LatinNews Daily - 24 August 2022

In brief: Mexico’s mining sector records 2021 growth

* Mexico’s mining chamber (Camimex), which represents the country’s largest mining companies, has announced that the mining sector grew by 7.1% year-on-year in 2021 and increased its contribution to GDP from 2.3% in 2020 to 2.5% in 2021. Camimex’s 2022 annual report stated that the industry was “undoubtedly boosted” by the increase in the average price of main metals due to the volatility of the global financial system in 2021. As a result, the value of Mexican mining-metallurgical production reached M$334.8bn (US$16.8bn) in 2021, a 19% increase on the previous year. According to Camimex data, five minerals made up 87.4% of the value of mining-metallurgical production in 2021. Gold contributed the most value (28.4%), followed by copper (27.7%), silver (20.4%), zinc (7.3%) and iron (3.6%). The report also noted that, at the end of 2021, the mining sector employed a total of 406,179 people, 10.4% more than in the same month of the previous year.

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