Mexico ranks 49th in attracting mining investment
Mexico rose to 49th place (out of 82) in 2024, after ranking 74th (out of 86) in 2023, in the Fraser Institute's Mining Investment Attractiveness Index.
The ranking is based on the Fraser Institute's Annual Mining Companies Survey, which was sent to 2,289 exploration, development, and other mining-related companies worldwide.
Finland led the ranking, followed by Nevada, Alaska, Wyoming, Arizona, and Sweden.
To rank countries, provinces, or states, scores are weighted on two axes: 60% from the Geological Potential Index and 40% from the Political Perception Index.
Mexico raised its overall rating by almost 18 points, driven by the Geological Potential Index (which rose from 37.50 to 64.29 points), rather than the Political Perception Index (which rose from 35.02 to 39.78 points).
Mining companies expressed less concern about Mexico's geological database (-29 points), labor regulations (-18 points), and political stability (-15 points).
On the contrary, investors expressed concern about regulatory duplication and inconsistencies (+13 points), uncertainty regarding environmental regulations (+12 points), and socioeconomic agreements (+6 points).
From 2011 to 2022, Mexico ranked between 11th and 50th, and in 2023 it had its worst result in 14 years.
In Latin America, Mexico ranked below Guyana (9th), San Juan, Argentina (14th), Chile (29th), Peru (40th), and La Rioja, Argentina (44th) in 2024. It ranked above Brazil (56th), Ecuador (61st), and Colombia (66th).
Among the opinions of those surveyed, the vice president of an exploration company questioned whether not recognizing rights acquired under mining concessions and imposing subsequent environmental laws that limit or make mining impossible creates uncertainty and discourages investment.
On the contrary, investors expressed concern about regulatory duplication and inconsistencies (+13 points), uncertainty regarding environmental regulations (+12 points), and socioeconomic agreements (+6 points).
Another vice president of an exploration company considered that the 2023 law creates unnecessary uncertainty. The president of an exploration company said that the non-transparent issuance of licenses, strict government control, and the lack of a clear process create uncertainty and discourage investment.
Finally, the vice president of a production company with more than US$50 million in revenue said that the halt in the granting of new mining concessions creates uncertainty.
