Mexican mines minister pledges shared-risk exploration

On a recent visit to Sonora and Mexico states, the mines minister for Mexico demonstrated his government’s support for the mining industry.

E.L. Thalmann presented Sonora Governor M.P. Beltrones with the state’s geological training map and signed an agreement to establish a shared-risk exploration fund.

The map highlights areas of mining potential in Sonora. The state ranks first in the country in copper production, second in gold and fifth in silver. All the country’s molybdenum comes from Sonora mines. Non-metallic minerals mined in the state include barite, pearlite, salt graphite and gypsum. From 1989 to the present, about 14.3 million new pesos have been invested in exploration on 38,088 hectares in Sonora. Seven images from the LANDSAT satellite have been partially interpreted with the help of the country’s Mineral Resources Board (COREMI is the Spanish acronym). And, more than 37,000 sq. km have been covered through regional geological exploration, aerial geophysics, semi-detailed geological exploration, drilling and sample collection.

The shared-risk exploration fund includes the participation of the National Solidarity Fund, Nacional Financiera (the Mexican government development bank), COREMI and state governments. A total capital of two million new pesos is available to help finance exploration projects in the state. The Mining Promotion Trust Fund has made available a credit of seven million new pesos to support mining in the state.

The minister’s visit included a stop at an open-pit mine, La Caridad, at Nacozari de Garcia. The minister was accompanied by executives from Mexicana de Cobre which, together with Mexicana de Cananea, is responsible for about 90% of Mexico’s copper output.

In the state of Mexico, the minister visited the Mexican-Japanese joint venture at Tizapa. The polymetallic mining project is being developed by Compania Minera Tizapa, a company incorporated last year by Minas Penoles of Mexico and Dowa Mining of Japan.

The companies anticipate development expenditures at Tizapa of US$32 million. Mining could be under way as early as May, 1994.

Exploration work at Tizapa by COREMI identified five million tonnes with gold, silver, zinc, lead, copper and iron credits.

The state and national governments are hoping this new project will help open up the district, attract more investors, create jobs and result in a major flow of funds into the southern part of the state.

— Submitted by the Mexican Investment Board in Mexico City.