Canada continues to lead in foreign investment in Mexican mining, while US businesses’ participation in acquisitions and new projects remains restricted, reinforcing Canadian capital’s dominance in the sector.
Coeur Mining made the most significant move in the United States, purchasing SilverCrest Metals for around US$1.7 billion (bn) in February 2025 and adding the gold and silver mine Las Chispas in Sonora to its portfolio. The transaction effectively made it the first US business to accomplish a large acquisition of mining assets in Mexico over the last two years.
The transaction is not an isolated investment; rather, it is part of the country’s long-term growth strategy. Following the acquisition, Coeur continued to run two Mexican assets: Las Chispas in Sonora and Palmarejo in Chihuahua, while also investing in exploration and development.
Mina Las Chispas’ general manager, Héctor Araiza, told BNamericas that the company plans to expand operations and explore development potential in Mexico following the acquisition. The CEO underlined that the company is developing the Picacho project in Sonora and has tremendous exploration potential surrounding Palmarejo, subject to regulatory permissions.
Araiza also stated that the mining business has seen “certain signs of improvement” in the way Mexican authorities handle permitting, despite the fact that he recognized this as the sector’s key difficulty. He also stated that Las Chispas is a key asset for the firm because of its capacity to create cash flow, low risk profile, high mineral grades, and the fact that it has all of the necessary permits to operate, all of which support Coeur’s desire to continue seeking projects in Mexico.
Beyond Coeur, the main US miners’ activity has been minimal. During the period, Newmont focused on sustaining, exploring, and optimizing investments at the Peñasquito complex in Zacatecas. Freeport-McMoRan and Hecla Mining did not make any significant investments in new Mexican projects.
The disparity is stark when compared to Canadian corporations, which continue to dominate the flow of foreign finance into Mexican mining. Companies such as First Majestic Silver, Endeavour Silver, Luca Mining, Heliostar Metals, Guanajuato Silver, and Equinox have led a significant portion of acquisitions, investments, and project development in recent years, cementing Canada as the primary source of international funding in the industry. In this backdrop, Coeur’s expansion stands out as an exception to a pattern in which US corporations continue to be underrepresented in new mining operations in Mexico.
Sector data
The Mexican Mining Chamber (Camimex) stated in its most recent report that Canadian businesses continue to dominate Mexican mining, while US participation remains minimal.
According to the most recent data, Canadian mining corporations account for over 65% of all foreign investment in the sector, with over 150 active projects in the country, primarily in gold, silver, and copper.
In contrast, US businesses account for about 8% to 10% of foreign mining investment, with less than 20 projects in operation. Their presence is confined to a few situations, such as Coeur Mining and Newmont.
Mining as a whole accounts for 4.7% of national GDP and supports more than 416,000 direct employment, highlighting the importance of foreign investment in the sector. The distinction between Canada and the United States is stark: while the former is establishing itself as a long-term strategic partner, the latter remains a secondary player, albeit with growth potential under the USMCA framework and rising demand for vital minerals in North America.
Canadian capital continues to dominate the Mexican mining scene, controlling two of every three foreign ventures in the nation, while US participation remains small and growing at a moderate rate.
The distinction between Canadian and US presence is especially crucial in light of the T-MEC review slated for this year and the critical minerals roadmap inked by Mexico and the United States. Both processes aim to build regional supply chains, thus greater engagement from US corporations may become increasingly crucial in the future years.
