Friday, February 14, 2025

Economics triggers temporary shutdown of Canadian-owned silver mine

The Canadian mining firm First Majestic Silver Corporation has announced the temporary suspension of work at its México state silver mine La Guitarra, located in the municipality of Temascaltepec.

The suspension is scheduled to start on August 1 and will continue until economic conditions improve or the property is sold.

The company said the allocation of capital and resources to projects with better economics were taking priority.

Production began to drop in 2016, at a time when operation costs surged and silver prices plunged, leading to an “unsustainable” situation.

A skeleton crew will be kept on to perform maintenance.

“We value our relationship with our employees and local communities,” said the firm. “Taking this decision has not been easy. During this period, we will honor the terms of the agreements we have with nearby communities and will work with them to manage this situation in the best way possible.”

The firm will also offer its laid off employees guidance and training so that they can find employment quickly elsewhere.

“As part of our permanent commitment with transparency and legality, we will continue to report in a timely manner on the conditions and situation at the mine, as well as all processes related to this suspension,” concluded the statement.

The mine was founded in 2003 and purchased by the Canadian firm nine years later.

Source: Milenio (sp)

An aerial view of the hotel Excellence Coral Playa Mujeres

Massive new Isla Mujeres resort expected to create 3,000 jobs

1
The US $220-million, all-inclusive resort features 470 rooms, seven pools and a spa.
A cockroach like those you can name after your ex at the Nuevo Laredo Zoo

This Valentine’s Day, feed your cockroach ex to the animals at the Nuevo Laredo Zoo

0
The Nuevo Laredo Zoo is offering a creative way to get back at your least-favorite ex.
Soldiers guard a burned out car (narco blockade) in rural Sinaloa

New York Times: US will designate 6 Mexican cartels as terrorist groups

38
Among the most powerful of the Mexican cartels expected to receive the designation are the Sinaloa Cartel and the Jalisco New Generation Cartel.