory duplication and inconsistencies, uncertainty about existing regulations and infrastructure quality. By contrast, the topics showing a significantly lower evaluation are security, the fiscal system, the legal system and protected areas. These are some of the challenges that the Mexican mining sector faces for development in the 21st century in order to consolidate its dynamism, its ability to attract investment, create jobs, generate foreign currency and economic benefit, while becoming a strong, modern and competitive industry, committed to sustainable development and growth. Governance and competitiveness: challenges FOR mining in Mexico The structural reforms that have been taking place in our country since 2013 are a boost for transformational change, whose main objective is the transition to a more productive economy in order to drive growth and development. One of them is fiscal reform, Uruguay 2 Chile 50 Brazil 78 Peru 87 Ecuador 94 Bolivia 97 Mexico 104 Colombia 108 Security Quality of Infrastructure Uruguay 33 Mexico 39 Chile 51 Peru 60 Colombia 73 Brazil 76 Ecuador 93 Bolivia 109 1,300 1, Average Price of Gold (1,266 dl/oz) Source: Company Annual Reports Competitive Costs Cash Cost vs. Price 2014 (Gold) which has had and will continue to have a fundamental impact on the mining sector. For many years including those of the longest and most beneficial boost in metal prices in the first decade of this century the mining industry worked without special obligations for taking advantage of the nation s resources, in sharp contrast with the reality of most mining countries. Approved rights seek to boost the evolution of the sector towards a higher stage of development, committed to and responsible for the prosperity of the nation. In this regard, it is noteworthy that mining operations in Mexico, despite the conditions of the world minerals markets, remain profitable thanks to the competitive advantages of the country that, in addition to the above, include competitive operating costs. The new tax regime will allow a better distribution of the benefits of using the subsoil between communities where mining activities take place. Article 271 of the Federal Law of Rights guarantees the use of resources for mining rights when the goal is social, environmental and urban development of the mining municipalities, including schools, preservation of natural areas, water treatment and public transportation, among others, which will be decided through regional (state) committees, with the participation of society, business and government. Thus, the new tax system will not only lead to a better distribution of wealth, but also social participation in the decisions that determine how that wealth is used. Therefore, it also provides an opportunity to create channels of communication and joint work with businesses, communities and local authorities, which can and should be used to create better conditions for cooperation and growth. Additionally, it is important to consider that the document General Criteria for Economic Policy for the Initiative of the Law on Income and the Budget of Mexican Mines Alumbrera Ciénega Lagunas Norte Marlin Peñasquito Geita Pueblo Viejo Herradura La India Cortez Pinos Altos Kibali Veladero Red Lake Serra Grande Yanacocha Goldstrike Creston Cowal Moab Khotsong Goldex Mine Lapa Cerro Vanguardia Los Filos Kalgoorlie Hemlo Kittila Siguiri Great Noligwa Porgera Noche Buena Morila Iduapriem Obuasi Kopanang 12 13

9 Negocios ProMéxico Cover Feature photos courtesy of mexican geological survey Special Report Negocios ProMéxico Main Products of Mining- Metallurgical Production (January-March 2015-Percentage Share) Gold, 29.4 Silver, 20.1 Copper, 19.5 Others, 34.6 Fluorite, 1.0 Salt, 1.2 Molybdenum, 1.7 Lead, 2.7 Coal, 2.8 Coke, 4.8 Iron, 5.1 Zinc, 6.5 Source: INEGI. Expenditures of the Federation for the Fiscal Year 2015 does not include modifications to the fiscal framework, in fulfillment of the commitment established in the Tax Certainty Agreement of February 27, 2014, in the sense of not proposing new taxes or increasing existing ones, or eliminating tax benefits for any taxpayer. To address another major challenge, that of security, a joint effort is also being conducted between the authorities and businesses in order to provide timely solutions for the problems the industry is facing. The Ministry of Economy, through the General Coordination of Mines, has created working groups comprising mining companies and the Federal Police, which through the Gendarmerie is strengthening the presence of security forces in each state to protect the productive sectors of the economy. Also, a safety task force was formed between the authorities of the Federal Police and the mining companies. At the head of this effort is the Gendarmerie Division, in coordination with the Investigation Division and the Territorial Deployment Commission. The aim is to use the available federal police force in four areas: on-site presence, intelligence, information sharing and communication channels. On the issue of the legal system, the Mining Development Program seeks to modernize institutional regulations for the sector and improve the paperwork processes related to mining concessions. In this regard, there have been efforts to launch a simplification of procedures, and improve their attention based on strengthening and improving the digital infrastructure of the Information and Mining Administration System (SIAM). These activities include work focused on the comprehensive review and updating of digitized processes and mapping, strengthening information consultation processes on SIAM s website (including Digital Mining Cartography), filtering migration processes and diagnostics, and validating the quality of the information available to users. Similarly, protected areas are also part of a general policy for boosting sustainable, environmentally-friendly development. This implies a harmonious development that meets the needs of economic growth, social development, respect and care for nature, and involves establishing clear rules that provide certainty to productive activities, in general, and to the companies investing in the mining sector, in particular. The General Coordination of Mines of the Ministry of Economy, in a combined effort with the Ministry of the Environment and Natural Resources (Semarnat) and the Mining Chamber of Mexico (Camimex), is pushing for a necessary balance to achieve the comprehensive development this nation requires. These are just some of the areas in which the Mexican government is working to support the mining industry in our territory. The mining sector is a key element of the national economy and a pillar of economic and social development. Therefore, the Mexican government is committed to supporting its expansion and growth within a framework of social and environmental responsibility, to promote and develop the best conditions to strengthen their productivity and competitiveness, while ensuring certainty and investment security. Despite global market conditions for minerals, mining investment in the country has maintained its vitality. In 2014 almost 5 billion dollars were invested, and Camimex estimates that this year investment will reach 5.4 billion dollars. That is, between 2013 and 2015, the mining industry will have invested about 17 billion dollars in our country. Additionally, the sector is characterized as a big exporter and, consequently, has a positive trade balance. Trade of mining-metallurgical products achieved a surplus of over 8.4 billion dollars in Mexican mining has recovered its position in the world s most important investment capital market, the Toronto Stock Exchange. After a momentary dip, as a result of a certain level of uncertainty among investors, Mexico was repositioned as the principal destination in Latin America of capital flows into the mining sector, funded through that market. In 2014 total investment for mining projects in Mexico reached 1.1 billion dollars, surpassing the figure for 2013 and even The total number of projects financed in 2014 were 166, compared with 76 in Peru, 52 in Chile, and 45 in Argentina, to mention the main ones. It is true that the sector has several pending tasks in order to overcome its challenges, but by working together, through dialogue and mutual respect, they will gradually and progressively be resolved. N Capital Funded Through TSX-TSXV 2014 Mexico (Billions of Dollars) Source: TSX. 166 Mexico 76 Peru Mexico, 61% Mexico s Participation in Latin America Mining Companies Listed on TSX-TSXV Per Country (Latin America) Chile Argentina Colombia Brazil Guyana Ecuador Bolivia Venezuela Surinam French Guyana Other Countries, 39% Uruguay Paraguay Mexican Geological Survey Mining with reliable data Since its inception in 1944, the Mexican Geological Survey (SGM) provides essential information to facilitate exploration, identification and quantification of the country s mineral resources. by servicio geológico mexicano SGM is a public agency of the federal government with legal personality and its own patrimony. It is governed by the Mining Law and is attached to the Ministry of Economy, through the General Coordination of Mines. Its functions include: development of geological, mining and geochemical mapping; studies and analysis of mineral resources; environmental geology; hydrogeology; energy and mineral geoscience; and geological, mining, geochemical, geophysical and environmental cartography. Mapping and mineral resources Geological charts are the most important tool the SGM has to interpret and understand the behavior of the Earth. With advanced technology, geological mapping generates information and thereby analyzes regional data gathered in the field, which, once geo-referenced, are presented in the form of specialized charts, both in print and digital formats accessible to the public. Technical assistance is provided in support of national mining development, which requires skilled personnel to interact with the field of small and medium mining. Also, the SGM offers consulting services and professional support for the development of exploration and exploitation of mineral resources. Specialized staff advise, direct and oversee sometimes through firms or qualified consultants requests 14 15

10 Negocios ProMéxico Special Report Special Report Negocios ProMéxico Gold Spots in Mexico ration and exploitation; and other specific questions regarding the impact of liquids in infrastructure works, for example, are all subjects for the SGM. Hence, it is crucial to know the characteristics of exploitation and hydrogeological conditions of the aquifers. It is a constant challenge for this agency to update knowledge of groundwater in the different national geo-hydrological basins, and anticipate its evolution in the short and medium terms. The types of studies conducted by the SGM are: The experience accumulated over seven decades is reflected in the development of the Digital Information System. and needs expressed by small and medium mining companies, as well as social sector miners. With a national commitment to the preservation of the environment, the institution conducts studies of assessment and mitigation of geological risk phenomena to protect the environment of the population. The SGM fosters a culture of information, education and awareness of geological hazards, by disseminating and promoting interest in geoscience to encourage more young people to study the different branches of geology. And among geoscience professionals, it encourages research and development of new technologies. The institution contributes with territorial planning of new urban areas and natural risk management in urban developments, while avoiding irregular settlements. The SGM performs collaboration agreements and contracts for studies of Ecological Zoning (OTS) and Environmental Impact Statements, as well as an Atlas of Natural Hazards and Risks. Hydrogeology and digital geoscience Hydrogeological studies include the evaluation of the climatic conditions of a region, the rainfall regime, water chemistry and physical characteristics of rock masses, such as permeability, porosity, fracturing, chemical composition and geological and geotectonic features. Geological materials that condition the presence, distribution and flow of water in the subsoil; the relationship of groundwater with the geological environment; the laws governing water circulation; the physico-chemical characteristics of groundwater and its evolution, explo- 1. Hydrogeological surveys: determination of the presence of groundwater, including depth and direction of flow. 2. Hydrogeological assessment: quantification of available water in the aquifer. 3. Hydrogeological modeling: predicting the performance of the aquifer system. 4. Hydro-geochemical characterization (quality): effects of current and potential sources of groundwater contamination. The agency implemented the Gas Associated to Carbon (GAC) project, which aims to assess the gas potential of the country. To do this, it considers the geological features that delineate areas in the various sedimentary basins with potential for containing commercial gas deposits and, subsequently, tender areas representing an interest for prospecting and/or exploring this energy source. The experience accumulated over seven decades is reflected in the development of the Digital Information System. This valuable tool provides data in a quick, timely and reliable manner to support planning activities and the development of mapping projects, more detailed geological and scientific studies, and any other project related to the earth sciences. Information and cartography products generated by the SGM can be obtained from the Earth Sciences Documentation Center, located in Mexico City, as well as from any of its seven regional offices. N

11 Negocios ProMéxico Figures Figures Negocios ProMéxico Mexican Mining Sector Mexico has a wide variety of geological terrains able to develop mining projects related to the geological evolution. Main MARKETS FOR Mexican mining exports 52% 12% 7% 5% 3% 3% 3% 2% 1% 1% Mexico s Mining Potential The Mexican territory shows well defined mineralized belts and metallogenic provinces of gold, silver, copper, zinc, lead, molybdenum, iron, and others. The Mexican territory occupies 1,964,000 km 2, of which 70% has geological suitability for development of mining projects because of a favorable geological structure and evolution. 70% of the country contains mining geological features, only 27% of the national territory has been explored Mexican mining metallurgical exports Year Million Dollars ,450 Employment and Investment Mining metallurgical employment Year Workers Investment in mining sector Year Million Dollars , , ,656 Cu, Mo, Au Fluor (F) , , ,858 P Cu, Mo, Au Fe F Zn, Pb, Ag, Cu Sr C Gold, Silver, Copper (Au, Ag, Cu) Massive Sulfides: Gold, Silver, Zinc, Copper, Lead (Au, Ag, Zn, Cu, Pb) Strontium (Sr) Manganese (Mn) Iron (Fe) , , , , , , , , , , , ,576 Cu, Mo, Au F Oil & Gas Copper, Molybdenum, Gold (Cu, Mo, Au) Zinc, Lead, Silver, Copper (Zn, Pb, Ag, Cu) Phospates (P) Source: Ministry of Economy , Apr 351, e 4, e 5,458 Au, Ag, Cu Mn Coal (C) Estimated data. Source:IMSS and CAMIMEX. e/ Estimated data. Source:IMSS and CAMIMEX. Mexican mine production by mineral Zinc 6.5% Iron 5.1% Sand 3.9% Stone agregates 3.6% Gravel 2.8% Coal 2.8% Lead 2.7% Au, Ag, Zn, Cu, Pb GOLD 29.4% SILVER 20.1% COPPER 19.5% D. Stones 1.6% Lime 1.5% Salt 1.2% Fluorite 1.1% Calcite 1.0% Sodium Sulfate 0.5% Silica 0.5% Sulfur 0.5% Others 4% Molibdenum 1.7% Au, Ag, Cu Fe 1 st Silver 2 nd Bismuth, Fluorite 3 rd Celestite, Wollastonite 4 th Cadmium 5 th Molybdenum, Lead World rank of 6 th Zinc Mexican 7 th Salt, Diatomite mine 8 th Barite, Graphite, Gold, Gypsum production Copper 10 th Sonora 35.3% Chihuahua 11.3% Durango 7.9% Coahuila 4.7% Zacatecas 18.8% Edo. de Méx. 2.8% SLP 4.8% Guerrero 3.5% Main mining producer states (% of production value) Mining Clusters Clúster Minero de Sonora Clúster Minero de Chihuahua Clúster Minero-Petrolero de Coahuila Clúster Minero de Zacatecas 18 19

12 Negocios ProMéxico Figures Figures Negocios ProMéxico EXPLORATION OPPORTUNITIES IN MEXICO PRINCIPAL GOLD PRODUCTION MINES IN MEXICO Historically, Mexico is an important producer of minerals and raw materials. One of the government s policies in regard to mining is to provide reliable information for improving mineral resources exploration, and generating new development sites. The Mexican Geological Survey adds value to the generated information. Servicio Geológico Mexicano (the Mexican Geological Service) offers the following services for mining exploration. Geological reconnaissance Mineral deposits evaluation Municipality resources inventory Resources certification Mining districts evaluation Experimental centers (labs) Environmental impact statements Soledad/Dipolos Cerro Colorado Las Mercedes La Colorada Pilar El Ombligo Mercedes Palmarejo La Herradura Noche Buena El Chanate San Francisco Cerro Prieto La India Álamo Dorado Cieneguita El Gallo Ciénega & San Ramón Nuestra Señora El Herrero San Dimas Tayoltita Avino-Zaragoza La Trinidad Del Toro (Chalchihuites) La Colorada El Picacho Santa Elena Dolores Mulatos Ocampo Concheño Cusihuiriachi (Cusi) El Sauzal Santa Bárbara Guanaceví El Castillo Velardeña Peñasquito Tayahua Noche Buena Saucito El Rosario Cerro San Pedro Guanajuato El Cubo & Las Torres San Martín Pachuca-Real del Monte La Guitarra Tizapa Capire-Aurora (Mamatla) CARTOGRAPHY 1:50,000 scale geological-mining maps are essential for identifying exploration targets which, eventually, may become investment options. This activity provides highly valuable information for investors in the mining sector, by improving project evaluation and reducing exploration costs, the most important pre-operating expenses of a mine. GEOGRAPHICALLY REFERENCED INFORMATION SGM makes all geological information available through an easy, comprehensive and systematic query system based on geological maps, lab services, geophysics & geochemistry reports, land tenancy and grants, and many other issues useful for investing decisions: Geoinfomex. San Martín de Bolaños San Roberto San Acacio Bolañitos El Porvenir Campo Morado Los Filos-Bermejal Nukay San José (Taviche) San José El Águila 100% 1:250,000 scale, ,960,716 sq. km. 37.9% 52.2% services provided by geoinfomex Geology and Geochemistry Geophysics Mining property Mines Land ownership Ejidos Satellite images Infrastructure Natural protected areas 1:50,000 scale, 716,274 sq. km. Of areas with high geological-mining potential that sum 1,372,500 sq. km. Geoinfomex, a tool able to retrieve information that conclusively backs up business decisions. Only one click away! 80 DIFFERENT LAYERS

13 Negocios ProMéxico Mexico s Partner Mexico s Partner photos courtesy of agnico eagle Negocios ProMéxico Agnico Eagle Growth and continuous improvement After almost sixty years operating in the world and five years in Mexico, the slogan Agnico Eagle goes by is to be a better company, and it pursues growth, not only for its operations but for its employees as well. by agnico eagle Pinos Altos is located in the mountainous region of northern Mexico, 220 kilometers west of Chihuahua. Mexico is known for its rich geology and favorable mining regulations. The Pinos Altos mine has proven and probable reserves (as of December 31, 2014) containing 1.8 million ounces of gold and 46.7 million ounces of silver (18 million tons grading 3.0 g/t gold and 79.6 g/t silver). In addition, the Creston Mascota deposit at the Pinos Altos mine has proven and probable reserves (as of December 31, 2014) containing 0.2 million ounces of gold and 2.5 million ounces of silver (six million tones grading 1.2 g/t gold and 13.5 g/t silver). Pinos Altos poured its first gold in July 2009 and achieved commercial production in November of that year, while underground mining began in the late spring of The nearby Creston Mascota satellite operation was built in 2010 as a stand-alone pit and heap leach operation. It poured its first gold in December 2010, and achieved commercial production on March 1, Pinos Altos is expected to produce 175,000 ounces of gold as well as by-product silver in 2015, and to average 175,000 ounces of gold per year from 2016 to 2017, with a mine life through The La India mine hosts proven and probable reserves of 0.7 million ounces of gold contained within 24.9 million tons of ore grading 0.9 g/t gold. In addition, Creston Mascota is expected to pour fifty thousand ounces of gold in 2015 and to average 42,500 ounces of gold per year from 2016 and 2017, with an expected mine life to La India has now achieved its design capacity with annual production rates in 2015 to 2017 expected to be between 90,000 and 95,000 ounces of gold per year. The concept of grown and continuous improvement is deeply rooted in Agnico Eagle Mexico s operations. Year after year the company has increased production. In 2014 it reached about 290,000 ounces of gold. The goal is to reach between 315,000 and 320,000 ounces of gold by the end of In 2013, production reached 218,980 ounces of gold and in 2011, its first full year of operations in Mexico, 85,344 ounces of gold were extracted. A sustainable company Agnico Eagle has created more than 1,600 direct and almost 6,000 indirect jobs. Notably, over 80% of employees are from the towns that host our mining operations. In 2014, after the acquisition of Cayden Resources, the properties that this company explored in this country are now part of the assets of Agnico Eagle, such as Barqueño, a project that is in the exploration stage. The International Cyanide Management Institute recently announced that the Pinos Altos mine was certified in substantial compliance with the International Cyanide Management Code (or Cyanide Code). In March, the company received the Great Place to Work hallmark for the third consecutive year. It is proud of this distinction because it is awarded based on surveys conducted by a third party that anonymously interviews its collaborators. In May of this year the company also received distinction as a Socially Responsible Company for the seventh consecutive year. Agnico Eagle has received other important certifications, including the Clean Industry distinction awarded by the Federal Attorney s Office for Environmental Protection (Profepa); compliance with the Gender Equality model; the Family Friendly Company distinction by the Ministry of Labor and Social Security (STPS); the Distintivo H emblem, and Punto Limpio (clean point) in the mining camps, among others. Outlook and strong performance Pinos Altos is driven by throughput and higher grades. In the first quarter of 2015, payable gold production totaled 50,106 ounces from the Pinos Altos mill and heap leach pad at a total cash cost per ounce of 357 USD on a by-product basis. Silver production totaled 562,000 ounces in the quarter. In the same quarter, Pinos Altos processed 584,000 tons of ore. The Pinos Altos mill averaged 5,661 tons/day, while approximately 74,300 tons of ore were stacked on the Pinos Altos leach pad. The mine site costs in the quarter were 46 USD per ton. The 106 million Pinos Altos shaft sinking project remains on schedule for completion in Shaft sinking is ongoing (currently at a depth of approximately 532 meters), and development activities have commenced on level 27. When the shaft is completed, it will allow better matching of the mill capacity with the future mining capacity at Pinos Altos, once the open pit mining operation begins to wind down, as planned over the next several years. Creston Mascota has shown additional ore mined outside of the block model. In the first quarter of 2015, payable gold production totaled 12,448 ounces from the Creston Mascota heap leach pad at a total cash cost per ounce of 444 on a by-product basis. Silver production totaled 32,000 ounces in the quarter. La India - New Record for Quarterly Gold Production Approximately 1,378,500 tons of ore were stacked on the La India leach pad during the first quarter of 2015, compared to approximately 1,018,900 tons stacked in the first quarter of Payable gold production at La India in the first quarter of 2015 was a record 26,523 ounces due to higher than expected grades and tonnage stacked. The total cash costs per ounce on a by-product basis were 418 USD. In the same period, approximately 527,000 tons of ore were stacked on the Creston Mascota leach pad. The mine site costs were 11 per ton. Additional ore was encountered outside the block model, which resulted in more tons at lower grade being stacked. Agnico Eagle continues to evaluate a number of regional satellite opportunities. A six thousand meters in-fill and conversion drill program is underway on the Sinter deposit. The results are scheduled to be incorporated into a scoping study along with metallurgical testing and geotechnical data in order to better understand the development potential of this zone. Geotechnical fieldwork is underway on the Phase 4 leach pad at Creston Mascota. Evaluation of the Bravo satellite zone will continue with a five thousand meters infill and conversion-drilling program expected to commence around mid There are several other promising zones on the property including the Reyna de Plata and Sinter zones, which are part of the Reyna de Plata Fault. On the west side of this large property is Creston Mascota, and the Cubiro deposit is two kilometers west of Creston Mascota, which remains open to the northwest and at depth. At Pinos Altos and Mascota, approximately 14,000 meters of infill and conversion drilling are planned in 2015 for the Sinter, Bravo and Cubiro satellite deposits. This drilling, along with additional metallurgical testing and geotechnical studies, will be used to further evaluate the potential to develop these zones as satellite deposits to the existing operations. N

14 Negocios ProMéxico Mexico s Partner Mexico s Partner photos courtesy of torex gold Negocios ProMéxico Torex Gold Mining with full responsibility Torex Gold projects in the state of Guerrero are located in the strip known as the Guerrero Gold Belt. The first mine will involve an investment of 800 million dollars. interview with fred stanford, ceo, torex gold, by rodrigo cansino Torex Gold Resources Inc. is a Canadian mining company that operates in the state of Guerrero. The construction of its Limón-Guajes mine has been fully financed between equity and project debt. The company focused exclusively on mining precious metals has a clear mission and will not depart from it: it will conclude the construction of the Limón-Guajes mine and then, on the same site, it will have the opportunity to build a second mine: Media Luna. This will keep us busy for a few years says Fred Stanford. Then we will be in a better position to diversify. Typically, the average time between the discovery of a new deposit and the production phase is 18 years. The site that Torex Gold is working on today will start producing in its sixth year, at the end of 2015, which is pretty quick in terms of mining. Torex Gold has been working for the past five years in the zone southeast of the municipality of Cocula, over an area of 29,000 hectares. Their first mine will produce between 300,000 and 450,000 ounces of gold per year during its 10-year mine life. It is worth knowing that Peñasquito in Zacatecas is the largest gold mine in Mexico, with a production of 450,000 ounces in The second project, Media Luna, is expected to be an underground mine with current mineral resources of 5.8 million ounces of gold equivalent. Both mines total approximately 12 million ounces in mineral resources. The Guerrero Gold Belt is an excellent place to explore, says Stanford. The investment will amount to 800 million dollars. If Media Luna turns out as expected, we could be mining in Mexico for the next 30 or 40 years. The first mine will begin to produce gold before the end of 2015; by then according to the company s estimates it will be one of the largest mines of its kind in Mexico. For the construction phase, the Canadian company has contracted a workforce of 3,000 people. Building the mine occupies many workers. Once the construction phase is over, the mine will operate with 500 to 600 people, and we have already begun the hiring process. Commitment to the community Torex Gold is careful and responsible both to the environ- ment and its human capital. El Limón-Guajes is fully permitted and the corresponding operations certifications will be obtained once production begins. For example, the construction phase has met the highest international standards including the Equatorian Principles. While the mine has not yet extracted any metal, in the five years it has been in Guerrero, Torex Gold has done a good job with a focus on environmental preservation. It has installed dry stack filtered tailings (stacking crushed rocks that remain after the minerals have been extracted from the ore.) Under this system, water is extracted from the tailings, all the water is then recycled in the process, thus preventing risk of failure from flooding, spillage or dispersion. The company is also relocating a village with significant improvements to their standards of living. We improved the quality of the water they drink, which is now treated, built three-bedroom houses, schools and two churches and a new road to improve the access to the nearby villages while keeping traffic away from the river and any possible contamination. In terms of new technologies being used in this project, we are also using for the first time in Mexico a RopeCon, which constitutes a conveyor belt that generates almost one megawatt of electricity and its installation is less intrusive to the environment because the conveyor is basically suspended from two towers for its operation. This technology is used mainly in Europe and has been recently introduced in the Americas, says Stanford. For the resettlement of the town, Torex Gold invested 30 million dollars. But the company has not only safeguarded the environment. Operations are also safe. From an economic point of view, there is long-term sustainability for employees. Challenges in Guerrero Guerrero has been in the news in recent months. The state has its challenges. The government has been extremely helpful and has ensured that these challenges do not affect our construction operations in any way. They have done everything possible to help and keep the community safe. The government has been involved and has ensured that these challenges will not damage future prospects. The situation is difficult, but we have a lot of support, so that helps, says Stanford. Hand in hand with Pro- México Torex Gold worked closely with ProMéxico before settling in this country. ProMéxico has been very important, concludes Stanford. We have worked with the institution since the company was established here, almost six years ago. It has helped us every step of the way. First, with the team s base in Toronto, and then, as we move forward, the team in Mexico City has participated as well. We are very grateful for the attention and help we have received from the ProMéxico team. N

15 Negocios ProMéxico Mexico s Partner Mexico s Partner photos courtesy of goldcorp Negocios ProMéxico Goldcorp A shining future In recent years Mexico has accounted for approximately 30% of the company s global gold production. interview with michael harvey, regional director of corporate affairs and security, goldcorp latin america, by proméxico Peñasquito, in Zacatecas, is the most important operation in the world for this Canadian mining company, according to its Regional Director of Corporate Affairs and Security in Latin America. Gold, silver, lead, copper and zinc are extracted from this mine that directly employs 7,000 workers. Goldcorp has a portfolio of 12 active mines in the Americas. In Mexico it operates three and is exploring another one. Mexico is one of the leading countries for Goldcorp, representing approximately 30% of its global production in recent years. Goldcorp is targeting the use of the energy reform proposed by President Enrique Peña Nieto, and approved by Congress. Energy is a key input for mining, and the reform will lower costs. We evaluated the possibilities of producing renewable energy, since the reform will improve the regulatory framework, says Michael Harvey. Energy reform opens windows of opportunity for mining companies to venture into other areas, such as hydrocarbons and power generation. Goldcorp Harvey assures will continue to focus on gold production, which until now has been extremely profitable, and positions us as the leading producer of gold in terms of market capitalization. Producing with quality and efficiency Goldcorp aims to produce with quality and efficiency, and thus keep costs under control. It wants to become the best company, but not necessarily the largest. To achieve these goals, high quality projects and programs have been undertaken, in addition to its strategy of engaging and not deviating from their core business, in which they have been very successful. Their efforts have yielded good results. In 2014 Goldcorp grew by 11%, which resulted in between 3 and 3.13 million ounces of gold globally. The company faced several challenges in 2014, including lower prices for precious metals, which impacted production costs. The industry allowed costs to rise at the same rate as prices, so margins never increased, generating a complex situation for the industry when prices fell, says Harvey. However, Goldcorp did not remain passive in the face of the situation. The company undertook efficiency programs to focus on higher quality production. And productivity must be accompanied by due care for the staff and the environment. Recognition Goldcorp obtained, for the eighth consecutive year, recognition as a socially responsible company, and in 2015 joined the NASDAQ Sustainability Index; it is a signatory to the Global Compact of the United Nations, the Extractive Industries Transparency Initiative, and the International Cyanide Management Code, and complies with all parameters set by the Gold Conflict-Free Certificate of the World Gold Council. On the NASDAQ award, Chuck Jeannes President and CEO of Goldcorp reported to the global press that: We are proud once again to be recognized as a global leader in our business s sustainability practices. This list highlights Goldcorp s commitment to responsible mining and to creating sustainable value for all our shareholders. We appreciate being formally recognized by external organizations that give us feedback on our programs and thus fulfill the targets set in our worldwide operations. Furthermore, Goldcorp in Mexico holds environmental certifications issued by the authorities, such as the Federal Bureau of Environmental Protection. The company also received two endorsements for its operation s clean industry certification. Technology and the use of innovative practices as old as the mining sector itself implies a contradiction. One of the initiatives at Peñasquito was to increase the intensity of the blast to improve mineral fragmentation. We ve estimated a favorable impact of 20 million dollars. At Los Filos (another mine located in the southern state of Guerrero) we increased the flow of the shredder thanks to improved maintenance, and we increased its capacity for even greater savings, says Harvey. Responsibility to the environment Goldcorp is committed to generating sustainable prosperity in the locations it operates, which adopt safe mining practices. The company and its employees are aware of their responsibility with the environment and its surroundings. Therefore, they share the socioeconomic benefits with the shareholders, employers and partners, as well as local communities. Currently, Goldcorp participates in the Extractive Industries Transparency Initiative, and complies with the International Cyanide Management Code. The company was recognized by various bodies to take leadership in publicizing the carbon footprint, energy usage, water consumption, hazardous and non-hazardous waste, the level of employee safety, diversity of the workforce, managerial composition and investment in communities. Goldcorp respects and protects the environment and vulnerable species, as well as areas of high biodiversity, and places that have special social and cultural significance. The company is aware that this vision of its operations will continue to grow and benefit all stakeholders, maintaining a positive balance between mining activities, the community and the environment. Today, the most important goal is safety. With a growing, stable and low-cost production, the company seeks to build on the six pillars that sustain it: the welfare of people, security, alliances, margins, reserves and production. N

16 Negocios ProMéxico Special Report photos archive Special Report Negocios ProMéxico Processes and acquisitions In the mining sector With falling prices of metals in the market and volatility in the exchange rate, mining companies have sharpened their wits to avoid stagnation. by raquel rivas Despite the difficulties that the sector is facing, the outlook for Mexico is favorable. A 2013 report prepared by Metals Economic Group ranks the country as the first destination for investment in mining exploration in Latin America, and the fourth in the world. In order to maintain production, mining companies have chosen to merge. An example of this trend is the American Coeur Mining company, which will receive approval from the Federal Economic Competition Commission of Mexico to finalize the merger with the mining hectares that Paramount Gold & Silver owns in Chihuahua. The transaction is valued at 146 million dollars, and reflects a strategy to offset falling production in the Palmarejo mine, located on an adjoining plot of land. With this operation, the company guarantees its operation in the region for eight more years, in order to produce up to 8 million ounces of silver. Mario Cantú, General Coordinator of the Mining Department at the Ministry of Economy, says that the country s mining sector is going through a difficult period because of low prices, but has great potential in polymetallic mining and a favorable environment for investing. Mexico has doubled its production capacity of copper and gold, but what is more important is that the cost of operation in different minerals remains competitive, he said during the Latin American Down Under mining conference held this year in Australia. With an eye toward Mexico About 10% of the transactions that have taken place in the country in the past two and a half years belong to the mining sector. The figures show that Canada is, without doubt, the most active country in this regard. Approximately 65% of mining transactions during this period have involved a Canadian company, according to Pablo Rión y Asociados, a merger and acquisitions consulting firm. After Canada, which has made 43 deals worth an estimated billion dollars, comes the USA, with 13 opera- tions in Mexico for a total of billion dollars. The next three countries on the list are Australia, China and the UK. Despite the difficulties that the sector is facing, the outlook for Mexico is favorable. A 2013 report prepared by Metals Economic Group ranks the country as the first destination for investment in mining exploration in Latin America, and the fourth in the world. For the time being, Australian mining companies have a greater presence in other countries in the region. Mexico has six Australian companies, while other countries have around 30, says Cantú. But he stresses that Peña Nieto s government is interested in attracting more Australian companies in mining services, equipment and technology (METs). The jewels of the crown Of the 84 deals made in the past two and half years, four stand out with a total value of billion dollars. First comes Comercializadora de Metales Fresnillo, which bought a 44% stake in the El Bermejal mine, Desarrollos Mineros Fresne, and Proveedora de Equipo y Minera Penmont, for a total of 477 million dollars. Next comes the acquisition of Kupari Holdings in late 2014, by the Canadian company Cobre Del Mayo, for a total of 220 million dollars. With this operation, the Canadian firm was able to increase its strategic value, simplify and optimize the allocation of minerals between processes, facilitating improvements in those involving both heap leaching and flotation, while diversifying its operational risk through another process and product. For its part, the American mine Argonaut Gold acquired the San Agustín, Durango, project of Silver Standard Resources, for a sum of 71.8 billion dollars. The project includes 1.6 million ounces of gold and 48 million ounces of silver from 121 tons. In addition, the inferred resource totals 1.06 million ounces of gold and 37 million ounces of silver from 91.2 million tons. Fourth is the acquisition of the Cerro del Gallo project by the Canadian company Primero Mining, for approximately 40 billion dollars. In May 2013 the company first acquired a stake equivalent to 69.2% of the Cerro del Gallo project, from Cerro Resources NL, while the remaining 30.8% belonged to Goldcorp Inc, until December The land (25,269 hectares) covers a total of 12 adjacent mining concessions, all owned by San Antón de las Minas in the state of Guanajuato. These concessions cover this entire mining district, including mines that were previously used for highgrade mineralization in veins for producing gold and silver. N After Canada, which has made 43 deals worth an estimated billion dollars, comes the USA, with 13 operations in Mexico for a total of billion dollars. The next three countries on the list are Australia, China and the UK

17 Negocios ProMéxico Special Report photo archive Special Report Negocios ProMéxico Mining clusters boost the industry Mexico has recently established mining clusters in the states of Chihuahua, Coahuila, Sonora and Zacatecas. A strengthened industry Mining in Mexico is, along with agriculture, the industry that is most involved with communities and municipalities. The activity is present in 24 of the country s 32 states. Formal mining builds and operates mines and plants of high quality, with a sustainable approach. These clusters have achieved the goal of bringing together suppliers and consumers. The National Institute of Statistics, Geography and Informatics (INEGI) states that Sonora has the highest annual value of mining production per state with 4.2 million dollars, followed by Zacatecas with 3 million, and Chihuahua with 1.8 million. It also indicates that Sonora is the leading producer of gold, copper and molybdenum, while Zacatecas shows a great advantage when it comes to silver, lead and zinc. The annual value of mining production totaled 14.2 billion dollars by the end of 2014, and created over two million direct and indirect jobs, according to the Mining Chamber of Mexico. This agency also reported that during 2013 there were 1,548 active mines and nineteen metallurgical plants, while 1,165 projects were under exploration. The Coahuila Mining and Petroleum Cluster Energy reform opened investment opportunities for both Mexican and foreign enterprises. Companies associated with Clúster Minero-Petrolero de Coahuila, A. C. are preparing to participate in the value chain of the industry in more competitive conditions, in order to reach new markets and access resources for the development of products and services through the various funds available for national suppliers and contractors in the energy industry. The results of reform can already be perceived, says Rogelio Montemayor, President of Clúster Minero-Petrolero de Coahuila. Pemex has intensified its investment plans in this state from Rounds Zero and One, and there are investment plans that will result in thousands of new jobs between 2015 and As a result of the modernization of the transmission network and distribution of electricity, together with the substitution of fuel oil by natural gas in some power plants, it has been possible to reduce electricity rates for industry and for households, he says. In the coming years, with a more competitive energy industry, we will be able to purchase gasoline at lower prices, while electricity rates will also drop as the production of natural gas and oil increase. This will generate a reduction in the cost of supplies for the industry, which in turn will be reflected in better prices of final goods, explains Montemayor. by raquel rivas with information from interviews with rogelio montemayor, president, clúster minero-petrolero de coahuila, a. c., and jaime andrés cruz russek, president of the chihuahua mining cluster Mining in Mexico is, along with agriculture, the industry that is most involved with communities and municipalities. The activity is present in 24 of the country s 32 states. Mining has become one of the industries that generate most foreign currency for Mexico, after the automotive, electronic and oil sectors. Thanks to the Mining Development Program introduced by President Enrique Peña Nieto, today states with a major mining presence are developing collaborative strategies with the public and private sectors, directly linking the mining industry in each entity and designing instruments for exploiting the opportunities offered by these synergies. The Mining Cluster of Zacatecas was officially inaugurated on October 23, Five months later, the one in Chihuahua was formalized in March One year later, the Oil-Mining Cluster of Coahuila was created, on March 13, 2014, while the one in Sonora was officially inaugurated on July 10, Moreover, eight state mining councils operate (in Baja California, Colima, Estado de México, Guerrero, Nayarit, San Luis Potosí, Sinaloa and Sonora), who regularly hold sessions based on their statutes. Six other similar councils (in Michoacán, Hidalgo, Jalisco, Oaxaca, Querétaro and Campeche) are under development. Under the Mining Development Program, the creation of mining clusters is a priority task in Mexico, as these multi-sector organizations join efforts that bolster the development of the country s mining industry, serving the requirements of productivity, competitiveness and inclusive development. photos courtesy of clúster minero-petrolero de coahula 30 31

18 Negocios ProMéxico Special Report Special Report Negocios ProMéxico photos courtesy of clúster minero-petrolero de coahula As a result of the modernization of the transmission network and distribution of electricity, together with the substitution of fuel oil by natural gas in some power plants, it has been possible to reduce electricity rates for industry and for households. Clúster Minero-Petrolero de Coahuila can be considered as a two-way bridge: on one side it serves foreign operators interested and involved in Mexico with the certainty that an efficient network and quality information is in place; and on the other side Mexican companies and workers can participate in the industry s global supply chain. The cluster works according to a methodology which categorizes chain participants as contractors or licensees, operators, service companies and industry suppliers. Of all participating organizations, 40% are already suppliers to the industry and 90% are able to offer a product or service. Besides, agreements have been signed with service companies like Shell and Weatherford, and we re looking to establish relationships with British Petroleum and Petróleos Mexicanos (Pemex), adds Montemayor. Formed by a triple propeller, the cluster includes more than forty companies, eleven higher education institutions, three research centers, seventeen municipal governments and the Government of the State of Coahuila. On the other hand, in order to strengthen the structure, the cluster has signed agreements with business organizations like the Mexican Employer s Confederation (Coparmex), the National Chamber of the Transformation Industry (Canacintra), and other institutions like the Mexican Institute of Industrial Property (IMPI) and the Federal Commission of Regulatory Improvement (Cofemer). Immediate challenges In the cluster, several challenges have been identified to overcome so that the hydrocarbon industry can develop effectively. These challenges relate to gaps in specialized supplies for the sector, skilled human resources, infrastructure, protocols for monitoring and repairing environmental damage, communication strategies with communities, knowledge of legal procedures by property owners, and the generation of innovation and technology. One of the main objectives of enacting energy reform is the increase in oil and gas production that will allow Mexico to supply its domestic market and improve prices of domestic supplies. Thus, through the new opportunities for exploration and extraction of hydrocarbons in areas that will be tendered in Round One and subsequent rounds, production of hydrocarbons will increase thanks to the use of new technologies, because at this time Mexico does not have the necessary infrastructure to increase either production or oil exports. Transport infrastructure (roads, railways, airports and logistical services), as well as telecommunications networks must also be created and modernized. The supply chain of the sector is experiencing a period of evolution. Before the energy reform, it was primarily focused on the requirements of Pemex and the Federal Electricity Commission (CFE). Now, the companies participating in the chain and those interested in joining need to adapt to worldwide demands and conditions. As they evolve, domestic enterprises will not only provide products and services to operators and contractors in Mexico, but they will be able to meet all the requirements for participating in the global industry. Clúster Minero-Petrolero de Coahuila, through its Committee of Suppliers, is developing projects for companies to better integrate into the industry chain, or to strengthen their presence there, either through agreements with operators, searching for business opportunities, or generating information on the sector, among other options. The vital human resource Rogelio Montemayor states that the cluster created a Human Resources Committee to coordinate activities related to training human resources in the field of hydrocarbons for the State of Coahuila. In this committee a state program, aligned with the national program, was developed, in which strategies and implementing actions were set; including those that promote training of professionals and technicians in the new industry, as well as those that support the conversion of the existing curricula in engineering degrees, giving priority to innovation and technological development required by this new economic activity. The Human Resources Committee conducts a process that links them with participating universities and institutions in order to identify the best practices required by the sector, and simultaneously discover Mexican talent in the energy field. In connection with the development of qualified suppliers, Montemayor affirms, we are currently developing a training program with courses and diplomas, to be held in various cities of the state. An organization like this gives confidence to its members, through transparency and better corporate governance practices. The results, and matters under discussion, are then presented to a board of associates. The formation of a cluster can be an effective tool for regional development, since it helps identify local problems and proposes solutions adjusted to the reality of the region at hand. Besides, the joint efforts implied by the triple propeller can achieve common goals, generating greater bargaining power with governments, and allowing improvement of local suppliers through the promotion of strategic alliances, certifications and high-level networking. Chihuahua Mining Cluster Chihuahua, a state in northern Mexico, stands out as a producer of gold, silver, copper, lead and zinc, with total sales of 1.7 billion dollars in It produced 22,503 kilograms of gold, and occupied the third position in terms of extraction, representing 18.9% of the national total. Before the energy reform, the cluster was primarily focused on the requirements of Pemex and the Federal Electricity Commission (CFE)

19 Negocios ProMéxico Special Report Special Report Negocios ProMéxico photos courtesy of chihuahua mining cluster With respect to silver, the state extracted over one million kilograms, equivalent to 17.4% of the national total. Copper production totaled 16,430 tons; lead, 59,844 tons; and zinc, 137,596 tons. The mining sector in Chihuahua directly employs 18,000 people, and has created around 91,000 indirect jobs. Its main export destinations are Canada, the USA and China. Services and alliances The Chihuahua Mining Cluster consists of 100 companies, including service providers and suppliers. Fifteen of the 16 mega mines in the state are part of this group. The cluster has 11 major mining companies, of which four are Mexican (Frisco, Grupo México, Peñoles and Rio Tinto). The rest are Canadian and USA investments (Goldcorp, Agnico Eagle, Coeur Mining, GoGold Resources, Sierra Metals, Mag Silver and Panamerican Silver). Input suppliers range from small companies that provide catering for mining camps, to highly specialized companies in technology development. To this we must add the support of service providers (legal, accounting, tax, environmental, ecological and marketing consultants, among others), says Jaime Andrés Cruz Russek, President of the Chihuahua Mining Cluster. In order to support its members, the Chihuahua Mining Cluster headed by leaders of the mining companies and other entrepreneurs in the state is in touch with agencies at the three levels of government, academic institutions, nongovernmental organizations (NGOs), and business chamber associations. Also, the cluster is in alliance with the state Attorney General to reinforce safety issues pertaining to the mining sector. Efforts have likewise been coordinated with the Federal Labor Delegation so that members of the cluster can adopt a health and safety in the workplace self-management model. With regard to development of quality suppliers, the association has established alliances with both the Chihuahua Center for Competitiveness and La Salle University s Innovation Park. Other vital synergies have been established with universities and technological institutes, such as the Chihuahua branch of ITESM and the Chihuahua Institute of Technology, which have developed a prototype simulator of journeys inside mines without having to physically go to the sites. Also, the Chihuahua Mining Cluster offers training courses focused on basic safety criteria for mines, and it supports the Seed Museum Center by equipping the Mining Pavillion, allowing children to learn more about the activities and benefits of the mining sector. Three major projects In the context of energy reform and the opportunities it represents in terms of cost reduction, the cluster s authorities have confirmed that they are awaiting new regulations regarding liberalization and development in the electric power market in the next couple of years. For its part, the mining association created a portfolio of mining properties on the market, with the intention of attracting new investment. It also developed the Clumin Mining Necessities Directory, which identifies the supply needs in Chihuahua and pinpoints over 300 areas of opportunity for business development. According to estimates, 4 billion dollars will be invested in Mexican mining activities in 2015; these resources will proceed mainly from domestic capital. Last year the industry was devoted to adjusting and leveling the price of metals. A report by the Chihuahua Mining Cluster warns that the mining industry will have a more stable 2015, but with less investment than a year ago, cites Cruz Russek. There are three large mining projects in Chihuahua that will be consolidated during the rest of this year. The first is the San Julián project, with an investment of 520 million dollars that will generate more than 3,000 jobs in its initial phase for the benefit of the regions of Guadalupe and Calvo. The Canadian company Cyprium Mining Corporation is developing a second investment project for 4.5 million dollars, to optimize operating processes and double the capacity of its flotation plant in the municipality of Aldama. Finally, Minera del Norte, a subsidiary of Altos Hornos de México, leads a third major project. It will be implemented at La Negra mine, in Camargo, where iron is extracted, with a five million dollar investment. During its first phase, the mine will create 100 direct jobs. N

20 Negocios ProMéxico Figures photos courtesy of cmic Guest Opinion Negocios ProMéxico Mining Clusters in Mexico Mining Cluster of Sonora Affiliates: Not available Mining in Sonora Data Mining in the state of Sonora in recent years has been the most important in the country. Production levels in metallic minerals such as copper and molybdenum, and non-metallic minerals such as graphite and wollastonite, place it in first place nationwide. Sonora is the only producer of molybdenum, amorphous graphite and wollastonite. Main extracted metals Gold, silver, aluminum, copper, iron, molybdenum and barite. Major mines in operation Metallic, non-metallic and material banks Mining Cluster of Zacatecas Affiliates: 96 in 172 projects. Mining in Zacatecas Data The mining industry in Zacatecas is one of the most modern in the country, where national and international companies participate. GoldCorp extracted 691,100 ounces of gold in its three mining units, and ranks second in silver mining. Zacatecas is the largest producer of silver in Mexico, contributing 48% of the total national extraction and processing of this metal. Other metals that are extracted from the state are zinc, lead, and copper, among others. Main extracted metals Gold, silver, cadmium, copper, iron, lead and zinc. Major mines in operation Metallic, non-metallic and material banks Chihuahua Mining Cluster Affiliates: 73 Mining in Chihuahua Data The mining industry uses only 1.2% of available water in the northwestern basin. Authorized land use for mining is 0.015% of the total area of the state. Main extracted metals Gold, silver, zinc, copper, lead and iron. Major mines in operation Metallic, non-metallic and material banks Mining and Petroleum Cluster of Coahuila Affiliates: 44 companies, 11 educational institutions and 3 research centers. Mining in Coahuila Data The Mining and Petroleum Cluster of Coahuila is a civil association that integrates companies from all sectors. 22.6% of the total surface of the state is under concession for mining. Main extracted metals Gold, silver, antimony, bismuth, cadmium, copper, tin, iron, lead and zinc. Major mines in operation Metallic, non-metallic and material banks Source: Cluster Web pages, with Mexican Geological Survey Data World Class Mining By developing new technologies for its own operation, mining is leading by example. Engineers at the Autonomous Metropolitan University (UAM), in conjunction with the General Coordination of Mines, are encouraging this industry to become world class. by marcos gluyas solórzano, executive coordinator of the mining sector at the mexican chamber of the construction industry (cmic) CMIC s mission as well as that of its mining sector division is to promote and disseminate events associated with mining and construction, while promoting the participation of specialized companies affiliated to the mining sector. The Chamber takes part in conferences and mining boards in order to promote their related institutions, support training, research and innovations applicable to the mining sector. In 2013 a Joint Committee of the Mining Sector was formed. Since then, this committee has promoted the participation of businessmen in the construction sector. Mining leads by example, developing new technologies for its own operation, such as the use of waste water in its processes, as well as the use of seawater. Another step forward in this process will be conducted by a research team from the Department of Process Engineering and Hydraulics at the UAM, who will begin work on lixiviation by thiourea electro-oxidation in a plant. Lixiviation (or leaching) refers to the extraction of solid residue by the action of a liquid solvent; that is, a process in which a liquid solvent passes through pulverized solid material to cause dissolution of one or more soluble components of the material. This process will be conducted at Peñoles Mining facilities, by processing a ton of concentrate by flotation. The method of thiourea leaching is not new, except for the innovation proposed by the Mexican team. In general terms, it involves the use of an electrochemical reactor that will almost entirely take advantage of the thiourea (an organosulfured compound), thanks to its recirculation along the process. If the company which is subsidizing the study obtains positive results, a true revolution will occur in the industry, because it is a method for obtaining gold without cyanide. Contribution to the mining sector The mining-metallurgical sector in Mexico contributes 4.9% of GDP. In May 2013 it generated 337,598 direct jobs and more than 1.6 million indirect jobs, according to the Mexican Social Security Institute (IMSS). A total of 2.3 billion dollars were allocated to new projects in mining, 17.4% higher than in the same period last year (1.9 billion dollars). The mining industry in Mexico and the federal government are promoting an environment friendly sector. To comply with worldwide environmental regulations, the General Coordination of Mines was created. Through the General Directorate of Mining Regulation this instance provides environmental advice to mining licensees, and gives notice of the location of lots in protected natural areas. Grupo Mexico, for example, operates in this fashion. The company s environmental commitments are to: Improve the efficiency of recovered water consumption Improve the energy efficiency of each operating unit Achieve clean industry certifications Duplicate the production of nurseries, from two to four million trees, and Improve fuel efficiency N

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