From silver and copper to lead and zinc, Mexico is exceptionally rich in mineral resources and the mining tradition dates back thousands of years. It is the world’s leading silver producer and is currently ranked fifth in the world in terms of investment in mining exploration. It is also among the world’s top producers of fluorite, bismuth and gold.
Mexico is the tenth largest oil producer in the world and it announced two major discoveries of deep water oil fields in the Gulf of Mexico in 2012. It also has important gas fields and the fourth largest reserves of shale gas in the world (source: Financial Times 2013). In 2012 it signed a bilateral agreement with the United States on deep-water oil exploration in the Gulf of Mexico, and President Enrique Peña Nieto has made energy reform and the modernization of PEMEX, the state run company, a national priority.
However, Mexico is also committed to the development of renewable energy sources such as hydroelectricity, solar and wind power, geothermal and biomass plants, and is looking towards a greener future. With 25 percent of its energy already coming from renewable sources, it has enormous potential in the field. For example, experts believe that by exploiting solar power, Mexico could become self-sufficient and eventually export energy. The largest solar farm in Latin America is in Baja California Sur and more solar projects are planned.
In the wind power sector Mexico is the second most important country in Latin America after Brazil and has wind farms in Oaxaca, Jalisco, Nuevo León and Baja California and more are on the way. Hydroelectric projects that harness the power of rivers such as the Grijalva also make it a major player in the region. And in the production of power from geothermal sources it is ranked fourth in the world.
