At least four mining projects in Mexico, worth a combined $2.68 billion, are under construction or nearing an investment decision after winning federal environmental permits in 2026, BNamericas reported. They include copper, silver and gold mines.
At a glance
- The four projects are El Pilar, Los Ricos Sur, San Nicolás and Cordero.
- Mexico says it is 85% through its backlog of environmental permits, with more than 150 authorised.
- Teck and Agnico Eagle's $1.3 billion San Nicolás project still awaits a final investment decision.
Background
Mexico mines silver, copper, gold and zinc. New mines need federal environmental permits from Semarnat, the environment ministry, plus water permits and state and municipal approvals. Some projects waited years for approval: Discovery filed Cordero's environmental study in August 2023.
What happened
At least four mining projects with combined capital costs of $2.684 billion are under construction, about to start or moving toward an investment decision in 2027 after receiving federal environmental permits this year, BNamericas reported.
"We have reached 85% progress in obtaining Semarnat permits, which means that more than 150 permits have been authorized," Fernando Aboitiz, head of the Ministry of Economy's extractive activities unit, said in September.
The projects moving ahead
Southern Copper won permits in July for its $551 million El Pilar copper project in Sonora, which will produce 36,000 tonnes of copper cathodes a year from the second half of 2029. Site works were planned for September, ahead of construction in the first quarter of 2027. GoGold approved construction of its $227 million Los Ricos Sur silver and gold mine in Jalisco, aiming for first output in 2028 after a build of about 24 months.
Teck and Agnico Eagle's San Nicolás copper and zinc project received its permits in July but has not yet confirmed a $1.3 billion investment decision. Discovery's Cordero silver project, worth $606 million, completed its federal environmental permits in October.
What it means
Other approvals still set the pace. Mexico's water commission is about 50% through its mining permits, and state and municipal approvals continue to affect timelines.
San Nicolás, for example, must run on 100% reused water and plans a roughly 50-kilometre aqueduct. A second wave of projects is waiting for permits. If more approvals come through, Mexico's silver and copper output could grow later this decade.
Our read
Outlook: neutral. The projects add supply only from 2028 onward, so faster permitting has no near-term price effect. It improves Mexico's long-term supply pipeline.
What to watch
- Teck and Agnico Eagle's final investment decision on San Nicolás.
- Water permits from Mexico's national water commission, Conagua.
- The second wave of mining projects awaiting Semarnat permits.
For information only, not investment advice.
Silver price in India
metalscost.com India reference price as of 2026-10-16.
Detailed analysis
Timeline
- 2026-10-14: BNamericas reports four permitted projects worth $2.68 billion moving toward construction.
Supply Drivers
Four permitted projects worth $2.68 billion could add copper, silver and gold from 2028.
Government Policies
Mexico has cleared 85% of its Semarnat environmental permit backlog.
What could lift prices
- New Mexican supply is years away.
- Water and local permits can still delay projects.
What could weigh on prices
- Faster permits could add silver and copper supply later this decade.
- A second wave of projects is waiting for approval.
Country impact
| Country | Impact | Reason |
|---|---|---|
| Mexico | Medium | Faster permitting is unlocking billions of dollars of mine investment. |
Industry impact
| Industry | Effect | Reason |
|---|---|---|
| Silver Mining | Positive | Silver projects such as Cordero and Los Ricos Sur are moving forward. |
| Copper Mining | Positive | El Pilar and San Nicolás have their federal environmental permits. |
Who gains, who loses
- Mining companies in Mexico: Permits are arriving after years of delay.
- Projects still awaiting water permits: Conagua is only about 50% through its mining permits.
Other ways this could play out
- If San Nicolás gets its investment decision, it would be the largest of the four projects to proceed.
- If water and local permits lag, construction timelines could slip.
Price risks
- Permitting delays could return if policy changes.
- Higher costs could stall investment decisions.
Technical view
Price is trading below both its 20-period and 50-period moving averages, a bearish alignment.
Computed from metalscost.com's own stored price history.
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Mexico